Starpharma 1H losses grow on trial spending

Starpharma (ASX:SPL) widened its loss for the half-year ending in December, but still ended the period in a strong cash position of $39.3 million.

The company’s reported loss grew to $8.5 million, up from $5.6 million in the same period a year earlier.

Spending on the company’s clinical programs, including two phase III trials of antimicrobial gel VivaGel for the prevention of bacterial vaginosis, contributed to the wider loss.

The company is also involved in a phase I study of DEP-docetaxel, the dendrimer-enhanced formulation of the popular chemotherapeutic.

Starpharma’s cash balance of $39.3 million improved from $24 million at the start of the half-year period, thanks to the injection of $20.5 million in net proceeds from a placement and share purchase plan.

Another key milestone involved the first sales of the dual-branded Starpharma-Ansell VivaGel coated condom in Australia through Woolworths retail stores.

The companies also received regulatory approval in New Zealand, but fellow licensee Okamoto faced regulatory delays for its own VivaGel coated condom in Japan.

Starpharma meanwhile received a $4.2 million R&D tax incentive rebate during the period.

Starpharma (ASX:SPL) shares were trading 7.29% higher at $0.515 as of around 1 pm on Monday