Starpharma Holdings Limited (SPL) said that it had raised $15.6 million through a private placement to various investors, including the lead investor Orbis. The placement was for 30 million shares at 52c per share, a 9.7% discount to the previous 20 days closing price. The placement was oversubscribed and managed by Shaw Corporate Finance, the company said. The funds raised would be used to finance a clinical trial program to develop VivaGel and to further strengthen the balance sheet for future development and partnering opportunities.

Mesoblast Limited (MSB) said that the first group of Patients who received a single injection of Revascor into damaged heart muscle had significantly improved cardiac function at both three and six months compared with baseline. The next group of 20 patients, set to receive the highest dose of Revascor, would be recruited by early 2010 the company added.