More support announced for new antibiotics

Over the last week or so we have seen the WHO’s Global Antibiotic R&D Partnership (GARDP) announce a €56 million fund to fight antibiotic resistance, the EU/industry’s DRIVE-AB recommend four antibiotic development incentive models and the US’s Biomedical Advanced R&D Authority (BARDA) announce $62m support for Phase III trials of a UK biotech’s antibiotic.

GARDP revealed on 4th Sept that €56 million of funding will be made available to help develop new treatments to fight against antibiotic resistance. The funding will support four areas; Sexually transmitted diseases with a focus on gonorrhoea; A REVIVE program to review historic abandoned antibiotic programs; Neonatal Sepsis, drug-resistant infections of which claim >200,000 infants annually will develop new treatments; and Paediatric Antibiotics to develop new antibiotics specifically adapted for children.

DRIVE-AB, an EU and EU industry alliance recommended four antibiotic development incentive models at its congress, 5-6th Sept. These included two ‘Push’ incentives (grants and pipeline coordination) and two ‘Pull’ incentives (market entry rewards and a long term continuity model). Final DRIVE-AB recommendations will be published in a report in January 2018.

On 11th Sept the US government’s BARDA announced the award of a contract worth up to $62 million to conduct the Phase III clinical development of the novel antibiotic ridinilazole for the treatment of Clostridium difficile infection. UK biotech Summit plc was the recipient of the award. Such non-dilutive support by BARDA for final stage clinical development of novel antimicrobial drugs addressing unmet need and where there is significant risk to public health is a welcome additional source of funding.

Framework Agreement with China Medical Systems

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (THE “UNITED STATES”), CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

Destiny Pharma plc
(“Destiny Pharma” or “the Company”)

Destiny Pharma Announces Regional Framework Development and Commercialisation Agreement with China Medical Systems

Brighton, United Kingdom – 4 September 2017 – 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) , is pleased to announce it has entered into a framework development and commercialisation collaboration agreement with China Medical System Holdings Ltd (“CMS”) (867:HK).

Destiny Pharma has entered into a binding framework agreement detailing the collaboration with a wholly-owned subsidiary of CMS who will get full rights in China and certain other Asian countries (excluding Japan) to enable the development and commercialisation of Destiny Pharma’s pipeline in the region. Under the collaboration, CMS will make a £3 million equity investment on the finalisation of the detailed agreement under which the parties will agree to work together in the further research and development of the Destiny Pharma anti-infective portfolio. It is planned that the parties will coordinate and share data from their respective studies and Destiny Pharma will benefit from the investment CMS will make in the assets’ development in China. Once formalised, Destiny Pharma will also be able to receive future milestones based on the achievement of sales targets by CMS and may also make a manufacturing margin on any product Destiny Pharma supplies. In addition, A&B (HK) Company Ltd (“A&B”), a company with a controlling shareholder in common with CMS, has invested £3 million in a placing of new ordinary shares in Destiny Pharma, announced today, that raised gross proceeds of £15.3m (see separate announcement).

Neil Clark, Chief Executive Officer of Destiny Pharma, commented:
We are pleased to announce this framework agreement with a large, expert company such as China Medical Systems. Such collaborations are in line with our strategy and confirm the potential in our pipeline. We anticipate that this partnership will accelerate the development of assets from our proprietary XF drug platform in China and certain other Asian markets whilst permitting Destiny Pharma to retain its focus on its key target markets in the US and the EU.”

Mr Lam Kong, Chairman and Chief Executive Officer of CMS, said:
We are pleased at the opportunity to work with Destiny Pharma, coordinating and sharing the data that we both generate. Our equity investment in the Company underpins our commitment to this partnership. We look forward to collaborating closely.”

For further information, please contact:

Destiny Pharma
Neil Clark, CEO
Simon Sacerdoti, CFO
pressoffice@destinypharma.com
+44 (0)1273 704 440

FTI Consulting
Simon Conway / Victoria Foster Mitchell / Hanna Skeppner
destinypharma@fticonsulting.com
+44 (0) 20 3727 1000

Cantor Fitzgerald Europe
Philip Davies / Will Goode, Corporate Finance
pdavies@cantor.co.uk
+44 (0)20 7894 8337

About Destiny Pharma
Destiny Pharma is an established, clinical stage, innovative biotechnology company focused on the development of novel medicines that represent a new approach to the treatment of infectious disease. These potential new medicines are being developed to address the need for new drugs for the prevention and treatment of life-threatening infections caused by antibiotic-resistant bacteria, often referred to as “superbugs”. Tackling anti-microbial resistance has become a global imperative recognised by the WHO and the United Nations, as well as the G7 and the G20 countries. For further information, please visit https://www.destinypharma.com

About China Medical System Holdings Limited
CMS is a specialty pharmaceutical company based in China, focusing on marketing, promotion and sales of prescription drugs and other medicinal products to all therapeutic departments in hospitals nation-wide. CMS builds up its product portfolio for its target markets by asset acquisition, equity investment, licensing-in and distribution partnership on the global basis as well as in-house R&D. It is publicly traded on the Hong Kong Stock Exchange (867.HK) with a market capitalisation of approximately HK$35.82 billion (c. £3.5 billion) as at 31 August 2017.

