1 September 2024
Starpharma completes A$32 million placement; SPP to follow
Melbourne, Australia – Starpharma Holdings Limited (ASX:SPL; OTCQX:SPHRY) is pleased to announce it has successfully raised A$32 million via a placement to international and domestic institutional, sophisticated and professional investors. It is intended to offer eligible existing shareholders the opportunity to also participate via a Share Purchase Plan to raise up to a further A$3 million.
The Placement was conducted at the last closing price prior to Trading Halt (A$1.075 per share), and was significantly oversubscribed. There was strong participation in the Placement from existing institutions including large global funds and local investors. The Company is also pleased to welcome to the register a major new international institution which will become a significant shareholder via the Placement.
Funds raised will be used to accelerate and complete both VivaGel® Bacterial Vaginosis Phase 3 Programs (Treatment, and Prevention of Recurrence) supporting an NDA filing and commercial licence, as well as allowing the company to advance multiple product opportunities across its drug delivery and agrochemical programs.
Starpharma Chief Executive Officer Dr Jackie Fairley said: “2011 has seen major advances in all three of Starpharma’s key strategic focus areas – VivaGel®, drug delivery and agrochemicals. This capital raising changes the course of the company in terms of our ability to advance these more rapidly in parallel to optimise commercial outcomes.”
“We see the outstanding response to this Placement as validation of the significant value of our dendrimer platform, the growing maturity of Starpharma’s business, and the increasing commercial momentum across multiple product applications.”
Bell Potter Securities Limited and Shaw Corporate Finance Pty Limited acted as Joint Lead Managers to the Placement.
Share Purchase Plan
Starpharma is also pleased to announce that it will offer all eligible shareholders the opportunity to participate in a Share Purchase Plan (“SPP”) by subscribing up to a maximum of $15,000 at the same Placement price of $1.075 per share. The amount to be raised under the SPP will be capped at $3 million.
The record date for participation in the SPP is 15 November 2011, and the opening date will be Wednesday 23 November 2011. Full details will be sent to investors in the next week.
Use of funds
The $35 million being raised will significantly strengthen Starpharma’s cash balance to over $50 million, allowing the company to accelerate its three key business areas. The projected use of funds is summarised in a table in the ASX announcement.
Download ASX Announcement: Starpharma completes A$32 million placement; SPP to follow ( pdf file, 125kb)