Destiny Pharma plc
(“Destiny Pharma” or “the Company”)
Audited results for the year ended 31 December 2017
Well funded and on track to deliver Phase 2b headline data in H2 2019 for lead
asset, XF-73,a novel anti-microbial
Brighton, United Kingdom – 12 April 2018 – Destiny Pharma (AIM: DEST), a clinical stage biotechnology company focused on the development of novel anti-microbial drugs, which address the global problem of anti-microbial resistance (AMR), announces its audited financial results for the year ended 31 December 2017.
- Successfully completed placing and admission to AIM, raising £15.3 million
- Additional £3.0 million invested by China Medical Systems Holdings Ltd
- Strong cash position with cash and term deposits at 31 December 2017 of £16.7 million (2016: £1.5 million)
- China and Asia regional development and collaboration agreement signed with China Medical System Holdings Ltd (CMS)
- Patent portfolio strengthened with the grant of the South Korean XF-biofilm patent
- Board and executive management team strengthened with the appointment of Neil Clark as CEO, Dr Bill Love, founder of the Company, as Chief Scientific Officer and Dr Huaizheng Peng, General Manager of International Operations at CMS, as Non-executive Director
- US Investigational New Drug (IND) application opened for XF-73
- US Food and Drug Administration (FDA) Fast Track designation granted for XF-73
- First subject enrolled in a Phase 1 dermal safety study for XF-73
- Clarification, through dialogue with the FDA, of the Phase 1 and Phase 2b clinical trials programme – further details of which can be found in a separate announcement released this morning
- Patent portfolio expanded with the grant of Canadian XF-biofilm patent
Neil Clark, Chief Executive Officer of Destiny Pharma, commented:
“In 2017, we built on the existing strong foundations of Destiny Pharma, successfully completing the placing admission to AIM which raised significant additional capital to progress our pipeline through the planned clinical studies, and executing a key strategic partnership in Asia with China Medical Systems to help realise our commercial aspirations.
“In 2018, progress has continued to be been strong for our lead candidate, XF-73, with the opening of the IND and award of Fast Track designation. Subsequent discussions with the FDA have clarified the clinical pathway for XF-73. We remain on track to deliver Phase 2b results in H2 2019 as part of a Phase 3 ready package. Importantly, our market analysis continues to support the clinical need and commercial opportunity for XF-73 in the prevention of post-surgery hospital infections, such as MRSA, which is estimated to be over a $1 billion market opportunity.
“The Company is well funded following the placing at the time of admission to AIM and, whilst our main focus is on our lead asset, we are also looking to progress our earlier pipeline and develop our collaboration with China Medical Systems. There is continuing international support for the development of novel anti-infective drugs that address the issue of anti-microbial resistance and Destiny Pharma’s unique platform is very well-positioned to meet this global need.”
The full text of the announcement may be found here.