REG - Destiny Pharma PLC - Year End Business Update

Destiny PharmaAnnouncement

04/01/2024 07:00

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RNS Number : 5868Y  Destiny Pharma PLC  04 January 2024

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

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

 

FTI Consulting (For Media)

Ben Atwell / Simon Conway / Michael Trace / Victoria Foster Mitchell

+44 (0) 20 3727 1000

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

 

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
(http://www.destinypharma.com)

 

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