Melbourne, Australia; Starpharma Holdings Ltd (ASX:SPL; OTCQX:SPHRY) today released its annual report and financial results for the year ended 30 June 2014.

Financial Results

• Net cash burn for the year $9.8M¹
• Cash position at end of the year $24.0M
• Reported loss $14.6M

Operational Highlights

Starpharma has achieved important progress across all three programs: VivaGel^®, drug delivery and agrochemicals. The following highlights occurred within, and in the weeks following the close of, the 2013-2014 reporting period.

VivaGel^®

• VivaGel^® condom certification received from TGA in Australia. The VivaGel^® condoms will be marketed under Ansell’s LifeStyles^® Dual Protect^™ brand and will also carry the VivaGel^® trademark.
• VivaGel^® condom regulatory certification received in Japan with launch preparations underway.
• VivaGel^® phase 3 clinical trials commenced for prevention of recurrent BV following the grant of a Special Protocol Assessment by the US FDA.
• Regulatory submissions in preparation for VivaGel^® BV symptomatic relief product

Drug Delivery

• Phase 1 clinical trial commenced for DEP™ docetaxel in January 2014.
• DEP™ oxaliplatin preclinical studies showed improved tumour-inhibiting efficacy and reduced overall toxicity.
• Expanded agreement signed with AstraZeneca for DEP™ application to cancer drug candidates.
• Australian Research Council (ARC) Linkage and Cancer Australia grants received for DEP™ technology with collaborator, Monash Institute of Pharmaceutical Sciences.

Agrochemicals

• Further partnerships secured for Priostar^® in agrochemicals.
• Field studies demonstrated strong results  for dendrimer enhanced formulation of glyphosate (marketed as RoundUp^®).

Corporate

•  $4.7 million received under the R&D Tax Incentive Program.
• Approval of $2 million obtained for certain overseas R&D expenditure for DEP™ docetaxel program over 3 years.

Dr Jackie Fairley, Chief Executive Officer said: “It’s been a year of important milestones for Starpharma.  We have had our ground-breaking product, the VivaGel^® condom, gain regulatory certification in two markets; and with our partners, we are now preparing for launch in the near future.

“We have two strategically important products in clinical trial; VivaGel^® for the management of recurrent bacterial vaginosis in phase 3 clinical trials and our drug delivery product DEP™ docetaxel, a proprietary and improved formulation of docetaxel now in the clinic.”

“This progress, combined with ongoing advancement in our agrochemical program and an ongoing and active partnering program with the world’s leading pharmaceutical and agrochemical companies, positions Starpharma strongly for commercial success.”

Net cash outflows from operating and investing activities for the year were $10.1 million (2013: $10.0 million), with cash reserves at 30 June 2014 of $24.0 million (2013: $33.8 million).  The net loss after tax was $14.6 million (2013: $5.2 million), with the increase a result of the VivaGel^® and DEP^TM docetaxel clinical programs in progress, lower interest and partner revenue, and lower R&D tax incentives compared to last year. Financial year 2013 included $4.1 million of additional R&D tax incentives relating to FY2012 expenditure.

¹ Net cash burn is considered a non-IFRS value and has not been audited in accordance with Australian Accounting Standards. Net cash burn is calculated by the movement in cash and cash equivalents from 30 June 2013 to 30 June 2014.  

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