Starpharma Announces $32M Capital Raise for Oncology Development
Key points
- Fully underwritten entitlement offer to raise $32M
- Offer price at $0.57 per share, 25% discount to last closing price
- Proceeds to extend cash runway into FY28
Full summary
Starpharma Holdings Ltd, an innovative biotechnology company, announced a fully underwritten renounceable entitlement offer to raise approximately $32 million. The offer will issue approximately 56 million new ordinary shares at an issue price of $0.57, representing a 25% discount to the last ASX traded closing price. The proceeds will strengthen the company's balance sheet, extend its cash runway into FY28, and support the progression of the DEP® HER2-Lu Phase 1 study and the development of novel dendrimer-based oncology assets. The offer is open to eligible shareholders on a one for seven and a half (7.5) pro rata basis, with the offer price representing a 22% discount to the Theoretical Ex Rights Price (TERP) of $0.73.
Guidance
Proceeds expected to extend cash runway into FY28, supporting oncology development
Outlook
The company aims to leverage the raised capital to accelerate the development of its dendrimer-based oncology assets, with a focus on extending its cash runway into FY28.
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