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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 exci
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SOURCE Starpharma Holdings Limited
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