The Starpharma Holdings Limited (ASX: SPL) share price was a strong performer on Wednesday.
The dendrimer products developer's shares finished the day 5% higher at $1.16.
Why did the Starpharma share price race higher today?
The catalyst for today's gain appears to have been the release of its quarterly report this morning.
According to the release, Starpharma recorded receipts from customers of $1.1 million. This includes launch/regulatory milestones, product supply, and royalty receipts from partners for VivaGel BV.
The company reported net operating cash outflows for the quarter of $4.6 million. Though, this does not include the anticipated $4.9 million R&D tax incentive which is expected to be received in the near future.
These cash outflows included costs relating to the manufacture of VivaGel BV product following launches in Australia and Europe, as well as expenditure on its three DEP clinical programs. The latter includes trial commencement and site setup costs for DEP irinotecan.
This ultimately left Starpharma with a cash balance of $36.8 million at the end of September.
First quarter highlights.
As well as providing an update on its cash flows, Starpharma reminded investors of the progress it has made recently.
One key highlight has been the US FDA authorising the IND for a phase 1 clinical trial of AstraZeneca's first DEP product, AZD0466. That clinical program is expected to commence later this year following site set-up and ethics committee/IRB approvals.
Another positive has been Starpharma commencing its phase 1/2 clinical trial for DEP irinotecan. This trial will be conducted at multiple sites, with initial sites already opened. These include leading UK cancer centres The Christie, The Royal Marsden and Newcastle Freeman Hospital.
The company also received its first Asian regulatory approvals for VivaGel BV during the quarter and continued with marketing and promotional activities for the product in Europe and Australia.
Dr Jackie Fairley, Starpharma CEO, commented: "We are delighted to see our first AstraZeneca partnered DEP product, AZD0466, cleared by the FDA to enter human clinical trials. This is an important milestone for the Company and provides further industry validation for the utility of the DEP platform. This candidate will be the fourth DEP product to enter the clinic following the commencement of Starpharma's DEP irinotecan during the quarter".
"We were also pleased to see the roll-out of VivaGel® BV into Europe as well as Australia, and to receive the first regulatory approvals in Asia where the product is expected to be launched later this calendar year. The next quarter will be an exciting period for Starpharma with the anticipated commencement of a phase 1 trial for AZD0466, and further progress with our three internal DEP clinical trials, further regulatory approvals and launches for VivaGel BV," added Dr Fairley.
