Melbourne, Australia; Starpharma Holdings Ltd (ASX: SPL, OTCQX: SPHRY) today released its Appendix 4C – Quarterly Cashflow report for the period ended 30 September 2015.

The cash balance as at 30 September 2015 was $26.1 million, a net cash burn of $4.7 million from the 30 June cash balance of $30.8 million. Of note, Starpharma received in October the first payment of US$2 million from AstraZeneca following the signing of a licence. As this was received following the end of the quarter, the receipt is not reflected in the reported 30 September cash balance. The receipt of the $3.4 million R&D tax incentive is also anticipated in the December quarter.

A highlight of the September quarter was the signing of the multi-product DEP^® licence with AstraZeneca for the development and commercialisation by AstraZeneca of DEP^® based products directed at a defined family of targets. Under the agreement AstraZeneca will fund all development and commercialisation costs for the DEP^® based products. Starpharma is eligible to receive US$126 million in milestones for the initial compound, as well as royalties on product net sales. The AstraZeneca agreement provides for additional milestones and royalties to be payable on subsequent DEP^® based products to be developed and commercialised under the license.

An important milestone during the quarter was the receipt of EU marketing approval for VivaGel^® BV for the treatment and rapid relief of bacterial vaginosis (BV) symptoms. The EU approval allows VivaGel^® BV to be marketed in over 30 countries of European Economic Area - a population of more than 260 million women. The EU approval will facilitate negotiations already underway with commercial partners for the marketing rights for VivaGel^® BV and also supports regulatory submissions for several other markets.

The net cash burn of $4.7 million reflects the operating and investing cash outflows of $6.1 million for the quarter, combined with a $1.4 million favourable exchange rate gain on US dollar denominated cash holdings. The expenditure relates to all Starpharma programs including the phase 3 clinical trial program for VivaGel^® recurrent BV and the phase 1 clinical trial for DEP^® docetaxel, both of which continue to progress smoothly.

“This quarter has seen Starpharma achieve a number of important milestones. The multi-product DEP^® license with AstraZeneca validates and reinforces the value to industry of the DEP^® platform and we expect to build further on this deal with others.  It is pleasing to see our income receipts building from our commercial partners. The EU approval of VivaGel^® BV is expected to further contribute to this trend in the year ahead and marks an important milestone for the Company.” said Starpharma CEO, Dr Jackie Fairley.”

For further details please refer to Starpharma’s October Shareholder Update available at: http://www.starpharma.com/news/258

Download ASX Announcement: Appendix 4C - Quarterly Cashflow Report ( pdf file, 136kb)