1 September 2024
Starpharma annual report and full year financial results
Melbourne, Australia: Starpharma Holdings Ltd (ASX:SPL; OTCQX:SPHRY) today released its annual report and financial results for the year ended 30 June 2013.
Financial Results
- Net cash burn for the year $9.0M
- Cash position at end of the year $33.8M
- Reported loss $5.2M
Operational Highlights
VivaGel®
- Phase 2 clinical trial completed for prevention of recurrent BV
- Phase 3 BV treatment clinical trials completed
- VivaGel® active ingredient shows potential as novel treatment for viral conjunctivitis
Drug Delivery
- Dendrimer-enhanced version of docetaxel superior across multiple cancer types
- Dendrimer-enhanced version of docetaxel demonstrates targeted tumour delivery
- Signing of agreement with AstraZeneca for cancer drug candidates
- Dendrimer formulation improves anticancer efficacy in lung metastasis model
- New patents strengthen and expand drug delivery platform
Agrochemicals
- New agrochemical partnership with Makhteshim Agan
- New formulations demonstrate further improvement in crop protection
Corporate
- Receipt of $5.4M R&D tax incentive payment
- Starpharma named “Company of the Year” in Janssen 2012 Industry Excellence Awards
Commenting on the results, Starpharma CEO Dr. Jackie Fairley said: “The 2013 financial year has been a period of important progress across the three focus areas of our business: VivaGel®, drug delivery, and agrochemicals. The company has closed the year in a strong financial position and with a number of important clinical and business milestones anticipated in the coming months.”
Net cash outflows from operating and investing activities for the year were $10.0 million (2012: $9.9 million), with cash reserves at 30 June 2013 of $33.8 million (2012: $42.8 million). The net loss after tax was $5.2 million (2012: $13.7 million), with the significant reduction due to additional R&D tax incentives recognised in the year.
During the year Starpharma reported positive Phase 2 trial results for VivaGel® for prevention of recurrent bacterial vaginosis (R-BV) supporting its progression into Phase 3, in parallel with advancement of activities for a symptomatic relief product, and the VivaGel® coated condom. The Company also reported key advances in its dendrimer-docetaxel development in preparation for human trials later this year, as well as new partnerships with AstraZeneca for oncology and in agrochemicals with Makhteshim Agan.
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