REG - Destiny Pharma PLC - Interim Results
20/09/2023 07:00
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RNS Number : 9813M Destiny Pharma PLC 20 September 2023
Destiny Pharma plc
("Destiny Pharma" or the "Company")
Interim results for the six months ended 30 June 2023
Active discussions with potential partners for XF-73 nasal supported by new
market analysis that underscores $2bn market opportunity
Partnering deal with Sebela Pharmaceuticals for NTCD-M3 in North America fully
funds phase 3 clinical development and commercialisation with significant
upside potential
Appointments of Chris Tovey as Chief Executive Officer and Sir Nigel Rudd as
Chairman add deal-making and commercial expertise to Board
Strengthened balance sheet gives cash runway into 2025, providing funding
through significant value inflection points
Brighton, United Kingdom - 20 September 2023 - Destiny Pharma (AIM: DEST), a
clinical stage biotechnology company focused on the development and
commercialisation of novel medicines to prevent and treat life threatening
infections, announces its unaudited interim financial results for the six
months ended 30 June 2023 and provides an update for the year to date.
Operational highlights
· NTCD-M3 (prevention of C. difficile infection ("CDI") recurrence)
Partnering deal agreed with Sebela Pharmaceuticals in North America (US,
Canada, and Mexico) worth up to $570m plus royalties
Clinical development and commercialisation in North America financed by Sebela
Preparations for Phase 3 clinical study underway, with current focus on
optimising delivery of clinical trial product and CMC process development
Peer reviewed paper published in Microbiology Spectrum concludes that
NTCD-M3 is effective alongside all currently
recommended antibiotics, including fidaxomicin, in the
treatment of CDI
· XF-73 nasal (prevention of post-surgical staphylococcal hospital infections
including MRSA)
New survey of clinicians and payers in US and EU supports significant global
market opportunity and underscores $2 billion market potential in US alone
Active partnering discussions progressing with multiple interested global
parties
Landmark Phase 2b clinical data demonstrating primary endpoints were met
published in leading US peer reviewed journal, Infection Control &
Hospital Epidemiology
Recent scientific advisory board ("SAB") findings confirm proposed Phase 3
development pathway (post period)
· Earlier stage pipeline
US government's National Institute, Allergy, and Infectious Diseases (NIAID)
funding an extensive and on-going safety study of XF-73 dermal. The second
and final clinically-enabling regulatory study is expected to complete by late
2023
Positive results from research into biotherapeutic treatment
(SPOR-COV®) for COVID- 19 models supports potential as
prophylactic nasal spray; partners reviewing options for
development in light of current status of COVID-19 pandemic and current
therapeutic options
Results of a recent publication in Frontiers of Fungal Biology highlighted the
potential of XF-70 and XF-73 as new drugs for the management of topical
infections caused by Candida albicans (a common yeast infection) (post period)
· Strengthened Board and management team
Board strengthened post period end with the appointments of Chris Tovey, CEO,
and Sir Nigel Rudd, Chairman; Dr Debra Barker resumed her position as a
Non-Executive Director and assumed the role of Senior Independent Director
from 1 September
Financial highlights
· $1million upfront payment received from Sebela during the period
· Cash and short-term deposits at 30 June 2023 of £9.8 million (30
June 2022: £8.4 million; 31 December 2022: £4.9 million)
· Expenditure on R&D in the period of £1.9 million (half-year
2022: £2.5 million; full year 2022: £4.9 million)
· Company funded through to Q1 2025 following £7.3 million (gross)
fundraise in Q1
Chris Tovey, Chief Executive Officer of Destiny Pharma, commented:
"I am delighted to present my inaugural update as CEO of Destiny Pharma.
Destiny's mission is to reduce the emergence and impact of drug resistant
pathogens with preventative solutions. In my brief tenure to date I have been
impressed by both the Company's pursuit of this mission and the science behind
it, which has shown its extraordinary ability to minimise the chances of
bacteria becoming resistant and is backed by compelling clinical data.
"The partnering of NTCD-M3 and the associated fundraising during the period
demonstrate our ability to generate significant value from our assets, and
have positioned the Company for success as we advance the Phase 3 development
programme for M3 and intensify our partnering activities for our lead asset,
XF-73 nasal. The Company is now funded through to Q1 2025, allowing us to
deliver our planned activities.
