It’s been 3.5 years since Starpharma announced a development and option agreement with AstraZeneca. This was a price sensitive announcement and achieved a KPI for CEO Jackie Fairley and co.
In summary, Starpharma would do all the legwork, apply all the resources and spend all the $$$ in pre-clinical work to get to a point where either:
•AZ would have the option to licence the DEP version for a whopping US$5 million for further development by them, or •alternatively Starpharma would have the option to licence the DEP drug from AZ to develop further themselves
However, it’s now been 3.5 years and we’ve heard nothing about this. This is a complete failure and a joke on long suffering shareholders. Are they still working on it? Has it been shelved? Is it still on foot but been de-prioritised? No one knows!!!
Shareholders have to guess, because part-time CEO Jackie Fairley and Starpharma have a long and extensive history of announcing major price-sensitive developments, only for nothing to actually occur and then for the potential development to drift off into magic fairy dust land many years later without any accountability.
This is just NOT good enough. Shareholders deserve an update. They deserve an explanation. ASIC should look into this and ALL the other similar examples I’ve been banging on about for years. This will be the basis of my next complaint to ASIC. The status of this option agreement needs to be asked directly of Jackie Fairley at the AGM.
This continual behaviour by Starpharma may just be legal by the letter of the law, but IMO it is immoral and completely reprehensible.
In my opinion this stock is an avoid until the Chairman and CEO are replaced.
