Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > Starpharma raises additional capital via institutional placement

Abstract:
Starpharma Holdings Limited (ASX:SPL, OTCQX:SPHRY) today announced a successful capital raising of at least A$4.3 million and up to A$4.6 million, through a private placement to existing and new institutional and sophisticated investors.

Starpharma raises additional capital via institutional placement

Melbourne, Australia | Posted on April 6th, 2009

This placement will boost the company's cash reserves to over A$10 million. The additional funds raised will provide sufficient operating capital for development activities to commercialise the VivaGel® coated condom with Starpharma's partner SSL International Plc (LSE:SSL), and to supplement grant funding to further advance the stand-alone VivaGel® development program. The funds will also support further partnering and commercialization of Starpharma's dendrimer applications, and strengthen the company's balance sheet by providing additional working capital.

The placement was led by Acorn Capital, one of Australia's few specialist funds to invest solely in Australian microcap and small cap stocks. In addition, one of Australia's largest and best known investment managers was among a number of other new institutions to participate in the placement.

Dr Jackie Fairley, CEO of Starpharma said: "We are delighted with the support of existing shareholders and new institutional shareholders in this placement. This reflects a growing confidence in the commercial prospects for the VivaGel® condom coating deal with SSL, the VivaGel® stand-alone product, and our broader product pipeline. We also appreciate the continued support of all shareholders, and will provide an opportunity for wider participation in the capital raising via a share purchase plan."

"Over the past twelve months Starpharma has worked hard to reduce its cash burn, and these initiatives, together with this new capital and our increasing commercial revenue streams, position Starpharma extremely well as we advance the VivaGel® coated condom and other products to market," Dr Fairley added.

The placement involves a first close of A$3.1 million with the immediate issue of approximately 11.8 million ordinary shares at A$0.26 per share. To enable a major institutional participant to take up its maximum allocation, a second tranche of shares will be issued in May raising a further A$1.2 to A$1.5 million. This second tranche of shares will be priced at the lesser of A$0.26 per share and the volume weighted average price per share over the five trading days immediately prior to the settlement of the second tranche. Given these two tranches of shares will be under 15% of issued capital, shareholder approval is not required.

The Company will also conduct a share purchase plan (SPP) priced at A$0.26. Participation in the SPP is open to eligible shareholders at 7.00pm (AEST) on Tuesday 7 April 2009 (the relevant record date). The SPP will provide the opportunity for eligible shareholders to participate in the financing, without incurring brokerage or transaction costs.

A written offer document for the SPP will be mailed to all eligible shareholders in due course.

Forward Looking Statements
This document contains certain forward-looking statements, relating to Starpharma's business, which can be identified by the use of forward-looking terminology such as "promising", "plans", "anticipated", "will", "project", "believe", "forecast", "expected", "est mated", "targeting", "aiming", "set to", "potential", "seeking to", "goal", "could provide", "intends", "is being developed", "could be", "on track", or similar expressions, or by express or implied discussions regarding potential filings or marketing approvals, or potential future sales of product candidates. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements.
There can be no assurance that any existing or future regulatory filings will satisfy the FDA's and other health authorities' requirements regarding any one or more product candidates nor can there be any assurance that such product candidates will be approved by any health authorities for sale in any market or that they will reach any particular level of sales. In particular, management's expectations regarding the approval and commercialization of the product candidates could be affected by, among other things, unexpected clinical trial results, including additional analysis of existing clinical data, and new clinical data; unexpected regulatory actions or delays, or government regulation generally; our ability to obtain or maintain patent or other proprietary intellectual property protection; competition in general; government, industry, and general public pricing pressures; and additional factors that involve significant risks and uncertainties about our products, product candidates, financial results and business prospects. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. Starpharma is providing this information as of the date of this document and does not assume any obligation to update any forward-looking statements contained in this document as a result of new information, future events
or developments or otherwise.

####

About Starpharma
Starpharma Holdings Limited (ASX:SPL, OTCQX:SPHRY) is a world leader in the development of dendrimer nanotechnology 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. SSL manufactures and sells Durex® condoms, the market-leading
condom brand worldwide. Starpharma's receipts under the agreement are estimated to exceed A$100m comprising royalties on SSL sales, further milestone payments, and development support.

