Edison Issues Report on Starpharma (SPL)

London, United Kingdom–(Newsfile Corp. – September 30, 2026) – Edison issues report on Starpharma (ASX: SPL)

Starpharma is a biotechnology company specialised in targeted oncology, underpinned by its proprietary, clinically established dendrimer enhanced product (DEP) platform. The investment case combines two approaches to value creation: retaining more favourable economics through internally developed targeted oncology assets, while partnered programmes broaden DEP’s reach, validate the platform and generate non-dilutive economics. We see particular value in DEP’s applicability across therapeutic modalities where tumour delivery, retention, pharmacokinetics and off-target toxicity remain key constraints. Phase I-ready lead asset DEP HER2-Lu provides the nearest-term clinical proof point, supported by encouraging preclinical data. Partner-ready Phase II assets and collaborations with Genentech, Radiopharm Theranostics and Medicxi/Petalion provide additional optionality, while the A$32m raise extends the cash runway into FY28. We initiate coverage with a valuation of A$569.3m or A$1.19/share.

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