A study on ferrets showed the product dubbed INNA-051, which could be used complementary to vaccines, lowered the levels of the virus that causes COVID-19 by up to 96%, the company said. The study was led by British government agency Public Health England.
Ena Respiratory said it would be ready to test INNA-051 in human trials in less than four months, subject to successful toxicity studies and regulatory approval.
The company has raised A$11.7 million ($8.24 million) for the development of the spray. Investors include venture capital firm Brandon Capital Ltd, the Australian federal government, pension funds and biotech giant CSL Ltd CSL.AX.
Several companies across the world are in the pursuit of developing a coronavirus vaccine. Australia has entered into agreements with some drug companies investing billions to secure potential vaccines for COVID-19, which has killed over 992,000 people worldwide.
Australia has so far reported 875 deaths and just over 27,000 coronavirus cases, far less than the numbers reported in other developed countries.
