Starpharma finds there’s big money in solving sex health problems
Health & Biotech
Health & Biotech
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A maker of antiviral condoms and bacterial vaginosis gel has posted an $8.2 million profit.
Starpharma (ASX:SPL) has posted some impressive results following news earlier this month that it was on the fast track for an FDA nod over a treatment for a painful, common and, importantly, $1 billion sexual health problem among women.
Cash in the bank stood at $61.2 million, and cash burn was $18.01 million. However the company won’t be paying any dividends yet, or in the foreseeable future.
In a statement to the market, CEO Jackie Fairley said she expected more regulatory approvals and launches for the VivaGel portfolio in the coming year, which includes an antibacterial condom and the bacterial vaginosis treatment.
“FY17 has been a significant year for achieving milestones which will transform the future of Starpharma, including the receipt of $35 million cash on the sale of our agrochemicals business,” she said.
The company’s other product is the DEP drug delivery platform, licensed to AstraZeneca in 2015 for use with oncology drugs.
“In the DEP portfolio, the triggering and receipt of the final preclinical US$2 million milestone from our multiproduct DEP license with AstraZeneca was very pleasing. To be involved in the development of this impressive novel oncology agent with such significant market potential is really exciting,” Ms Fairley said.
“The commercial validation of the DEP platform continues to grow. The mounting preclinical and clinical data from both our internal and partnered DEP programs are compelling.”
Starpharma shares are currently sitting right near the top of their 52-week range at 93c. They’ve gone for between 59c and 94c over the past 12 months.