REG - Destiny Pharma PLC - Year End Trading Update

Destiny PharmaAnnouncement

22/12/2022 07:00

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RNS Number : 5306K  Destiny Pharma PLC  22 December 2022

Destiny Pharma plc

("Destiny Pharma" or the "Company")

Destiny Pharma announces year end Trading Update

Good progress across all key projects in 2022

Brighton, United Kingdom - 22 December 2022 - Destiny Pharma plc (AIM: DEST),
a clinical stage innovative biotechnology company focused on the development
of novel medicines that can prevent life-threatening infections, is pleased to
announce an update on the progress made in 2022 against its key objectives,
including working to finalise a partnering agreement for NTCD-M3, its most
advanced clinical programme targeted at infection prevention.

Highlights of 2022

·    NTCD-M3 partnering negotiations nearing finalisation - expected to
complete in early 2023.

·    XF-73 Nasal Phase 3 clinical plans clarified. Active partnering
programme already underway.

·    Earlier programmes targeting dermal infections and COVID-19 all
continued to make good progress in 2022.

NTCD-M3

In line with its strategy, during 2022 the Company has focused on securing a
commercialisation partner for NTCD-M3, its lead asset for the prevention of
Clostridioides difficile infection (CDI) recurrence. That process has resulted
in Destiny Pharma entering exclusive negotiations with one US pharmaceutical
company following agreement of heads of terms. The parties are working
constructively to close the transaction and announce a collaboration in early
2023.

Whilst there can be no guarantee that these partnering negotiations will
complete, nor as to the final terms of a partnering agreement, the headline
terms as currently agreed state that all future clinical development and
commercialisation of NTCD-M3 in the US will be funded by the partner. The
Board believes these proposed terms, providing for security of final clinical
development funding, mean that Destiny's investment in NTCD-M3 will be
significantly more valuable without the requirement to contribute towards the
funding of the final clinical programme.

XF73

During 2022, Destiny Pharma has also defined the US and EU Phase 3 clinical
development plan for XF-73 Nasal, a novel nasal gel for the prevention of
post-surgical infections. Destiny Pharma is now running an active partnering
campaign with some early discussions already underway. The target is to secure
a commercialisation partner for the XF-73 Nasal programme in 2023.

For both lead clinical programmes, the Company is seeking to close
partnerships with pharmaceutical companies that can lead the commercialisation
of NTCD-M3 and XF-73 Nasal in key markets, as well as contribute to the
funding and design of the required Phase 3 clinical trials.

Good progress has also been made on the Company's earlier pre-clinical
pipeline programmes and 2022 ends with two active dermal infection projects
running in the US and China, and with the completion of the SporCov COVID-19
grant-funded collaboration. Further updates on these projects will be
announced in H1 2023.

 

Neil Clark, Chief Executive Officer of Destiny Pharma, noted: "The Board
remains fully focused on delivering a comprehensive partnering deal for
NTCD-M3, our lead asset, early in 2023 and we are working with the
counterparty to achieve this. We are also very excited to finalise our Phase 3
plans for XF-73 Nasal and intensify partnering discussions now that we have
detailed regulatory feedback. Our aim is to end 2023 having secured partners
for both of our lead assets to complete their final Phase 3 clinical studies,
registration and approval in key markets - especially the United States."

 

For further information, please contact:

Destiny Pharma plc
Neil Clark, CEO

Shaun Claydon, CFO

+44 (0)1273 704 440
pressoffice@destinypharma.com (about%3Ablank)

Optimum Strategic Communications
Mary Clark / Nick Bastin / Manel Mateus / Eleanor Cooper

+44 (0) 203 922 0891
DestinyPharma@optimumcomms.com (about%3Ablank)

finnCap Ltd (Nominated Advisor and Joint Broker)
Geoff Nash / George Dollemore, Corporate Finance

Alice Lane / 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

MC Services AG
Anne Hennecke / Andreas Burckhardt

+49-211-529252-12

Stern IR - US

Janhavi Mohite

+1-212-362-1200

Janhavi.Mohite@sternir.com

The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No.
596/2014.

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 recently 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(TM), 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 (about%3Ablank)
www.destinypharma.com (https://www.destinypharma.com/)

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.

 

 

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