"Destiny Pharma has a unique opportunity to make a difference, and will play
an important role in protecting vulnerable patients from potential lethal
infections. Working with the Board and the leadership team, I am excited about
what we can achieve."
Destiny Pharma will be hosting a presentation to all existing and potential
shareholders at 11.00am BST held via the Investor Meet Company platform.
Investors can sign up to Investor Meet Company for free, and add to meet
Destiny Pharma plc via:
https://www.investormeetcompany.com/destiny-pharma-plc/register-investor
(https://www.investormeetcompany.com/destiny-pharma-plc/register-investor) .
For further information, please contact:
Destiny Pharma plc
Chris Tovey, CEO
Shaun Claydon, CFO
+44 (0) 127 370 4440
pressoffice@destinypharma.com (mailto:pressoffice@destinypharma.com)
Powerscourt Group
Sarah Macleod / Adam Michael / Ollie Simmonds / Christopher Ward
+44 (0) 20 7250 1446
Destiny@powerscourt-group.com (mailto:Destiny@powerscourt-group.com)
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
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
(https://url.avanan.click/v2/___http:/www.destinypharma.com___.YXAxZTpzaG9yZWNhcDphOm86MTUzZTZjNTdkOGU2YTA4YmVjZDAzYzcwMmJmODM0ODk6NjozZThjOjBmMDE5MWJiMjJkOWNlOGRjY2RlMzE3MGMzNGEwZDBjMDJlMmMwNmI3ZmMzYjZiMWY3MjM4MDA2N2ZjM2Y5YTE6cDpU)
Forward looking statements
Certain information contained in this announcement, including any information
as to the Group's strategy, plans or future financial or operating
performance, constitutes "forward-looking statements". These forward-looking
statements may be identified by the use of forward-looking terminology,
including the terms "believes", "estimates", "anticipates", "projects",
"expects", "intends", "aims", "plans", "predicts", "may", "will", "seeks"
"could" "targets" "assumes" "positioned" or "should" or, in each case, their
negative or other variations or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events or intentions. These
forward-looking statements include all matters that are not historical facts.
They appear in a number of places throughout this announcement and include
statements regarding the intentions, beliefs or current expectations of the
Directors concerning, among other things, the Group's results of operations,
financial condition, prospects, growth, strategies and the industries in which
the Group operates. The Directors of the Company believe that the expectations
reflected in these statements are reasonable but may be affected by a number
of variables which could cause actual results or trends to differ materially.
Each forward-looking statement speaks only as of the date of the particular
statement. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that
may or may not occur in the future or are beyond the Group's control. Forward
looking statements are not guarantees of future performance. Even if the
Group's actual results of operations, financial condition and the development
of the industries in which the Group operates are consistent with the
forward-looking statements contained in this document, those results or
developments may not be indicative of results or developments in subsequent
periods.
Chief Executive Officer's Statement
Introduction
I am pleased to present my first update since taking up the position of CEO on
1 September.
People have asked what excites me most about Destiny Pharma. Two things: the
mission and the underlying science behind the Company's products.
Described by experts as one of the greatest threats to public health in the
twenty first century, antimicrobial resistance (AMR) is rising at an alarming
rate. Bacteria, viruses, fungi and parasites have mutated and no longer
reliably respond to the drugs we have available. Development of new
therapeutics is needed, but that won't on its own address the underlying
issues.
Destiny's mission is to reduce the emergence and impact of drug resistant
pathogens with preventative solutions. The science at Destiny has shown its
extraordinary ability to minimise the chances of bacteria evolving to become
resistant and is supported by compelling clinical data.
I'm honoured to be working with a Board and leadership team that have the
experience and ambition to drive the Company forward. I would like to thank
Debra Barker for her work as interim CEO and look forward to her continued
contribution on the Board as Senior Independent Director.
Destiny Pharma has a unique opportunity to make a difference, and an important
role to play in protecting us from potential lethal infections. I am excited
about what we can achieve.
Review of the period
NTCD-M3 programme
During the period we signed an exclusive collaboration and co-development
agreement for the North American (U.S., Canada and Mexico) rights of
NTCD-M3, our lead asset for the prevention of Clostridioides difficile
infection (CDI) recurrence, with Sebela Pharmaceuticals,
a U.S. pharmaceutical company with a market-leading position in
gastroenterology.
