MEDIA RELEASE PR37153
Starpharma Announces $15.6 million Capital Raising
MELBOURNE, Nov. 18 /Medianet International-AsiaNet/ --
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
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
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