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Destiny Pharma plc provided a year-end business update on 04 January 2024. The company announced it will advance the NTCD-M3 development programme through 2024 with Sebela Pharmaceuticals and expects preclinical results for XF-73 Dermal imminently. Destiny Pharma also stated it is funded through Q1 2025.
| Date | 4 Jan 2024 |
| Time | 07:00:03 |
| Category | Corporate updates |
| ID | 5868Y |
Destiny Pharma plc
("Destiny Pharma" or "the Company")
Year End Business Update
Brighton, United Kingdom - 4 January 2024 - Destiny Pharma plc (AIM:DEST), a clinical stage biotechnology company focused on the development and commercialisation of novel medicines to prevent life threatening infections, today provides a year end business update.
Destiny's priority remains to realise the maximum value for our XF-73 Nasal asset, given the substantial market potential of this product for Destiny Pharma and the significant potential benefits it presents for both patients and health systems. The Company is evaluating all options to achieve this, including continuing discussions with a number of potential partners, with a view to delivering the best deal to maximise shareholder value. We will provide a further update in due course.
Beyond XF-73 Nasal, Destiny looks forward to advancing the NTCD-M3 development programme through 2024, alongside its partner, Sebela Pharmaceuticals. Pre-clinical results are expected imminently for XF-73 Dermal and, in addition, the Company expects to make further progress across its XF drug platform and assets with target indications established for both XF-73 Dermal and XF-70, a novel anti-fungal from the XF drug platform, later in 2024.
The Company is funded through to Q1 2025, allowing it to deliver on its current planned activities.
Chris Tovey, Chief Executive Officer of Destiny Pharma, commented: "I am extremely excited by the potential of our products to reduce the emergence and impact of drug-resistant pathogens, and since arriving as CEO in September, I have been evaluating with the Board the best way to realise their full value."
"Having successfully completed a deal with Sebela Pharmaceuticals for NTCD-M3 during 2023, we're continuing to progress our partnering activities, and discussions with multiple interested parties are ongoing. The strengthened leadership team and Board are completely focused on achieving the best deal that we can for XF-73 Nasal as we evaluate all the options that could deliver this product to patients and maximum value to shareholders."
For further information, please contact:
Destiny Pharma plc
Chris Tovey, CEO
Shaun Claydon, CFO
+44 (0) 127 370 4440
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)
Geoff Nash / George Dollemore, Corporate Finance
Nigel Birks / Harriet Ward, ECM
+44 (0) 207 220 0500
Shore Capital (Joint Broker)
Daniel Bush / James Thomas / Lucy Bowden
+44 (0) 207 408 4090
FTI Consulting (For Media)
Ben Atwell / Simon Conway / Michael Trace / Victoria Foster Mitchell
+44 (0) 20 3727 1000
About Destiny Pharma
Destiny Pharma is an innovative, clinical-stage biotechnology company focused on the development and commercialisation of novel medicines that can prevent life-threatening infections. The company's drug development pipeline includes two late stage assets NTCD-M3, a microbiome-based biotherapeutic for the prevention of C. difficile infection (CDI) recurrence which is the leading cause of hospital acquired infection in the US, and XF-73 nasal gel, a proprietary drug targeting the prevention of post-surgical staphylococcal hospital infections including MRSA.
For further information on the Company, please visit www.destinypharma.com