Forward-looking statements
This announcement includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the directors’ current intentions, beliefs or expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the Company’s markets.

Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement are based on certain factors and assumptions, including the directors’ current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy and liquidity. While the directors consider these assumptions to be reasonable based upon information currently available, they may prove to be incorrect. Save as required by law or by the AIM Rules for Companies, neither the Company nor Cantor Fitzgerald Europe undertakes any obligation to publicly release the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in the directors’ expectations or to reflect events or circumstances after the date of this announcement.

Admission and First Day of Dealings on AIM

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (THE “UNITED STATES”), CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

Destiny Pharma plc
(“Destiny Pharma” or “the Company”)

Admission and First Day of Dealings on AIM
Successful placing raising £15.3 million

Brighton, United Kingdom – 4 September 2017 – Destiny Pharma, a clinical stage biotechnology company focused on the development of novel anti-microbial drugs, which address the global problem of anti-microbial resistance (AMR), is pleased to announce the admission (“Admission”) of its ordinary shares (“Ordinary Shares”) to trading on AIM, a market operated by London Stock Exchange plc, from 8:00am today under the ticker “DEST” (ISIN GB00BDHSP575).

The Company has raised gross proceeds of £15.3 million through a placing (“Placing”) with existing and new institutional and other investors of 9,733,770 Ordinary Shares at a placing price of 157 pence per Ordinary Share (“Placing Price”). The Company is very pleased to have raised an additional £1.8 million to the £13.5 million published in the admission document on 29 August due to increased institutional demand. Pursuant to the Placing a total of 41,651,770 Ordinary Shares will be in issue immediately following Admission, giving a market capitalisation of approximately £65.4 million at the Placing Price.

Destiny Pharma has also entered into a binding framework agreement detailing a collaboration with a wholly-owned subsidiary of China Medical System Holdings Ltd (“CMS”) to enable the development and commercialisation of the Company’s assets in China and certain other Asian countries, excluding Japan (see separate release announced today). A&B (HK) Company Ltd, a company with a controlling shareholder in common with CMS, has invested £3 million in the Placing.

Neil Clark, Chief Executive Officer of Destiny Pharma, commented:
“The successful placing and admission of our shares to trading on AIM are major milestones for Destiny Pharma. The funds raised will primarily be used to progress our lead drug candidate, XF-73, through an important Phase IIb clinical trial in the prevention of post-surgical Staphylococcus aureus infections (including MRSA) over the next two years. If successful, XF-73 will then be ready for Phase III clinical development which will be a major value inflection point.

“XF-73 could be the first drug to be specifically labelled for a new US FDA sanctioned indication, namely the prevention of post-surgical infections; a market we believe to be worth a billion dollars in the US alone and growing.

“We would like to thank our new and existing shareholders for their support and we look forward to updating the market with our progress as we continue to advance XF-73 and our proprietary XF drug development platform.”

Highlights of Destiny Pharma

  • A clinical stage biotechnology company – lead asset (XF-73) targets post-surgical bacterial infections in hospitals
  • XF drugs have shown in studies to be safe, fast acting and have a unique low/no resistance profile
  • XF-73 has multiple drivers for adoption in an area of global unmet medical need, with a potentially “fast track” route to regulatory approval in the US market
  • XF-73 is significantly de-risked – five successful Phase I/IIa clinical trials completed to date showing rapid antibacterial action combined with evidence of a no/low resistance profile; next major clinical trial is Phase IIb in the US
  • XF-73 is part of the Company’s proprietary, anti-microbial drug platform “XF Drugs” with a new mechanism of rapid action – Destiny Pharma also has several earlier stage programmes
  • Destiny Pharma has market exclusivity, including robust IP protection that potentially extends into 2030
  • Clearly defined value creation opportunity, significant addressable markets, including blockbuster potential for XF-73’s lead indication
  • £15.3 million gross proceeds will be used primarily to advance XF-73 to complete a Phase IIb clinical trial

The admission document and supplementary admission document, along with the information required by AIM Rule 26, are available on the Company’s website, www.destinypharma.com.

Cantor Fitzgerald Europe (“Cantor Fitzgerald”), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser and broker to the Company.

For further information, please contact:

Destiny Pharma
Neil Clark, CEO
Simon Sacerdoti, CFO
pressoffice@destinypharma.com
+44 (0)1273 704 440

FTI Consulting
Simon Conway / Victoria Foster Mitchell / Hanna Skeppner
destinypharma@fticonsulting.com
+44 (0) 20 3727 1000

Cantor Fitzgerald Europe
Philip Davies / Will Goode, Corporate Finance
pdavies@cantor.co.uk
+44 (0)20 7894 8337

About Destiny Pharma
Destiny Pharma is an established, clinical stage, innovative biotechnology company focused on the development of novel medicines that represent a new approach to the treatment of infectious disease. These potential new medicines are being developed to address the need for new drugs for the prevention and treatment of life-threatening infections caused by antibiotic resistant (AR) bacteria, often referred to as “superbugs”. Tackling anti-microbial resistance has become a global imperative recognised by the WHO and the United Nations, as well as the G7 and the G20 countries. For more information, please visit https://www.destinypharma.com

Important information
This announcement is for information purposes only and does not itself constitute an offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of any securities in the Company and does not constitute investment advice.

