Starpharma said that it has raised A$45 million and expects to raise another A$5 million from Australian and international investors, with proceeds to be used for development of its SPL7013 astodrimer sodium nasal spray for the treatment of COVID-19 as well as for other candidates. The company recently announced that the nasal spray inactivated almost 100% of SARS-CoV-2 in testing conducted at the Scripps Institute.
The company specified that the funds would be used for several purposes, including “Expediting the commercialization, and launch following regulatory approval, of the COVID-19 SPL7013 nasal spray and exploring other presentations (e.g. COVID-19 eye drops) for SPL7013.”
Starpharma CEO Jackie Fairley commented, “The oversubscribed placement saw a high level of demand from offshore funds including large global and US-based funds. We appreciate the strong support from our current shareholders and are delighted to welcome several leading new institutional investors to the register. The funds raised will allow Starpharma to expedite programs across our portfolio, including the novel SPL7013 COVID-19 nasal spray.”
Read the Starpharma press release.
