Melbourne, Australia: Starpharma Holdings Limited (ASX:SPL, OTCQX:SPHRY) today released its interim report and financial results for the half-year ended 31 December 2010.

Financial Results

• Cash position at 31 December 2010 $19.7M
• Net cash burn for the half-year $3.1M
• Operating cash outflows for the half-year $3.75M
• Reported loss $4.2M.

These results were consistent with the company’s strategic plans and budget estimates, with the increase in loss (31 December 2009: $2.6M) a function of lower grant income together with costs associated with the VivaGel^® bacterial vaginosis (BV) clinical program. 

The company held cash reserves of $19.7M at 31 December 2010 compared with $22.8M at 30 June 2010.

The phase 2 BV acute-treatment study for VivaGel^® is nearing completion, with 131 from a total of 132 patients now enrolled.  Results of this trial are anticipated to be available in Q2 2011.  The company also plans to initiate a phase 2 trial investigating VivaGel^® for the prevention of BV recurrence later this year.

Commenting on the results, Starpharma CEO Dr Jackie Fairley said:  “We continue to make solid progress in the advancement of our VivaGel^® portfolio including the VivaGel^®-coated condom.  In addition, we are seeing increased interest by partners in the company’s dendrimer technology.  During the period Starpharma has signed new agreements with commercial partners in areas including drug delivery and agriculture applications.”

Download ASX Announcement: Half Yearly Report and Accounts ( pdf file, 705kb)