1 September 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)