Under the terms of the agreement, with a value of up to $570 million plus
royalties, Sebela will lead and finance all future clinical development and
commercialisation activities of NTCD-M3 in North America. The Company
retains the majority of rights for Europe and Rest of the World (ex China
and ASEAN). Sebela has a minority interest in any income generated in these
non-North American territories based on the clinical studies it is funding.
Destiny Pharma has the obligation to complete the manufacture of all clinical
trial supplies needed to undertake the required clinical studies.
One of my first priorities as CEO has been to review the development plans for
NTCD-M3, including the CMC plan, to ensure its robustness in delivering
product not only for the required clinical studies but also for commercial
scale production. My initial observations are that fundamentally the strategy
is sound and the overall development plan with Sebela is on track. We are
undertaking further work to revisit the assumptions behind specific project
timings which may result in some limited adjustments, including a longer CMC
finalisation schedule. As it stands, we do not anticipate any material changes
to the timing of the overall programme .
This review notwithstanding, good ongoing engagement and operational progress
has been made since signing the deal. The Joint Steering Committee,
established to provide oversight to day-to-day partnering activities, has been
active in addressing ongoing matters in the development programme and progress
has also been made toward preparation for the next clinical study including
CRO selection and anticipated geographical coverage.
NTCD-M3's effectiveness alongside all currently recommended antibiotics in the
treatment of CDI was further evidenced in a peer reviewed paper published in
Microbiology Spectrum during the period. The paper concludes that NTCD-M3 is
able to effectively and fully colonise the gut following fidaxomicin
administration, indicating that NTCD-M3 would be effective in patients
receiving this antibiotic, as well as older antibiotics, such as vancomycin
and metronidazole.
XF-73 nasal programme
In line with our stated strategy, we are actively seeking partners to complete
final clinical development and commercialisation of XF-73 nasal. Good progress
has been made during the period and we are already in discussions with
multiple interested global parties. We expect to make further progress during
the second half of the year with the intention of securing the best possible
deal and partner to maximise the significant market potential for XF-73 nasal.
To support our view of the significant market potential of XF-73 nasal and our
partnering activities we undertook further market analysis with specialist
consultants during the period. The review, carried out with clinicians and
payers in the US and EU, confirmed that XF-73 nasal's target product profile
is significantly superior to existing treatments and further supports
Destiny's pricing assumptions used in its assessment of the global market
opportunity for XF-73 nasal. The research also confirmed an increasing
awareness of the need for prophylaxis of surgical infections and universal
decolonization for this patient population with remaining high unmet medical
needs.
We were also pleased to report positive outcomes from our recent Scientific
Advisory Board (SAB) meeting, held shortly after the period end. The SAB,
comprising both US and UK-based infectious disease specialists and surgeons,
concluded that the proposed Phase 3 development pathway reflects the utility
of XF-73 nasal in all surgeries, and that the fast action and lack of
resistance to XF-73 nasal will be a great advantage for patients and
institutions.
Earlier Pipeline
Whilst our focus remains on our two lead clinical programmes, we have sought
to advance our earlier research projects which are largely funded by external
grants.
We reported positive results from our research collaboration with SporeGen
under an Innovate UK grant award to develop a biotherapeutic treatment
(SPOR-COV(®)) for COVID-19 models which support its potential as a
prophylactic nasal spray. We also signed a manufacturing and regional
licencing deal with HURO Biotech JSC for Vietnam and HURO successfully
completed Phase 1 clinical studies in Vietnam and launched a retail product
based on SPOR-COV(®) in the territory. We are currently reviewing options
with SporeGen for the next stage in development of SPOR-COV(®) in light of
the current status of the Covid pandemic and available therapeutic options.
Destiny Pharma's regional partner and investor, China Medical System Holdings
("CMS") reported positive results from its dermal programme, targeting the
prevention and treatment of superficial skin infections caused by bacteria,
shortly after the period end. The results showed superiority of XF-73 against
Mupirocin (the current leading topical antibiotic) in an in-vivo model of skin
infection. Destiny Pharma has cross-reference rights to data generated from
the programme and so retains the option to develop dermal XF-73 products for
US, European, Japanese and other territories outside those held by CMS
(mainland China, Hong Kong Special Administrative Region, Macao Special
Administrative Region, Taiwan Region and other certain Asian
countries/regions).
