Australian biotech company Ena Respiratory said on Monday that a nasal spray it is developing to improve the human immune system to fight the common cold and flu significantly reduced the growth of the coronavirus in a recent study on animals.

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 the 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 AU$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.

Several companies across the world are in 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.