Starpharma launches fully underwritten $32 million entitlement offer to fund oncology pipeline
Starpharma Holdings Limited (ASX: SPL) has launched a fully underwritten renounceable pro rata entitlement offer to raise approximately $32 million in gross proceeds, providing the clinical-stage biotech with capital to advance its dendrimer oncology pipeline.
The Offer will issue approximately 56 million New Shares at $0.57 per New Share on a 1-for-7.5 basis to eligible shareholders. On completion, the Company expects a pro forma 30 June 2026 cash balance of $44.5 million, a figure that includes an expected $3.5 million R&D tax incentive.
Proceeds are expected to extend the Company’s cash runway into FY28, supporting progression of the DEP® HER2-Lu Phase 1 study and development of novel dendrimer-based oncology assets.
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Inside the entitlement offer: pricing, structure and terms
The Offer is fully underwritten by Canaccord Genuity (Australia) Limited as Lead Manager. It is renounceable, meaning eligible shareholders may take up their entitlement in part or in full, or sell or transfer it to another party.
Eligible shareholders who take up their entitlement in full may also apply for additional New Shares at the Offer Price, up to a maximum of 100% of their existing entitlement, through an oversubscription facility. This is subject to the availability of a shortfall and to scale-back at the discretion of the Board.
The New Shares will be fully paid and rank equally with existing shares.
| Term | Detail |
|---|---|
| Gross proceeds | ~$32 million |
| Offer price | $0.57 per New Share |
| Discount | 25% to last close of $0.76 (14 July 2026); 22% to TERP of $0.73 |
| New Shares | ~56 million |
| Ratio | 1 New Share for every 7.5 held |
| Record Date | 20 July 2026, 7.00pm (Melbourne time) |
The Offer is open to eligible shareholders with a registered address in Australia, New Zealand, Hong Kong, Singapore, the United Kingdom or Luxembourg. For shareholders who are not eligible, the Company has appointed Canaccord Genuity Financial Limited as nominee to use reasonable endeavours to sell their entitlements, with any net proceeds remitted to those shareholders.
Where the money goes: funding the DEP® oncology strategy
The Company has set out an indicative use of funds tied directly to clinical progression and pipeline expansion:
- Complete the first-in-human and dose escalation stages of the DEP® HER2-Lu Phase 1 study.
DEP HER2-Lu preclinical data showed tumour radioactivity approximately 150 times greater than blood levels at 12 days post-dose, with survival outcomes in HER2-positive models exceeding those recorded for Enhertu, the current standard of care in this setting.
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Invest in developing and accelerating novel targeted dendrimer-based oncology assets to broaden the DEP® pipeline.
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Fund working capital and transaction costs.
The raise follows Starpharma’s recent announcements regarding the application of its dendrimer technology in radioligand therapy across a range of oncology targets. According to the Company, these developments highlight the potential breadth of its dendrimer platform in targeted drug delivery.
Cheryl Maley, Chief Executive Officer
“The proceeds from this fully underwritten Offer are expected to strengthen Starpharma’s balance sheet, extend our cash runway into FY28, and provide the capital required to progress the DEP® HER2-Lu Phase 1 study while accelerating development of additional assets within our DEP® pipeline.”
“The support from new investors and existing shareholders participating as sub-underwriters for the Offer demonstrates confidence in Starpharma’s proprietary dendrimer technology and strategy for long-term value creation.”
Understanding dendrimer technology and radioligand therapy
Dendrimers are precise, synthetically manufactured, nanoscale molecules. Their size, structure, high degree of branching, polyvalency and water solubility make them useful in medical and pharmaceutical applications, particularly in drug delivery.
Starpharma’s proprietary platform underpins its DEP® range, which stands for dendrimer enhanced product.
Radioligand therapy is a treatment approach that delivers radiation directly to cancer cells while aiming to spare healthy tissue. According to the Company, its dendrimer technology may offer differentiated advantages when applied to this method.
Investors exploring the IP foundations underpinning the DEP oncology strategy will find our deep-dive into the DEP radiopharmaceutical patent filing covers the multi-target filing across HER2, PSMA, and EGFR, the biodistribution data supporting each claim, and what the patent scope means for Starpharma’s partnering position.
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Key dates and what comes next for investors
The Company has provided an indicative timetable for the Offer. All dates and times are indicative only and subject to change at the discretion of the Company and Lead Manager.
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Announce Offer: 15 July
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Ex date: 17 July
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Entitlements quoted on ASX on deferred settlement basis: 17 July
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Record Date: 20 July (7.00pm)
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Offer opens / documents despatched: 23 July
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Entitlements trading ends: 28 July (4.00pm)
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Offer closes: 4 August (5.00pm)
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Announce Results of the Offer: 11 August
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Issue of New Shares under the Offer: 11 August
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New Shares commence trading: 12 August
The Offer will be made under an Offer Booklet to be lodged with ASX and despatched to eligible shareholders. It is being made in reliance on section 708AA of the Corporations Act 2001 (Cth), meaning no prospectus will be prepared for the Offer.
With a fully underwritten structure and a cash runway expected to extend into FY28, Starpharma has positioned itself to fund the next stage of its dendrimer oncology strategy. Eligible shareholders should consider the Offer Booklet and consult their professional advisers before deciding whether to take up all or part of their entitlement.
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