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Starpharma Holdings to Raise AU$32 Million Via Entitlement Offer; Shares Down 3%

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Starpharma Holdings (ASX:SPL) will issue about 56 million new shares at a price of AU$0.57 each under a fully underwritten pro rata entitlement offer to raise gross proceeds of about AU$32 million, according to a Wednesday filing with the Australian bourse.

The new shares will be offered on a 1-for-7.5 pro rata basis to eligible shareholders of record as of July 20, per the filing.

Proceeds from the offer will support the development of the company's oncology assets and extend its cash runway into fiscal 2028.

Starpharma shares fell 3% in recent Wednesday trade.

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