Starpharma reports revenue growth and advances development

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Australian company Starpharma (ASX:SPL) has announced a strong result for the six months to the end of 2021 headlined by strong revenue growth and new commercialisation agreements.

Reported revenue for the period was only $1.9 million but that was up 200 per cent on the corresponding period in 2020.

The revenue growth was driven by sales of antiviral nasal spray VIRALEZE that is now registered for use in Europe, India, Vietnam, New Zealand and Saudi Arabia.

VIRALEZE is being investigated as an agent against the SARS-CoV-2 virus. Data has established that SPL7013, the antiviral agent in VIRALEZE, has potent virucidal activity the virus responsible for COVID-19.

The company's reported half-year loss of $8.4 million reflected its significant investment in research and development. It had a $51.3 million cash balance at the end of December 2021.

Starpharma also reported significant progress in the development of its DEP Drug Delivery Platform.

It signed and launched an exploratory DEP Research Agreement with Genentech (Roche) that it said builds on its existing agreements with AstraZeneca and MSD.

It also announced positive interim results for the prostate cancer patient cohort of its DEP cabazitaxel phase 2 clinical trial. Following treatment, 100 per cent of patients assessed for efficacy demonstrated one or more encouraging efficacy signals, including tumour shrinkage, PSA reduction or lack of secondary bone disease progression).

The company said it is currently recruiting a small number of additional ovarian and gastro-oesophageal cancer patients for the trial.

CEO Dr Jackie Fairley said, “Starpharma has achieved a number of valuable milestones throughout the half-year across our DEP portfolio. We were delighted to sign a new DEP Research Agreement with a leading global pharmaceutical company."

Dr Fairley continued, “In parallel with our partnered DEP programs, Starpharma also progressed its three internal clinical programs for DEP cabazitaxel, DEP docetaxel, and DEP irinotecan.

"We reported positive interim findings from the prostate cancer cohort of the DEP cabazitaxel phase 2 trial, showing that all patients assessed for efficacy experienced one or more efficacy signals following treatment with DEP cabazitaxel. We have continued to observe encouraging efficacy signals in all programs."