Starpharma Secures $32 Million to Advance DEP® HER2-Lutetium Trial
Starpharma has successfully completed a $32 million entitlement offer, nearly fully subscribed, to fund its DEP® HER2-Lutetium Phase 1 trial and further develop its oncology pipeline.
- Fully underwritten 1-for-7.5 entitlement offer raises $32 million
- 99% take-up rate including $5.4 million oversubscription
- Funds earmarked for DEP® HER2-Lutetium Phase 1 trial and oncology assets
- 56.1 million new shares to be allotted, ranking equally
- Strong shareholder support reflects confidence in oncology pipeline
Capital Raise Nears Completion with Strong Shareholder Backing
Starpharma Holdings Limited (ASX:SPL) has closed its fully underwritten 1-for-7.5 renounceable entitlement offer, raising $32 million before costs. The offer attracted robust support from existing shareholders, achieving an approximately 99% take-up rate, including $5.4 million in oversubscriptions. The underwriter, Canaccord Genuity (Australia) Limited, will cover a $0.5 million shortfall, ensuring full subscription.
Funds to Propel DEP® HER2-Lutetium Phase 1 Study and Oncology Pipeline
The freshly raised capital is earmarked primarily to support the first-in-human and dose escalation stages of Starpharma's DEP® HER2-Lutetium (DEP® HER2-Lu) Phase 1 clinical trial. This trial represents a significant step in Starpharma’s strategy to develop targeted dendrimer-enhanced radiopharmaceutical therapies for oncology. Additionally, the funds will fuel advancement of other DEP® oncology assets, underscoring the company’s commitment to building a high-value pipeline.
Starpharma’s dendrimer technology, which enables precise nanoscale drug delivery, has been gaining momentum, with recent progress including strategic partnerships and internal discovery pipeline strengthening. The DEP® HER2-Lu program is particularly notable given its potential to target HER2-positive cancers with improved tumour retention, a promising approach in radioligand therapy.
Share Issuance and Market Impact
Following the offer’s close on 4 August 2026, Starpharma is set to allot 56,126,514 new fully paid ordinary shares on 11 August. These shares will rank equally with existing shares, maintaining shareholder equity balance. Rights belonging to ineligible foreign shareholders were sold on-market by a nominee, with proceeds to be distributed shortly.
The strong subscription rate signals solid shareholder confidence in Starpharma’s clinical and commercial trajectory. This capital injection arrives as the company builds on recent regulatory milestones and partnership progress, positioning it well for upcoming clinical readouts and potential licensing opportunities.
Bottom Line?
Starpharma’s near-complete entitlement offer provides a strong financial runway to advance its DEP® HER2-Lu trial, with investor backing reflecting optimism about its oncology pipeline’s potential.
Questions in the middle?
- How will initial Phase 1 data from the DEP® HER2-Lu trial influence Starpharma’s partnership and licensing prospects?
- What milestones or catalysts should investors watch for in the progression of Starpharma’s broader DEP® oncology assets?
- Could future capital needs arise if clinical development timelines extend or expand beyond current projections?
