Starpharma (ASX:SPL) share price edges higher on update

The Starpharma Holdings Ltd (ASX: SPL) share price has climbed in early trade after a strong quarterly update from the pharma group.

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Starpharma Holdings Limited (ASX: SPL) shares are having a mixed morning after the Aussie healthcare group’s latest quarterly update. The Starpharma share price opened today’s session 5.88% higher at $1.80.

However, since then, the company’s shares have been swinging between red and green. Currently, Starpharma shares are trading at $1.715, up 0.88% for the day so far.

Let’s take a look at how the company has been performing.

What’s impacting the Starpharma share price?

Starpharma today reported its quarterly cash flow and activities report for the period ended 31 March 2021.

The company reported net operating cash outflows of $5.8 million which included significant investment in DEP/VIRALEZE clinical trials. VIRALEZE product manufacturing and launch costs also contributed to the result.

In February, Starpharma reported a new research agreement with Merck & Co. Inc using its proprietary DEP technology for dendrimer-based antibody drug conjugates (ADCs). The Starpharma share price shot 15.7% higher on 12 February following the announcement.

The company also signed an exclusive arrangement for its VIRALEZE product on 25 March with LloydsPharmacy/McKesson UK. VIRALEZE was the fastest-selling product on record on LloydsPharmacy.com in its first week following the 29 March launch. 

The Starpharma share price is gradually edging higher today following the company’s update on its DEP trials. Phase 2 DEP irinotecan trials “continue to progress well” with 40 patients now recruited. Starpharma also reported “encouraging efficacy signals observed” in its DEP docetaxel clinical trials.

Starpharma CEO Dr Jackie Fairley said, “It has been an important quarter for Starpharma with multiple value-adding milestones achieved in the DEP portfolio, in addition to the commercialisation and launch of VIRALEZE”.

AstraZeneca significantly expanded its clinical program for DEP AZD0466 during the quarter. That will now include a “multi-centre global phase 1 study with a focus on haematological tumours” aimed at rapid development and approval of the anti-cancer drug.

Foolish takeaway

The Starpharma share price is edging higher on the back of this morning’s quarterly update. Shares in the Aussie pharma group jumped almost 6% at the open before retreating to their current levels.

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Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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