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Starpharma Holdings Limited (ASX: SPL) is into the development of dendrimer products for pharmaceutical, life-science and other applications. The dendrimer is a type of synthetic nanoscale polymer that is used for pharmaceutical and medical uses. VivaGel® portfolio and DEP® drug delivery are two primary development portfolios of the company.
The company announced its half-yearly financial results for 31-December-2018. The revenue of the company stood at $649,000 for the half year period ending 31-December-2018 as compared to $12,07,000 in the previous corresponding period, representing a decline of 46%. The revenue included royalty, licensing and research revenue from commercial partners of $83,000 as compared to $663,000 December 2017.
The interest income on cash invested in term deposits was $566,000 for the period compared to $544,000 as on December 2017. The prior period reflects higher revenue from scale-up activities associated with the AstraZeneca partnered DEP® program including project-based revenues that are not evenly spread throughout the year. The company reported a consolidated loss after income tax of $7.266 million compared to $6.231 million in December 2017 which reflects investment across the VivaGel® and DEP® portfolio, including DEP® docetaxel, DEP® cabazitaxel, and DEP® irinotecan.
The company ended the half-year in a robust financial position with a cash balance of $44.4 million, which does not include the R&D tax incentive expected to be received after 31 December 2018 amounting to $4.0 million in FY18. The company expenditure consists of increased investment in commercialisation, regulatory and operating costs associated with the US VivaGel® BV licence and the preparation for the product launch in several territories.
On the balance sheet front, the cash position of the company stood at $44.40 million for the period with trade and other receivables of $6.741 million. The receivables include the accrued $4.019 million refundable Australian Government R&D tax incentive relating to the year ended 30 June 2018 eligible activities and a further $2.246 million accrued R&D tax incentive receivable relating to half-year ended 31 December 2018 activities. The net operating cash outflows for the half-year were $7.279 million as compared to $11.261 million in the prior corresponding period.
The CEO of the company Dr Jackie Fairley said that the company had achieved several important milestones in the VivaGel® portfolio during the reported half-year period, which also included signing a US licence for VivaGel® BV with ITF Pharma, Inc. The company is currently working with expert FDA consultants to expedite this process. In non-US territories, launch activities are in the final stages as the company approaches the launch of VivaGel® BV in Australia and Europe (1HCY19). The company is also working closely with its partner, Mundipharma, on further registrations to support launches in several other regions.
On the price-performance front, the stock of Starpharma Holdings Limited is trading at $1.035 with a decrease of ~3.271% during the dayâs trade and with a market capitalisation of $397.67 million. The stock has generated a YTD return of 0.94% and posted negative returns of 2.28%, 29.14% and 1.83% over the last six months, three months and one-month period. It has a 52-week high price of $1.662 and a 52-week low price of $0.870 with an average trading volume of ~682,353.
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