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 2013.
Financial Summary
- Reported loss of $5.6M (Dec 2012: $1.8M)
- R&D tax incentives of $2.6M reported in the half-year (Dec 2012: $6.8M)
- Cash position at 31 December 2013 of $27.8M
- R&D tax incentive receivables at 31 December 2013 of $7.3M
Operational Highlights
- DEPTM docetaxel eliminates neutropenia and completes preclinical development ahead of commencement of a Phase 1 clinical trial in January
- DEPTM oxaliplatin shows improved efficacy and reduced toxicity
- Agrochemical partnerships with Gowan and Isagro
- Received approval for an additional estimated A$2.3 million cash in R&D tax incentive for overseas R&D activities for its DEPTM docetaxel program
- Rob Thomas appointed to the Starpharma Board
The net loss after tax of $5.6 million (Dec 2012: $1.8 million) includes the expenses of the VivaGel® clinical program, together with development expenses in drug delivery and agrochemical programs.
Commenting on the results and outlook, Starpharma CEO Dr Jackie Fairley said:
“The Company is well placed to capitalise on important upcoming commercial milestones in 2014. Starpharma continues to make progress across its three portfolio areas, VivaGel®, drug delivery and agrochemicals. Starpharma’s DEP™ programs are demonstrating consistent benefits in terms of efficacy and the reduction of toxicities, whilst DEPTM docetaxel recently reached a strategically important milestone by moving into the clinic. The successful finding for R&D tax incentive relating to DEPTM docetaxel provides additional financial leverage for this and other DEP™ programs.”
A contra research and development expense of $2.6 million (Dec 2012: $6.8 million) has been recorded for research and development activities eligible under the Australian Government’s R&D Tax Incentive program. In the previous half-year to 31 December 2012, $4.1 million of the $6.8 million were recorded, relating to FY2012 R&D tax incentives which had not been previously recorded, due to uncertainty of eligibility. Thereby, the increase in net loss for the December 2013 half-year over the corresponding period, is due to the “catch up” in recording the R&D tax incentives in the half-year to December 2012.
The cash balance at 31 December 2013 was $27.8 million, compared with $33.8 million at 30 June 2013. This balance excludes the anticipated $7.3 million receivable under the R&D Tax Incentive Program, of which $4.7 million will be received this financial year.
Clinical trial costs for both VivaGel and DEP™ docetaxel contributed to the net cash outflows from operations of $6.0 million (Dec 2012: $10.2 million). These include the recently commenced Phase 1 clinical trial of DEPTM
docetaxel, and significant set up activities already undertaken for the Phase 3 prevention of bacterial vaginosis (BV) clinical program for VivaGel®.
Downloaded ASX Announcement: Interim Report and Half-year Financial Results ( pdf file, 706kb)