22 November 2024

Starpharma Interim Report and Half-year Financial Results

Melbourne, Australia: Starpharma Holdings Limited (ASX:SPL, OTCQX:SPHRY) today released its interim report and financial results for the half-year ended 31 December 2011.

Financial Results

  • Cash position at 31 December 2011 $49.0M
  • Net cash outflows from operations $3.9M
  • Net cash inflows from financing $33.8M
  • Reported loss $4.7M

Operational Highlights

  • Commencement of Phase 2 bacterial vaginosis (BV) prevention study of VivaGel®
  • FDA and European (EMA) agreement on BV treatment Phase 3 design including Special Protocol Assessment (SPA) by FDA
  • VivaGel®-coated condom agreement signed with Ansell
  • Dendrimer-docetaxel formulation shows significantly greater efficacy than docetaxel in breast cancer animal model
  • Drug delivery collaboration with Lilly advances
  • Priostar® dendrimers result in significant improvement in performance of glyphosate (Roundup®)  
  • Completion of A$35 million placement and share purchase plan (SPP)
  • Starpharma elevated to S&P/ASX300 index

Commenting on the results, Starpharma CEO Dr Jackie Fairley said:

“This is a very exciting year for Starpharma, as we advance VivaGel®  into phase 3 clinical trials for bacterial vaginosis.  Strong support for our capital raising in November places the Company in a strong cash position, allowing us to advance the VivaGel® portfolio optimally, as well as more aggressively exploit our platform technology in drug delivery and agrochemicals.”

The cash balance at 31 December 2011 was $49.0 million, compared with $18.9 million at 30 June 2011, with net equity proceeds of $33.8 million during the period.  Net cash outflows from operations were $3.9 million (Dec 2010: $3.8 million).

The net loss after tax of $4.7 million (Dec 2010: $4.2 million) was consistent with the company’s strategic plans and budget estimates.  The net loss includes the expenses of the VivaGel® clinical program, particularly in relation to treatment and prevention of bacterial vaginosis (BV), and the internal drug delivery and agrochemical programs.  There was a corresponding decrease in reimbursable research and development expenditure associated with lower US National Institutes of Health income due to the finalisation of these grants.

 

Half Yearly Report and Accounts ( pdf file, 639kb)

This contains certain forward-looking statements.

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