The Starpharma Holdings Limited (ASX: SPL) share price fell 10.55% on Wednesday, closing the session at $1.06.
This came despite the Melbourne-based pharmaceutical company announcing that its condom that kills certain STIs will soon be sold in Japan, one of the world's largest condom markets.
Starpharma's VivaGel condom contains a lubricant gel proven in laboratory settings to kill HIV, the herpes virus and HPV, the human papillomavirus that causes cervical cancer.
Starpharma said on Wednesday the condom had received final regulatory approval in Japan and will be sold there by leading Japanese condom manufacturer Okamoto Industries under a licensing agreement.
Okamoto executive Keiji Ikeda said that condoms with functional gels represent the next wave in innovation in Japan, following a previous focus on condom thinness.
Starpharma CEO, Dr. Jackie Fairley, called the regulatory approval "a key commercial milestone" for the condom.
VivaGel condoms are also approved for sale in Australia and Canada, where they are sold as LifeStyles Dual Protect Condoms.
The Starpharma share price has fallen 22.63% over the last 12 months, compared to the S&P/ASX 200 Index, which has fallen roughly 8.3%.
with AAP
