Starpharma (ASX:SPL) signs deal for sale and distribution of VIRALEZE™ in Italy

Highlights

  • Starpharma Holdings has signed a sales and distribution agreement for VIRALEZE™ with ADMENTA.
  • Italian customers can get VIRALEZE™ in stores through LloydsFarmacia’s online platform this quarter.
  • The OTC pharmaceutical market in Italy is considered to be the third-largest market in Europe after Germany and the UK.

ASX-listed Australian biotechnology Company Starpharma Holdings Ltd (ASX:SPL) shared on Friday that the Company has signed a sales and distribution agreement for VIRALEZE™ antiviral nasal spray with ADMENTA Italia Group (ADMENTA). 

The ADMENTA Italia Group is a leading pharmaceutical retail and wholesale distribution company in Italy. The Company has around 1,400 employees in Italy across wholesale and retail, supplying more than 2,500 pharmacies, para pharmacies, drugstores and hospitals. The OTC pharmaceutical market in Italy is considered to be the third-largest market in Europe after Germany and the UK. 

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Starpharma shared that Italian customers can get VIRALEZE™ in stores through LloydsFarmacia’s online platform this quarter. Under the agreement, SPL will supply VIRALEZE™, with ADMENTA responsible for distributing, selling, and marketing the product in Italy.

VIRALEZE™ is a broad-spectrum antiviral nasal spray, applied in the nose to provide a physical barrier - between viruses and the nasal mucous membrane - that traps and irreversibly inactivates the virus, including SARS-CoV-2. The antiviral agent in VIRALEZE™, also known as SPL7013, has shown to have potent antiviral and virucidal activity in various respiratory viruses and different variants of SARS-CoV-2, including inactivation of >99.9% of the highly infectious Delta variant.

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Meanwhile, the stock SPL was spotted trading 1,255% higher at AU$1.210 per share at 2:30 PM AEDT.

Bottom Line:

The signing of the deal with the Italian wholesaler is an important milestone for Starpharma as it will increase the pharmaceutical Company’s footfall in the Italian market.  Besides, the supply of VIRALEZE™ by SPL has become even more important during the Coronavirus pandemic, especially when the antiviral agent in VIRALEZE™ has shown potent antiviral and virucidal activity in multiple variants of SARS-CoV-2.

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