Starpharma raises $48.9 million to accelerate development of dendrimer product

Starpharma Holdings Limited (ASX:SPL) (OTCMKTS:SPHRF) has completed a share purchase plan (SPP) raising A$3.9 million, which in conjunction with a recent institutional placement take capital raising funds to A$48.9 million.

Both the SPP and A$45 million placement were strongly supported, including by retail and institutional shareholders.

Funds raised will primarily be used to accelerate the development, regulatory and commercialisation activities for the company's COVID-19 nasal spray, development of multiple, high-value DEP® clinical assets and DEP® pipeline expansion.*To accelerate development*

Starpharma CEO Jackie Fairley said: "We have been delighted with the participation from both retail and institutional shareholders and thank them for their strong support.

"This financing has further strengthened Starpharma's balance sheet and places the company in an excellent position to accelerate the development, regulatory, commercialisation and launch activities across our portfolios, including the SPL7013 COVID-19 nasal spray and DEP® assets."

Starpharma is an ASX 300 company and is a world leader in the development of dendrimer products for pharmaceutical, life science and other applications.