We continue to work with the US National Institute of Allergy and Infectious
Diseases (NIAID) to develop XF-73 -dermal, with NIAID funding an extensive and
on-going safety study of XF-73 -dermal. This second and final
clinically-enabling regulatory study is expected to complete by late 2023.
The results of a recent publication in Frontiers in Fungal Biology highlighted
the potential of XF-70 and XF-73 as new drugs for the management of topical
infections, particularly those with activity against fungal biofilms caused by
Candida albicans. There is a large unmet need for new topical antifungal
agents and the global candidiasis therapeutic market is currently estimated at
over $3 billion.
Board changes
During the period, Debra Barker stepped in as interim CEO following the
departure of Neil Clark. Shortly after the period end, Nick Rodgers stepped
down after serving on the Board for five years as Chairman, and was replaced
by Sir Nigel Rudd, who returns to the position having chaired the Company from
2010 to 2018 and led its flotation on the AIM market. Debra has resumed her
position as a Non-Executive Director on the Board and has taken up the role of
Senior Independent Director following my appointment as CEO on 1 September.
Finance
Cash balances at the end of the period were £9.8 million, providing a cash
runway through to Q1 2025. Period end cash was bolstered by the completion of
a £7.3 million (gross) equity fundraise and a $1 million upfront milestone
payment received from Sebela during the period. Proceeds from the fundraise
are being used to advance our two lead programmes and strengthen the Company's
balance sheet as we intensify partnering activities for XF-73 nasal.
Change of Name of Nominated Adviser and Joint Broker
The Group also announces that its Nominated Adviser and Joint Broker has
changed its name to Cavendish Capital Markets Limited following completion of
its own corporate merger.
Outlook
Destiny's priorities remain the partnering of our XF-73 nasal asset, as we
look to maximise the substantial market potential for this product, whilst
progressing NTCD-M3 to commencement of clinical studies in collaboration with
our partner, Sebela Pharmaceuticals. The Board and I remain highly focused on
delivering these objectives while maintaining tight cost control.
It is encouraging that our scientific advisory board has confirmed that the
fast action and lack of resistance to XF-73 will be a great advantage for
patients and institutions. In addition, market research confirms an
increasing awareness of the need for prophylaxis of surgical infections and
also universal decolonisation for this patient population with remaining high
unmet needs. We remain excited about the substantial opportunities ahead of
us.
Chris Tovey
Chief Executive Officer
20 September 2023
Condensed Statement of Comprehensive Income
For the 6 months ended 30 June 2023
6 months ended 6 months ended Year ended
30 June 2023 30 June 2022 31 December 2022
Unaudited Unaudited Audited
£ £ £
Continuing operations
Licence fee income 831,552 - -
Administrative expenses (3,866,500) (3,550,876) (7,397,014)
Other operating income - 12,967 154,499
Share option charge (207,974) (275,854) (533,829)
Operating loss (3,242,922) (3,813,763) (7,776,344)
Finance income 111,309 16,613 64,800
Loss before tax (3,131,613) (3,797,150) (7,711,544)
Income Tax 471,949 608,848 1,207,975
Loss and total comprehensive loss from continuing operations (2,659,664) (3,188,302) (6,503,569)
Loss per share (Note 5)
Basic and diluted (3.1)p (4.8)p (9.3)p
Condensed Statement of Financial Position
For the 6 months ended 30 June 2023
As at As at As at
30 June 2023 30 June 2022 31 December 2022
Unaudited Unaudited Audited
£ £ £
ASSETS
Non-current assets
Property, plant and equipment (Note 6) 21,635 29,521 24,621
Intangible assets (Note 7) 2,341,469 2,261,435 2,261,435
Non-current assets 2,363,104 2,290,956 2,286,056
Current assets
Other receivables 663,132 720,673 1,410,452
Prepayments and accrued income 176,824 119,974 195,814
Cash and cash equivalents 9,842,975 8,371,047 4,903,461
Current assets 10,682,931 9,211,694 6,509,727
TOTAL ASSETS 13,046,035 11,502,650) 8,795,783
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 1,127,080 819,337 1,169,762
Current liabilities 1,127,080 819,337 1,169,762
Shareholders' equity
