Melbourne, Australia; Starpharma Holdings Limited (ASX:SPL, OTCQX:SPHRY) today announced the signing of a collaborative research agreement with leading US pharmaceutical corporation Eli Lilly and Company.

The new agreement relates to a co-development program for one of Starpharma’s dendrimer-drug conjugates.  Under the agreement Lilly will receive an option on the conjugate, will pay research fees to Starpharma and will conduct studies in animal models to advance the compound. The identity of the conjugate cannot be disclosed at this time due to confidentiality restrictions.

This latest announcement follows on from two previous agreements between the companies.  In February 2010, Starpharma announced that its dendrimer drug delivery technology will be applied to enhance compounds in Lilly’s human pharmaceutical portfolio.

In May 2009 Starpharma and Lilly’s animal health division, Elanco, signed an agreement to develop new animal health products with enhanced properties.

“We are delighted that Lilly has chosen to expand the scope of its partnership with us once again,” said Dr Jackie Fairley, CEO Starpharma. “The agreement follows on from an initial evaluation in animal models of this conjugate by Lilly. Starpharma now looks forward to developing the compound as rapidly as possible with Lilly.”

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