The Newswire

Your daily serving of financial goodness

Starpharmers Raises $32 Million Through Placement to Investors

Starpharmers Raises $32 Million Through Placement to Investors
Dec 09, 2015 By Imran Valibhoy Tags: SPL

Starpharmers Holdings Ltd (ASX: SPL), a pharmaceutical company with a particular focus on the development of dendrimer products, has successfully raised $32 million through a placement amongst domestic and international institutions and investors.

Through this placement, the investors acquired the shares at $0.73 per share, a 6.4% discount to the previous closing price of $0.78 per share, when SPL went into a trading halt on the 7th of December 2015. Starpharmers announced that the raising was significantly oversubscribed.

Moreover, eligible shareholders are also able to participate in a ‘Share Purchase Plan’ at the same price. However, each shareholder can only purchase a limit of A$15,000 of shares, and the maximum amount to be raised through the SPP is A$3 million. Full details of the SPP will be released to investors in the upcoming days.

Starpharmers announced that the $32 million raised from the placement will further be utilised in several of their current and future operations, such as the Phase 2 clinical program for their ‘Dep Docetaxel product’ or the licensing and approvals for Phase 3 trials of their ‘VivaGel product’.

SPL’s CEO Dr Jackie Fairley reaffirmed the success of the placement: “Starpharmers portfolio of products has matured substantially over the last few years, this funding places the company in a strong position to accelerate the commercialisation of our technologies with the advancement of the clinical programs of DEP docetaxel, entry of new DEP candidates into the clinic and the licensing and launch of VivaGel BV”.

Bell Potters Securities and Canaccord Genuity acted as Join Lead Managers for the placement.

SPL last traded at $0.715, at 12PM today as the trading halt was lifted. The stock fell more than 8% to fall below the offer price. However SPL is up 40% year-to-date and recently exceeded a market capitalisation of $250m.

Share this article

Imran Valibhoy Author: Imran Valibhoy Dec 09, 2015

Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.

Private credit underpins Metrics listing

Investors have poured more than $300 million in just nine days into the latest ASX listing of alternative asset manager Metrics, which will offer retail investors exposure to the difficult-to-access private credit market.

Author: Simon Herrmann Mar 26, 2019


Sign Up for Free Trial
Recent Tweets
Recent News