Starpharma (ASX:SPL) raises $48.9M via a placement & SPP

• Pharmaceutical company Starpharma (SPL), has raised $3.9 million via a share purchase plan (SPP)
• The SPP followed the recent oversubscribed $45 million institutional placement
• The combined total of $48.9 million, will be used to strengthen the company’s balance sheet, accelerate the commercialisation of its SPL7013 COVID-19 nasal spray and advance its Dendrimer Enhanced Products (DEP)
• Under the SPP, 2.6 million shares will be issued at $1.50, the same price as the institutional placement
• Shares in Starpharma have been slightly lower on the market by 1.03 per cent, trading at $1.44

Pharmaceutical company Starpharma (SPL) has raised $3.9 million via a share purchase plan (SPP).

The SPP followed the recent oversubscribed $45 million institutional placement, with 30 million shares issued to institutional, sophisticated and professional investors at $1.50. 

Under the SPP, 2.6 million shares will be issued at the same price as the institutional placement.

The combined total of $48.9 million will be used to accelerate the commercialisation of its COVID-19 SPL7013 nasal spray, fast-track and advance its dendrimer drug delivery candidates as well as strengthening the company’s balance sheet.

Starpharma’s SPL7013 nasal spray works by blocking the interaction between viral surface proteins and human cell receptor proteins, which has demonstrated significant activity against the virus that causes COVID-19.

The company has three internal Dendrimer Enhanced Products (DEP), DEP docetaxel, DEP cabazitaxel and DEP irinotecan –  which are in clinical development for patients with solid tumours. 

Starpharma CEO Dr Jackie Fairley said the company is pleased with the support and the extra funds would advance activities across its products.

“This financing has further strengthened Starpharma’s balance sheet and places the company in an excellent position to accelerate the development, regulatory, commercialisation and launch activities across our portfolios, including the SPL7013 COVID-19 nasal spray and DEP assets,” she said.

Shares in Starpharma have been slightly lower on the market by 1.03 per cent, trading at $1.44.