Issued share capital (Note 8) 952,639 733,071 733,071
Share premium 39,568,625 33,043,569 33,043,569
Accumulated losses (28,602,309) (23,093,327) (26,150,619)
Total shareholders' equity 11,918,955 10,683,313 7,626,021
TOTAL EQUITY AND LIABILITIES 13,046,035 11,502,650 8,795,783
Condensed Statement of Changes in Equity
For the 6 months ended 30 June 2023
Issued share
capital Share Accumulated
losses
£ premium
Total
£
£ £
As at 1 January 2023 733,071 33,043,569 (26,150,619) 7,626,021
Loss and total comprehensive loss
for the period - - (2,659,664) (2,659,664)
Issue of share capital 219,568 7,127,065 - 7,346,633
Costs of share issue - (602,009) - (602,009)
Share based payment expense - - 207,974 207,974
As at 30 June 2023 952,639 39,568,625 (28,602,309) 11,918,955
Issued share
capital Share Accumulated
losses
£ premium
Total
£
£ £
As at 1 January 2022 598,719 27,091,466 (20,180,879) 7,509,306
Total comprehensive loss and loss
for the period - - (3,188,302) (3,188,302)
Issue of share capital 134,352 6,332,565 - 6,466,917
Costs of share issue - (380,462) - (380,462)
Share based payment expense - - 275,854 275,854
As at 30 June 2022 733,071 33,043,569 (23,093,327) 10,683,313
Issued share
capital Share Accumulated
losses
£ premium
Total
£
£ £
As at 1 January 2022 598,719 27,091,466 (20,180,879) 7,509,306
Total comprehensive loss and loss
for the period - - (6,503,569) (6,503,569)
Issue of share capital 134,352 6,332,565 - 6,466,917
Costs of share issue - (380,462) - (380,462)
Share based payment expense - - 533,829 533,829
As at 31 December 2022 733,071 33,043,569 (26,150,619) 7,626,021
Condensed Statement of Cash Flows
For the 6 months ended 30 June 2023
6 months ended 30 June 2023 6 months ended Year ended
30 June 2022
Unaudited
31 December 2022
Unaudited
£
Audited
£
£
Cash flows from operating activities
Loss before income tax (3,131,613) (3,797,150) (7,711,544)
Depreciation charges 3,669 6,361 12,328
Share based payment expense 207,974 275,854 533,829
Finance income (111,309) (16,613) (64,800)
Decrease in other receivables and prepayments 21,234 180,808 14,316
(Decrease)/increase in trade and other payables (42,682) 45,901 396,326
Tax received 1,217,025 927,256 927,256
Net cash used in operating activities (1,835,702) (2,377,583) (5,892,289)
Cash flows from investing activities
Purchase of tangible fixed assets (683) - (1,067)
Purchase of intangible assets (80,034) - -
Interest received 111,309 16,613 64,800
Net cash flow from investing activities 30,592 16,613 63,733
Cash flows from financing activities
New shares issued net of issue costs 6,744,624 6,086,455 6,086,455
Net cash inflow from financing activities 6,744,624 6,086,455 6,086,455
Net increase in cash and cash equivalents 4,939,514 3,725,485 257,899
Cash and cash equivalents at the beginning of the period 4,903,461 4,645,562 4,645,562
Cash and cash equivalents at the end of the period 9,842,975 8,371,047 4,903,461
Notes to the Condensed Financial Statements
1. General Information
Destiny Pharma plc ("Destiny" or the "Company") was incorporated and domiciled
in the UK on 4 March 1996 with registration number 03167025. Destiny's
registered office is located at Unit 36 Sussex Innovation Centre Science Park
Square, Falmer, Brighton, BN1 9SB.
Destiny is engaged in the discovery, development and commercialisation of new
antimicrobials that have unique properties to improve outcomes for patients
and the delivery of medical care into the future.
2. Basis of Preparation
These interim unaudited financial statements have been prepared in accordance
with AIM Rule 18, 'Half yearly reports and accounts'. The financial
information contained in these interim financial statements have been prepared
under the historical cost convention and on a going concern basis.
The interim financial information for the six months ended 30 June 2023, six
months ended 30 June 2022 and the year ended 31 December 2022 contained within
this interim report do not comprise statutory accounts within the meaning of
section 434 of the Companies Act 2006. The financial information for the
year ended 31 December 2022 is based on the statutory accounts for the year
ended 31 December 2022. Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of Companies and did
not contain statements under section 498(2) or (3) of the Companies Act 2006.
