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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