Melbourne, Aug 27, 2008 (ABN Newswire) - Starpharma Holdings Limited (ASX:SPL)(PINK:SPHRY) today announced its full year financial results for the year ended 30 June 2008.
Total operating and investing outflows for the year were A$5.4 million, and at the end of June 2008 the Company held cash reserves of A$7.5 million. Net cash outflows for the year of A$2.0 million included a financing inflow of A$3.4 million.
The net loss for the period was A$7.5 million, compared with A$7.2 million for the previous year.
Revenue from ordinary activities increased by 17% to A$1.7 million over the period, consisting of royalty and licensing revenue of A$1.4 million, and interest revenue on cash held. Other income of A$8.2 million consisted of grant income from United States and Australian Government grants. The majority of US Government grants were from the National Institutes of Health (NIH).
Further details of the financial results are included in the Preliminary Final Report to Australian Securities Exchange (ASX).
During this reporting period the Company has made substantial progress as highlighted by the following announcements over the year:
Commercial development
- The signing of an agreement with leading condom company SSL International plc, owner of the Durex(R) brand, for co-development of VivaGel(R)-coated condoms.
- The signing of a collaborative research agreement with Stiefel - the world's largest privately-owned dermatology pharmaceutical company.
- First commercial product launch of Priostar(R) Dendrimers - EMD Chemicals Inc. launch a research reagent kit called NanoJuiceTM Transfection Kit. VivaGel(R): Clinical Development and New Indications
- Clinical trial demonstrates that VivaGel(R) is safe and well-tolerated in women following twice daily dosing for 14 days - 54 sexually abstinent women tested in double-blind study in US and Kenya.
- Potential to expand VivaGel(R) applications to genital warts and cervical cancer - pre-clinical data demonstrates the active ingredient in VivaGel(R), SPL7013, inhibits clinically-relevant strains of human papillomavirus (HPV).
Pipeline and Application development
- SPL7013, the active ingredient in VivaGel(R), found to have potential application for arthritis and dermatology treatments.
- Starpharma and Baker IDI Heart and Diabetes Institute awarded funding for codevelopment of arterial disease imaging agent.
- US$1.3 million US Defense Department contract awarded to DNT and Central Michigan University Research Corporation to develop water purification technology.
- Dendrimer technology applications expanded to food science with Unilever agreement to co-develop a research tool using Starpharma's Priostar(R) dendrimer technology.
Total operating and investing outflows for the year were A$5.4 million, and at the end of June 2008 the Company held cash reserves of A$7.5 million. Net cash outflows for the year of A$2.0 million included a financing inflow of A$3.4 million.
The net loss for the period was A$7.5 million, compared with A$7.2 million for the previous year.
Revenue from ordinary activities increased by 17% to A$1.7 million over the period, consisting of royalty and licensing revenue of A$1.4 million, and interest revenue on cash held. Other income of A$8.2 million consisted of grant income from United States and Australian Government grants. The majority of US Government grants were from the National Institutes of Health (NIH).
Further details of the financial results are included in the Preliminary Final Report to Australian Securities Exchange (ASX).
During this reporting period the Company has made substantial progress as highlighted by the following announcements over the year:
Commercial development
- The signing of an agreement with leading condom company SSL International plc, owner of the Durex(R) brand, for co-development of VivaGel(R)-coated condoms.
- The signing of a collaborative research agreement with Stiefel - the world's largest privately-owned dermatology pharmaceutical company.
- First commercial product launch of Priostar(R) Dendrimers - EMD Chemicals Inc. launch a research reagent kit called NanoJuiceTM Transfection Kit. VivaGel(R): Clinical Development and New Indications
- Clinical trial demonstrates that VivaGel(R) is safe and well-tolerated in women following twice daily dosing for 14 days - 54 sexually abstinent women tested in double-blind study in US and Kenya.
- Potential to expand VivaGel(R) applications to genital warts and cervical cancer - pre-clinical data demonstrates the active ingredient in VivaGel(R), SPL7013, inhibits clinically-relevant strains of human papillomavirus (HPV).
Pipeline and Application development
- SPL7013, the active ingredient in VivaGel(R), found to have potential application for arthritis and dermatology treatments.
- Starpharma and Baker IDI Heart and Diabetes Institute awarded funding for codevelopment of arterial disease imaging agent.
- US$1.3 million US Defense Department contract awarded to DNT and Central Michigan University Research Corporation to develop water purification technology.
- Dendrimer technology applications expanded to food science with Unilever agreement to co-develop a research tool using Starpharma's Priostar(R) dendrimer technology.
About Starpharma Holdings Limited
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 is principally composed of two operating companies, Starpharma Pty Ltd in Melbourne, Australia and Dendritic Nanotechnologies, Inc in Michigan, USA. Products based on SPL's dendrimer technology are already on the market in the form of diagnostic elements and laboratory reagents.
The Company's lead pharmaceutical development product is VivaGel(R) (SPL7013 Gel), a vaginal microbicide designed to prevent the transmission of STIs, including HIV and genital herpes.
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