In the opinion of the Directors, the interim financial information presents
fairly the financial position, and results from operations and cash flows for
the period. Comparative amounts for the six months ended 30 June 2022 are also
unaudited.
The interim financial statements for the six months ended 30 June 2023 were
approved by the Board on 19 September 2023.
3. Accounting Policies
The unaudited interim financial statements for the period have been prepared
on the basis of the accounting policies adopted in the audited report and
accounts of the Company for the year ended 31 December 2022 and expected to
be adopted in the financial year ending 31 December 2023.
4. Segmental Information
The chief operating decision-maker is considered to be the Board of Directors
of Destiny Pharma. The chief operating decision-maker allocates resources and
assesses performance of the business and other activities at the operating
segment level.
The chief operating decision maker has determined that Destiny Pharma has one
operating segment, the discovery, development and commercialisation of
pharmaceutical formulations.
Geographical Segments
The Company's only geographical segment during the period was the UK.
5. Loss Per Share
The calculation for loss per ordinary share (basic and diluted) for the
relevant period is based on the earnings after income tax attributable to
equity shareholders for the period. As the Company made losses during the
period, there are no dilutive potential ordinary shares in issue, and
therefore basic and diluted loss per share are identical. The calculation is
as follows:
6 months ended 30 June 2023 6 months ended 30 June 2022 Year ended
Unaudited Unaudited 31 December 2022
£ £ Audited
£
Loss for the period from continuing operations (2,659,664) (3,188,302) (6,503,569)
Weighted average number of shares 85,995,027 66,600,552 70,182,231
Loss per share - pence
Basic and diluted (3.1)p (4.8)p (9.3)p
6. Property, plant and equipment
Plant and machinery
£
Cost
At 1 January 2023 151,515
Additions 683
Disposals (46,526)
At 30 June 2023 105,672
Depreciation
At 1 January 2023 126,894
Charge for the period 3,669
Disposals (46,526)
At 30 June 2023 84,037
Net book value at 30 June 2023 21,635
Plant and machinery
£
Cost
At 1 January 2022 150,448
Additions -
At 30 June 2022 150,448
Depreciation
At 1 January 2022 114,566
Charge for the period 6,361
At 30 June 2022 120,927
Net book value at 30 June 2022 29,521
Plant and machinery
£
Cost
At 1 January 2022 150,448
Additions 1,067
At 31 December 2022 151,515
Depreciation
At 1 January 2022 114,566
Charge for the year 12,328
At 31 December 2022 126,894
Net book value at 31 December 2022 24,621
7. Intangible assets
Acquired development programmes
£
Cost
At 1 January 2023 2,261,435
Additions 80,034
Cost and Net book value at 30 June 2023 2,341,469
Cost
At 1 January 2022 2,261,435
Additions -
Cost and Net book value at 30 June 2022 2,261,435
Cost
At 1 January 2022 2,261,435
Additions -
Cost and Net book value at 31 December 2022 2,261,435
8. Share capital
During March 2023, 20,961,956 new Ordinary shares were issued following a
fundraise comprised of a placing, subscription and open offer. The Company
raised gross proceeds of £7.3m from the fundraise to complete final Phase 3
clinical trial preparation for NTCD-M3, including clinical trial material
manufacturing; progress XF-73 Nasal CMC manufacturing and Phase 3 preparation;
to further progress its preclinical projects; and to provide general working
capital to strengthen the balance sheet.
994,856 new Ordinary shares were issued in the half-year ended 30 June 2023
following the exercise of share options: On 01 February 2023, 150,000 new
shares were issued, on 09 March 2023, 40,000 new shares were issued and on 03
May 2023, 804,856 new shares were issued.
9. Events after the end of the reporting period
There are no events subsequent to the reporting period that require adjustment
or disclosure.
10. Copies of the interim financial statements
Copies of these interim unaudited financial statements are available on the
Company's website at www.destinypharma.com and from the Company's registered
office, Unit 36 Sussex Innovation Centre Science Park Square, Falmer,
Brighton, BN1 9SB.
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. END IR SFDFWUEDSEDURecent news on Destiny Pharma
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