Melbourne, Australia; Starpharma Holdings Ltd (ASX: SPL, OTCQX: SPHRY) today announced it has raised a total of approximately $21.5 million following the closing of its Share Purchase Plan (SPP) on Wednesday 29 October 2014. The Company raised approximately $3.5 million from existing eligible shareholders through the SPP. The SPP followed the Company’s recent $18 million share placement to sophisticated and institutional investors, which was significantly oversubscribed.

Participation in the SPP reflected 70% of the $5 million capped amount. There was strong participation in the placement from existing investors, including Allan Gray Australia, which increased its holding in the Company. The Company also welcomed six new domestic, and seven new international, funds to its register through the share placement.  The SPP and placement were conducted at $0.65 per share.

Starpharma Chief Executive Officer Dr Jackie Fairley said: “We are very pleased with the strong demand shown in the recent capital raising by both new and existing institutional investors, and retail shareholders, particularly through what has been a very volatile time in global equity markets. We thank our shareholders for their ongoing support of the Company.”

The additional funds will allow Starpharma to confidently advance programs across all areas of the business including commercialisation activities for VivaGel^® for Symptomatic Relief of BV and pivotal Phase 3 clinical trials for VivaGel^® prevention of recurrence of BV; advancing the drug delivery and agrochemical programs; and strengthen the balance sheet for the various commercialisation discussions already underway.

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