Starpharma
(ASX:SPL) has received $93,240 worth of infringement notices from the Therapeutic Goods Administration (the TGA) for alleged advertising of the antiviral nasal spray "Viraleze" to Australian Consumers.
The global biopharmaceutical company is alleged to have promoted the use and supply of the spray on two of the company's websites and its YouTube channel. This spray was not entered on the Australian Register of Therapeutic Goods (the ARTG). The Therapeutic Goods Act 1989 prohibits advertising to the public therapeutic goods that are not entered on the ARTG. Upon becoming aware of the notices, Starpharma acted to prevent Australian consumers from accessing the alleged infringing information .
The alleged advertising claimed Viraleze as a antiviral nasal spray that stops SARS-CoV-2, the virus that causes COVID-19. Starpharma has said it will work closely with the TGA to resolve the current matter, and to balance the need to provide information to its shareholders about key company milestones, products and activities with the requirements of the Act in relation to advertising in Australia.
Starpharma has successfully developed and registered multiple products, including Viraleze, in international markets. Viraleze is registered for sale in Europe and India, and the product website for Viraleze (viraleze.co) remains accessible to consumers outside Australia. Starpharma is currently negotiating distribution and marketing arrangements for Viraleze in a number of countries, including India, various European countries and other international regions.
Shares in Starpharma are trading 5.69 per cent lower at $1.41.
