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Highlights:
- Starpharma is working closely with LloydsPharmacy to bring VIRALEZE back in the UK by this quarter.
- Starpharma has recorded AU$3.6 million rise in the cash balance within a quarter.
- The company has reported receipts of AU$9.6 million during the quarter.
Shares of Starpharma Holdings Limited (ASX:SPL) are on the rise after the company has shared the quarterly report via the ASX-announcement today (29 March 2022). In the report, Starpharma’s management has informed that it is working with LloydsPharmacy, and by this quarter, VIRALEZE can be expected back in the UK market.
At 10:52 AM AEST, the shares of Starpharma were spotted trading 5.63% high at AU$0.84. including today’s gain, Starpharma shares have declined by 50% in a year and year-to-date decline is 35%.
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Highlights of Starpharma’s quarterly cash flow report
Image Source: © 2022 Kalkine Media ®
Biopharmaceutical company, Starpharma has released the quarterly report for the period ending on 31 March 2022. The company had a cash balance of AU$54.8 million at the end of the quarter, which is AU$3.6 million higher than the previous quarter.
Medical products developer recorded receipts of AU$9.6 million. It included AU$1.8 million in receipts from customers and AU$7.7 million in R&D tax incentive refund. Higher receipts resulted in a positive net operating cash flow of AU$3 million.
During the quarter, operating cash outflow activities comprised R&D investment, product manufacturing related expenses, staffing costs and investment in scientific equipment, informed Starpharma.
What happened in Starpharma during the March quarter?
Image source: © Mstjahanara903 | Megapixl.com
After solving the issues raised by the Medicines and Healthcare products Regulatory Agency (MHRA), Starpharma is on the path to relaunching VIRALEZE in the UK. By this quarter, VIRALEZE can be available to UK customers. VIRALEZE is an antiviral nasal spray that intends to offer a protective barrier in the nose. One of the elements of VIRALEZE is SPL7013 which can inactive respiratory/cold viruses (according to laboratory studies).
SPL7013, in VIRALEZE nasal spray, outperformed the competing nasal spray in the market. Moreover, it was found to be effective in reducing around 99.5% of virus infectivity against the Omicron variant.
In three months, Starpharma inked an exclusive agreement for VIRALEZE in eight Middle East countries and Saudi Arabia. The company updated that the VIRALEZE launch in Saudi Arabia is underway, and registration activities in Middle East countries are now progressing.
New pharmaceutical products developer informed that its partnered DEP programs are progressing well. DEP irinotecan combination arm is expected to commence soon. Jackie Fairley’s (CEO of Starpharma) comment provided a clear picture of the progress of the DEP program as he stated:
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