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Michael Scofield Member Profile
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Michael Scofield   Monday, 11/09/15 02:53:53 PM
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Melbourne, Australia; 30 October 2015: Starpharma Holdings Ltd (ASX: SPL, OTCQX: SPHRY) today released its Appendix 4C - Quarterly Cashflow report for the period ended 30 September 2015.

The cash balance as at 30 September 2015 was $26.1 million, a net cash burn of $4.7 million from the 30 June cash balance of $30.8 million. Of note, Starpharma received in October the first payment of US$2 million from AstraZeneca following the signing of a licence. As this was received following the end of the quarter, the receipt is not reflected in the reported 30 September cash balance. The receipt of the $3.4 million R&D tax incentive is also anticipated in the December quarter.

A highlight of the September quarter was the signing of the multi-product DEP® licence with AstraZeneca for the development and commercialisation by AstraZeneca of DEP® based products directed at a defined family of targets. Under the agreement AstraZeneca will fund all development and commercialisation costs for the DEP® based products.

Starpharma is eligible to receive US$126 million in milestones for the initial compound, as well as royalties on product net sales. The AstraZeneca agreement provides for additional milestones and royalties to be payable on subsequent DEP® based products to be developed and commercialised under the license.

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