In the wider pharmaceutical field Starpharma has specific programs in the areas of Drug Delivery and Drug Optimisation technologies (using dendrimers to control where and when drugs go when introduced to the body) and Targeted Diagnostics (using dendrimers as a scaffold to which both location-signalling and targeting groups are added to allow location of specific cell type, such as cancer cells).

More broadly the company is exploring dendrimer opportunities in materials science applications including water remediation.

Dendrimer: A type of precisely-defined, branched nanoparticle. Dendrimers have applications in the medical, electronics, chemicals and materials industries.

American Depositary Receipts (ADRs): Starpharma’s ADRs trade under the code SPHRY (CUSIP number 855563102). Each Starpharma ADR is equivalent to 10 ordinary shares of Starpharma as traded on the Australian Securities Exchange (ASX). The Bank of New York Mellon is the depositary bank. Starpharma’s ADRs are listed on International OTCQX (www.otcqx.com), a premium market tier in the U.S. for international exchange-listed companies, operated by Pink OTC Markets, Inc.

For more information, please click here

Contacts:
Starpharma
Dr Jackie Fairley
Chief Executive Officer
+61 3 8532 2704

Ben Rogers
Company Secretary
+61 3 8532 2702


Media
Buchan Consulting
Rebecca Wilson
Tel: +61 3 9866 4722
Mob: +61 417 382 391


Ellie Papathanasiou
Tel: +61 2 9237 2800

Copyright © Starpharma

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Introduction of the LVEM25 Low Voltage Electron Microscope April 21st, 2015

Nondestructive 3-D Imaging of Biological Cells with Sound April 20th, 2015

Advances in molecular electronics: Lights on -- molecule on: Researchers from Dresden and Konstanz succeed in light-controlled molecule switching April 20th, 2015

Yale-NUS, NUS and UT Austin researchers establish theoretical framework for graphene physics: Making strides towards using graphene to create new electronic devices April 20th, 2015

Products

Iran Unveils 6 Knowledge-Based Products April 11th, 2015

Toronto-based Environmental Technology Pioneer Green Earth Nano Science Expands in EU February 6th, 2015

DELSEY by Philippe Starck DELSEY Launches New Collection by Philippe Starck February 4th, 2015

NEI introduces NANOMYTE® SuperAi, a Durable Anti-ice Coating December 4th, 2014

Investments/IPO's/Splits

Long Island Capital Alliance Announces Participants for Brookhaven National Laboratory Technology Transfer Capital Forum on May 8: Keynote Speaker Dr. Doon Gibbs, Director of Brookhaven National Laboratory April 16th, 2015

Graphenea embarks on a new era April 16th, 2015

Harris & Harris Group Portfolio Company OpGen Files Amended Registration Statement for Proposed Public Offering April 8th, 2015

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Nanomedicine

‘Oxford Instruments Young Nanoscientist India Award 2015’ to Prof. Arindam Ghosh April 20th, 2015

Iranian Female Professor Awarded UNESCO Medal in Nanoscience April 20th, 2015

Happily ever after: Scientists arrange protein-nanoparticle marriage: New biotech method could lead to development of HIV vaccine, targeted cancer treatment April 20th, 2015

Optical resonance-based biosensors designed for medical applications April 18th, 2015

Announcements

Introduction of the LVEM25 Low Voltage Electron Microscope April 21st, 2015

Nondestructive 3-D Imaging of Biological Cells with Sound April 20th, 2015

Advances in molecular electronics: Lights on -- molecule on: Researchers from Dresden and Konstanz succeed in light-controlled molecule switching April 20th, 2015

Yale-NUS, NUS and UT Austin researchers establish theoretical framework for graphene physics: Making strides towards using graphene to create new electronic devices April 20th, 2015

Nanobiotechnology

Advances in molecular electronics: Lights on -- molecule on: Researchers from Dresden and Konstanz succeed in light-controlled molecule switching April 20th, 2015

Protein Building Blocks for Nanosystems: Scientists develop method for producing bio-based materials with new properties April 17th, 2015

Study shows novel pattern of electrical charge movement through DNA April 14th, 2015

UAB researchers develop a harmless artificial virus for gene therapy April 8th, 2015

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project