Starpharma Launches 1-for-7.5 Entitlement Offer at $0.57 per Share

Capital Raise Targets Clinical and Pipeline Advancement

Starpharma Holdings Limited (ASX:SPL, US OTC: SPHRY) has kicked off a fully underwritten renounceable entitlement offer aiming to raise approximately $32 million. The offer price is set at $0.57 per new share, representing a 25% discount to the last traded closing price of $0.76 on 14 July 2026. Eligible shareholders can subscribe for one new share for every 7.5 shares held as of 7pm Melbourne time on 20 July 2026.

The capital raising is designed to bolster Starpharma’s balance sheet and extend its cash runway into FY28, with net proceeds earmarked primarily to complete the first-in-human and dose escalation phases of the DEP® HER2-Lu Phase 1 clinical study. Additional funds will accelerate development of novel dendrimer-based oncology assets and cover working capital and transaction costs.

Entitlement Offer Mechanics and Trading Details

The entitlement offer opens on 23 July 2026 and closes at 5pm Melbourne time on 4 August 2026. Entitlements are renounceable and will be tradable on the ASX from 17 July to 28 July 2026, allowing shareholders to sell or transfer their rights if they choose not to participate. Any entitlements not exercised or sold will lapse, diluting non-participating shareholders.

Eligible shareholders who fully subscribe to their entitlement may apply for additional new shares up to 100% of their entitlement under an oversubscription facility, subject to availability and scaling at the company’s discretion. The offer is fully underwritten by Canaccord Genuity (Australia) Limited, providing certainty of funds raised.

Strategic Focus on DEP® HER2-Lu and Oncology Pipeline

Starpharma’s DEP® HER2-lutetium program is a first-in-class targeted radioligand therapy leveraging its proprietary dendrimer technology. Preclinical data demonstrates strong tumour uptake and retention coupled with low off-target exposure, supporting its potential to address HER2-expressing cancers including gastric and breast cancer. The Phase 1 study is scheduled to commence dosing in H2 2026 with initial data expected in H1 2027, aiming for accelerated clinical development pathways.

Beyond DEP® HER2-Lu, Starpharma is advancing a broad pipeline of dendrimer-enhanced oncology assets, including DEP® SN38 and DEP® Cabazitaxel, both in clinical stages with encouraging efficacy and safety profiles. The company also maintains strategic partnerships with Genentech, Medicxi, and Radiopharm Theranostics, which provide diversified sources of potential milestone and royalty revenues.

Shareholder Impact and Next Steps

Following completion of the entitlement offer, Starpharma expects to have approximately 477 million shares on issue. The new shares will rank equally with existing shares and are anticipated to commence trading on ASX from 12 August 2026. Shareholders who do not participate will face dilution of their holdings.

The offer booklet, dispatched from 23 July, contains detailed instructions on how shareholders can participate, sell, or transfer entitlements. Starpharma encourages shareholders to update their contact details to receive electronic communications promptly.

With the entitlement offer fully underwritten, the company secures funding to progress key clinical milestones and pipeline expansion, positioning Starpharma to capitalise on the growing radiopharmaceutical and targeted oncology markets.