Starpharma completes oversubscribed placement; plans for COVID-19 nasal spray

Australia’s Starpharma (ASX: SPL) today announced that it has raised A$45 million ($31.7 million) via a placement to domestic and international institutional and professional investors.

Eligible shareholders will also have the opportunity to participate, at the same price, through a share purchase plan (SPP) which is expected to raise approximately A$5 million.

The placement was oversubscribed with strong demand from existing institutional shareholders while also bringing new large domestic and international funds on to the register. The placement was conducted at A$1.50 per share, representing a 6.5% discount to the last closing price (A$1.605 per share) prior to Starpharma’s shares going into a trading halt on 28 September 28, 2020. The company’s shares closed trading today 6.5% lower at A$1.50.