Australia's Starpharma tanks to 14-1/2 year low as therapy development stopped

Starpharma Holdings

31/07/2023 05:15

** Shares of Starpharma Holdings  SPL.AX  slump as much as
33.9% to A$0.215 - its lowest level since March 24, 2009
    ** Says development of a therapy by AstraZeneca  AZN.L  in
which SPL's technology was used has been discontinued
    ** AZN made the decision to discontinue the development of
AZD0466 after an internal review, prompted by a small number of
asymptomatic adverse events - SPL
    ** In June, a voluntary partial clinical hold was
implemented on a trial related to the therapy for use in blood
cancer patients
    ** Stock posts its biggest intraday pct fall since Nov. 29,
2012
    ** More than 3.7 mln shares change hands, vs the 30-day
average volume of ~423,000 shares
    ** Stock down 40.9% YTD, as of last close

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))