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Destiny Pharma plc conditionally raised approximately £0.34 million through an Open Offer, representing approximately 33% of the proposed amount, announced on 15 March 2023. This contributed to an aggregate conditional gross fundraising of approximately £7.34 million via the Open Offer, a Placing, and a Subscription. Applications have been made for the admission of 6,676,242 new ordinary shares to AIM, with admission expected on 17 March 2023 subject to shareholder approval at a General Meeting on 16 March 2023.
| Date | 15 Mar 2023 |
| Time | 16:02:26 |
| Category | Capital structure |
| ID | 1162T |
THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Destiny Pharma plc
Result of Open Offer
Destiny Pharma plc (AIM:DEST) (the "Company" or "Destiny Pharma"), a clinical stage innovative biotechnology company focused on the development of novel medicines that can prevent life-threatening infections, announces that it has conditionally raised total gross proceeds of approximately £0.34 million through the Open Offer which was announced on 24 February 2023, representing approximately 33 per cent. proposed under the Open Offer.
Accordingly, the Company has conditionally raised total gross proceeds of approximately £7.34 million in aggregate by way of the Placing, the Subscription (which was also announced on 24 February 2023) and the Open Offer.
Applications have been made to the London Stock Exchange for the admission of a total of 6,676,242 New Ordinary Shares to trading on AIM. This comprises (i) 5,642,858 Second Placing Shares; (ii) 71,428 Subscription Shares and (iii) 961,956 Open Offer Shares. The New Ordinary Shares will rank pari passu with the Existing Ordinary Shares. Admission of the Second Placing Shares, Subscription Shares and Open Offer Shares is expected to occur on 17 March 2023, subject to Shareholders passing the relevant Resolutions at the General Meeting to be held on 16 March 2023.
Nick Rodgers, Chairman of Destiny Pharma commented:
"The Board is grateful for the support of new and existing shareholders in the Placing and the Open Offer. The net proceeds of £6.74 million have enabled the Company to close our NTCD-M3 collaboration and co-development agreement for the US rights with Sebela Pharmaceuticals and will also fund the Company to complete the clinical trial supply manufacturing work on NTCD-M3 and progress the manufacturing and Phase 3 clinical trial preparation for the Company's other lead asset, XF-73 nasal. This will strengthen the Company's position in the ongoing partnering activities on XF-73 nasal which is the main focus of the business now the NTCD-M3 US rights Sebela deal has been closed. Management's estimate of the Net Present Value (NPV) for NTCD-M3 is some $200 million. XF-73 nasal is wholly owned by Destiny Pharma and addresses a larger market so its value to the Company is expected to exceed that of NTCD-M3 once partnered. The fundraising has given us the platform to take XF-73 nasal to the next stage and we are very excited about this opportunity to deliver significant value for all shareholders."
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the announcement of the Fundraising made by the Company on 24 February 2023.
For further information, please contact:
Destiny Pharma plc
Neil Clark, CEO
Shaun Claydon, CFO
+44 (0)1273 704 440
Optimum Strategic Communications
Mary Clark / Nick Bastin / Manel Mateus / Eleanor Cooper
+44 (0) 203 922 0891
finnCap Ltd (Nominated Adviser and Joint Broker)
Geoff Nash / Abigail Kelly / George Dollemore, Corporate Finance
Alice Lane / Nigel Birks / Harriet Ward, ECM
+44 (0)20 7220 0500
Shore Capital (Joint Broker)
Daniel Bush / James Thomas / Lucy Bowden
+44 (0) 207 408 4090
MC Services AG
Anne Hennecke / Andreas Burckhardt
+49-211-529252-12
Stern IR - US
Janhavi Mohite
+1-212-362-1200
About Destiny Pharma
Destiny Pharma is a clinical stage, innovative biotechnology company focused on the development of novel medicines that can prevent life-threatening infections. Its pipeline has novel microbiome-based biotherapeutics and XF drug clinical assets including NTCD-M3, a Phase 3 ready treatment for the prevention of C. difficile infection (CDI) recurrence which is the leading cause of hospital acquired infection in the US and also XF-73 nasal gel, which has completed a positive Phase 2b clinical trial targeting the prevention of post-surgical staphylococcal hospital infections including MRSA. It is also co-developing SPOR-COV, a novel, biotherapeutic product for the prevention of COVID-19 and other viral respiratory infections and has earlier grant funded XF drug research projects.
For further information on the Company, please visit https://www.destinypharma.com