22 November 2024

Annual Report and Full Year Financial Results

Melbourne, Australia; Starpharma Holdings Limited (ASX:SPL, OTCQX:SPHRY) today released its annual report and financial results for the year ended 30 June 2011.

 

Financial Results

  • Cash position at end of year $18.9M
  • Net cash burn for the year $3.9M
  • Cash outflows from operations $6.5M
  • Reported loss $8.9M

 

Operational Highlights

  • VivaGel® demonstrates efficacy in the treatment of bacterial vaginosis
  • VivaGel®-coated condom agreement signed with Ansell following termination of Reckitt Benckiser’s rights
  • Japanese VivaGel®-coated condom deal with Okamoto, secures access to the world’s second largest condom market
  • Chemotherapy drug Docetaxel selected as a candidate for internal drug delivery program
  • Priostar® dendrimers result in improved performance of glyphosate (Roundup®) and other agents
  • Lilly relationship expanded with new co-development program
  • Agrochemical program receives Government funding

 

Commenting on the results, Starpharma CEO Dr Jackie Fairley said: “We are pleased to report on the company’s activities in 2010/11, a year which has seen the achievement of important milestones for VivaGel® and some exciting developments in the strategic diversification of our platform technology.  Starpharma has ended the year with a strong cash position, an increasing number of partnered programs across several industry sectors, and strong support from our investor base, both local and international.”

 

The cash balance at 30 June 2011 was $18.9 million, compared with $22.8 million last year, resulting in a net cash burn of $3.9 million for the 2010/2011 financial year.  Net cash outflows from operations were $6.5 million (2010: $3.6 million) due to the reduction in grant income compared to the prior year.  Financing cash inflows of $3.6M resulted from the exercise of share options during the year.

 

The net loss after tax of $8.9 million (2010: $6.4 million) was consistent with the company’s strategic plans and budget estimates, with the increase including expenditure for the Phase 2 clinical trial that demonstrated efficacy for VivaGel® as a treatment for bacterial vaginosis, and for internal development programs for drug delivery and agrochemicals.

 

 

Download ASX Announcement: Annual report and full year financial results ( pdf file, 1MB)

This contains certain forward-looking statements.

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