News

Starpharma Interim Report and Half-year Financial Results

20 February 2012

Melbourne, Australia: Starpharma Holdings Limited (ASX:SPL, OTCQX:SPHRY) today released its interim report and financial results for the half-year ended 31 December 2011.

Financial Results

Cash position at 31 December 2011 $49.0M
Net cash outflows from operations $3.9M
Net cash inflows from financing $33.8M
Reported loss $4.7M

Operational Highlights

Commencement of Phase 2 bacterial vaginosis (BV) prevention study of VivaGel^®
FDA and European (EMA) agreement on BV treatment Phase 3 design including Special Protocol Assessment (SPA) by FDA
VivaGel^®-coated condom agreement signed with Ansell
Dendrimer-docetaxel formulation shows significantly greater efficacy than docetaxel in breast cancer animal model
Drug delivery collaboration with Lilly advances
Priostar^® dendrimers result in significant improvement in performance of glyphosate (Roundup^®)
Completion of A$35 million placement and share purchase plan (SPP)
Starpharma elevated to S&P/ASX300 index

Commenting on the results, Starpharma CEO Dr Jackie Fairley said:

“This is a very exciting year for Starpharma, as we advance VivaGel^® into phase 3 clinical trials for bacterial vaginosis. Strong support for our capital raising in November places the Company in a strong cash position, allowing us to advance the VivaGel^® portfolio optimally, as well as more aggressively exploit our platform technology in drug delivery and agrochemicals.”

The cash balance at 31 December 2011 was $49.0 million, compared with $18.9 million at 30 June 2011, with net equity proceeds of $33.8 million during the period. Net cash outflows from operations were $3.9 million (Dec 2010: $3.8 million).

The net loss after tax of $4.7 million (Dec 2010: $4.2 million) was consistent with the company’s strategic plans and budget estimates. The net loss includes the expenses of the VivaGel^® clinical program, particularly in relation to treatment and prevention of bacterial vaginosis (BV), and the internal drug delivery and agrochemical programs. There was a corresponding decrease in reimbursable research and development expenditure associated with lower US National Institutes of Health income due to the finalisation of these grants.