The Starpharma Holdings Limited (ASX: SPL) share price will be on watch today following an update on its phase 1 trial of AZD0466. At the time of writing, the Starpharma share price is up by 2.16%.
What does Starpharma do?
Starpharma is an S&P/ASX 300 Index (INDEXASX: XKO) company that is a world leader in the development of dendrimer products for pharmaceutical, life science and other applications.
Starpharma has two core development programs: VivaGel portfolio and DEP drug delivery with the company developing several products internally and others via commercial partnerships.
What did Starpharma announce?
Starpharma announced it has received US$3 million (A$4.5 million) from AstraZeneca following the successful dosing of the first patient in the phase 1 clinical trial of AZD0466 in December last year.
AstraZeneca describes AZD0466 as having the potential to be a 'best-in-class' agent in this field with a broad opportunity in solid and haematological tumours (blood cancers) due to its ability to target both Bcl2 and Bcl/xL.
The trial is being conducted at multiple sites in the US and will recruit patients with a range of cancers.
As was announced on 30 December 2019, the first patient dosed in the phase 1 trial triggered a US$3 million milestone following commencement of AstraZeneca's first DEP human clinical trial.
This milestone for AZD0466 falls under the company's multi-product license with AstraZeneca whereby Starpharma is eligible to receive development, launch and sales milestones of up to US$124 million, plus tiered royalties on net sales for this initial product, and US$93.3 million for each subsequent qualifying product.
Other recent announcements
In other recent market updates, Starpharma reported that its DEP cabazitaxel trial progressed from phase 1 to phase 2 on positive results. The trial met its objective of evaluating safety, tolerability and preliminary efficacy data, and identifying a recommended phase 2 dose. The trial transitioned seamlessly into phase 2, with two new sites initiated and recruitment underway. Patients continue to be recruited into the phase 2 trial for DEP docetaxel.
Starpharma also recently released its quarterly cash flow report for period ended 31 December 2019. The company's cash balance as at 31 December 2019 was $35.9 million, with net operating cash outflows for the quarter of $0.5 million compared to $4.6 million last quarter.
