REG - Destiny Pharma PLC - Result of Open Offer

Destiny PharmaAnnouncement

15/03/2023 16:15

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RNS Number : 1162T  Destiny Pharma PLC  15 March 2023

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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

pressoffice@destinypharma.com (mailto:pressoffice@destinypharma.com)

 

Optimum Strategic Communications

Mary Clark / Nick Bastin / Manel Mateus / Eleanor Cooper

+44 (0) 203 922 0891

DestinyPharma@optimumcomms.com (mailto:DestinyPharma@optimumcomms.com)

 

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

Janhavi.Mohite@sternir.com

 

 

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 (https://www.destinypharma.com/)

 

 

 

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