Navigation Links
Starpharma Announces $15.6 million Capital Raising
Date:11/18/2009

MELBOURNE, Australia, Nov. 18 /PRNewswire-FirstCall/ -- Starpharma Holdings Limited (ASX: SPL; OTCQX: SPHRY) is pleased to announce a successful capital raising of A$15.6 million through a private placement to institutional and sophisticated investors, taking the company's cash reserves to approximately A$24 million.

The lead investor in the placement was Orbis, an existing Starpharma shareholder and a highly regarded institutional fund manager. As a result of this additional investment Orbis will become a substantial shareholder in Starpharma. The company's largest shareholder Acorn Capital also participated in the raising, along with several other existing and new institutional investors.

The placement is for 30 million shares at $0.52 per share, a 9.7% discount to the volume weighted average price of the Company's shares over the prior 20 trading days. The placement was significantly oversubscribed and was managed by Shaw Corporate Finance.

The funds raised will primarily be used to finance a clinical trial program to develop VivaGel® for the treatment of bacterial vaginosis (BV) and to further strengthen the balance sheet for future development and partnering opportunities.

Dr Jackie Fairley, CEO of Starpharma said: "We are delighted with the success of this capital raising. The level of institutional demand was particularly high, and we appreciate the strong support received from both existing and new institutional shareholders."

"These additional funds take the company to a new level by allowing us to progress VivaGel® as a BV treatment through to the completion of Phase 3 clinical trials to support licensing to a major marketing partner," Dr Fairley added.

VivaGel® as a treatment for BV represents a significant development for Starpharma, with the global market for topical BV treatments alone estimated at approximately US$300-$350m.

"This is an exciting extension to the development program of VivaGel®. Bacterial vaginosis is the most common vaginal infection worldwide with more than 21 million women in the US alone suffering from the infection," said Dr Fairley.

Starpharma already has a significant licensing deal with SSL (owners of Durex® brand) for use of VivaGel® as a condom coating, NIH funded development programs for VivaGel® for the prevention of viral sexually transmitted infections, programs focused on drug delivery partnered with Elanco (Eli Lilly) and Stiefel (GSK), and a program for modifying pesticides with a multi-billion dollar US agrochemical company.

As the shares issued via the private placement fall within the 15% threshold permitted by the ASX Listing Rules, shareholder approval is not required.

About Starpharma

Starpharma Holdings Limited (ASX: SPL; OTCQX: SPHRY) is a world leader in the development of dendrimer technology for pharmaceutical, life-science and other applications. SPL has two operating companies, Starpharma Pty Ltd in Melbourne, Australia and DNT, Inc in the USA. Products based on SPL's dendrimer technology are already on the market in the form of diagnostic elements and laboratory reagents through licence arrangements with partners including Siemens and Merck KgA.

The Company's lead pharmaceutical development product is VivaGel® (SPL7013 Gel), a vaginal microbicide designed to prevent the transmission of STIs, including HIV and genital herpes. In September 2008 Starpharma signed a full licence agreement with SSL International plc (LSE: SSL) to develop a VivaGel® coated condom.

    For further information:

    Media
    Buchan Consulting
    Kyahn Williamson
    Tel:  +61 3 9866 4722
    Mob: +61 401 018 828
    kwilliamson@bcg.com.au

    Ellie Papathanasiou
    Tel:  +61 3 9866 4722
    Mob: +61 405 342 490
    epapathanasiou@bcg.com.au


    Starpharma
    www.starpharma.com

    Dr Jackie Fairley
    Chief Executive Officer
    +61 3 8532 2704

    Ben Rogers
    Company Secretary
    +61 3 8532 2702
    ben.rogers@starpharma.com

SOURCE Starpharma Holdings Limited


'/>"/>
SOURCE Starpharma Holdings Limited
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. Quest Diagnostics Announces Pricing of Tender Offer for Any and All of Certain of its Outstanding Notes
2. Jiangbo Pharmaceuticals Announces First Quarter Fiscal Year 2010 Results
3. Poniard Pharmaceuticals Announces Updated Positive Clinical Data from Phase 2 Trial of Picoplatin in Colorectal Cancer and New Phase 1 Cardiac Safety Trial Results
4. China Sky One Medical, Inc. Announces Record Third Quarter 2009 Results
5. L.A. Zoo Announces Successful Cancer Treatment of Rhinoceros With Electronic Brachytherapy
6. Personalized Pharmaceutical Systems Announces Sale of Angioedema Clinical Prediction Guide to Viropharma Incorporated
7. QRxPharma Limited Announces A$21.6 Million Fully Underwritten Capital Raising
8. AMD LASERS Announces the Addition of Bart Waclawik, New Chief Operating Officer
9. Shire Announces Publication of Open-Label Study on Coadministration of INTUNIV(TM) (guanfacine) Extended-Release Tablets with Stimulants
10. Cardo Medical, Inc. Announces Closing of $6.2 Million Private Placement
11. Misonix Announces New Distribution Agreement for Argentina
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/16/2017)... India , January 16, 2017 According to a ... Global Opportunity Analysis and Industry Forecast, 2014 - 2022," the global antioxidants market ... 2022, registering a CAGR of 6.42% during the forecast period. In the natural ... global volume in 2015. Continue Reading ... ...
(Date:1/16/2017)... Jan. 16, 2017  Today, Analytics 4 Life (A4L), ... announced its expansion into JLABS @ Toronto ... science incubators. As a resident in the space, A4L ... device development and commercialization expertise. JLABS @ ... innovation center that provides a flexible environment for start-up ...
(Date:1/15/2017)... Le conseil d,administration de SurgaColl Technologies ... pour la régénération de tissus humains, annonce la nomination de ... avec effet immédiat. ... Bill est un dirigeant expérimenté à l,international dans ... gestion générale et de direction au sein de sociétés internationales ...
Breaking Medicine Technology:
(Date:1/16/2017)... ... January 16, 2017 , ... Date ... http://www.ageofautism.com/legal , Sharon Kleyne, America’s leading water educator, researcher and advocate ... syndicated radio program, The Sharon Kleyne Hour Power of Water, Global Climate Change ...
(Date:1/16/2017)... Francisco, CA (PRWEB) , ... January 16, 2017 , ... ... incorporation of iTero Element, the latest in 3-D scanning device which is capable of ... of the latest advances in dentistry, such as CAD CAM restorations , in ...
(Date:1/15/2017)... ... January 15, 2017 , ... ... is a program that strives to better communities around the world by offering ... It also provides the opportunity for team members to become involved in a ...
(Date:1/15/2017)... (PRWEB) , ... January 15, 2017 , ... ... choice of best physicians in eight Bay Area counties for 2017. Almost 1,000 ... healthcare research company managing the award process. Results were announced the magazine’s ...
(Date:1/14/2017)... ... January 14, 2017 , ... Healthy ... expanding line of activated charcoal products. With more and more people opting to ... products according to how they cater to specific needs. , Moody Zook focused ...
Breaking Medicine News(10 mins):