Neither this announcement nor any copy of it may be taken or transmitted, reproduced, published or distributed, or the contents otherwise divulged, directly or indirectly, in whole or in part, into the United States, Canada, Australia, the Republic of South Africa or Japan or to any persons in any of those jurisdictions or any other jurisdiction where to do so would constitute a violation of the relevant securities laws of such jurisdiction. Any failure to comply with this restriction may constitute a violation of United States, Australian, New Zealand, Canadian, Japanese or South African securities laws. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe any such restrictions.

This announcement does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any Ordinary Shares or other securities in the United States, Canada, Australia, the Republic of South Africa or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The Placing and the distribution of this announcement and other information in connection with the Placing and Admission in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein, comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Neither this announcement nor any part of it nor the fact of its distribution shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

Neither the content of the Company’s website nor any website accessible by hyperlinks on the Company’s website is incorporated in, or forms part of, this announcement.

The securities referred to herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act“) nor under any securities laws or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States unless registered under the US Securities Act or offered and sold in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and in accordance with any applicable securities laws of any state or other jurisdiction of the United States. The securities are offered and sold (i) outside the United States only to non-US persons (within the meaning of the Securities Act) in accordance with Regulation S under the US Securities Act and (ii) within the United States only to a limited number of eligible investors pursuant to an exemption from the registration requirements of the US Securities Act. The securities referred to herein have not been and will not be registered under the US Securities Act or under the applicable securities laws of Canada, Australia, the Republic of South Africa or Japan.

Cantor Fitzgerald is acting exclusively as nominated adviser and broker to the Company and for no-one else in connection with the Placing and Admission and is not acting for and will not be responsible to any person other than the Company in connection with the Placing and Admission including for providing the protections afforded to clients of Cantor Fitzgerald or for providing advice in connection with Admission, the Placing or the contents of this announcement including any transaction, matter or arrangement referred to in this announcement. Cantor Fitzgerald’s responsibilities as the Company’s nominated adviser and broker under the AIM Rules for Nominated Advisers are owed solely to the London Stock Exchange and are not owed to the Company or to any Director or to any other person in respect of a decision to acquire shares in the Company in reliance on any part of this announcement.

Apart from the responsibilities and liabilities, if any, which may be imposed on Cantor Fitzgerald by the Financial Services and Markets Act 2000 (as amended) or the regulatory regime established thereunder, Cantor Fitzgerald does not accept any responsibility whatsoever for the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company, the Ordinary Shares, Admission or the Placing. Cantor Fitzgerald has not authorised the contents of, or any part of, this announcement and no liability whatsoever is accepted by Cantor Fitzgerald nor does it make any representation or warranty, express or implied, for the accuracy of any information or opinion contained in this announcement or for the omission of any information.  Cantor Fitzgerald accordingly disclaims all and any responsibility or liability whether arising in tort, contract or otherwise (save as referred to above) which it might otherwise have in respect of this announcement or any such statement.  The contents of this announcement, which has been prepared by and is the sole responsibility of the Company.

Forward-looking statements
This announcement includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the directors’ current intentions, beliefs or expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the Company’s markets.

Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement are based on certain factors and assumptions, including the directors’ current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy and liquidity. While the directors consider these assumptions to be reasonable based upon information currently available, they may prove to be incorrect. Save as required by law or by the AIM Rules for Companies, neither the Company nor Cantor Fitzgerald undertakes any obligation to publicly release the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in the directors’ expectations or to reflect events or circumstances after the date of this announcement.

Notification of Intention to Admit Shares to Trading on the Alternative Investment Market of the London Stock Exchange

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (THE “UNITED STATES”), CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

This announcement is an advertisement and not an admission document or a prospectus. This announcement is not and does not constitute or form part of, and should not be construed as, an offer of securities for subscription or sale in any jurisdiction nor a solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This announcement does not constitute a recommendation regarding any securities. Investors should not subscribe for or purchase any securities referred to in this announcement except in compliance with applicable securities laws and regulation and on the basis of the information in the final admission document (“Admission Document”) to be published by the Company (to be re-registered as a public limited company and changing its name to ‘Destiny Pharma plc’ in due course), and any supplement thereto, in connection with the placing (“Placing”) of its ordinary shares (“Ordinary Shares”) and the proposed admission (“Admission”) of the Ordinary Shares to trading on AIM, a market of London Stock Exchange plc (“London Stock Exchange”). A copy of the Admission Document will, following publication, be available for viewing on the Company’s website at www.destinypharma.com.

 

Destiny Pharma Holdings Limited
(“Destiny Pharma” or “the Company”) 

Notification of Intention to Admit Shares to Trading on the Alternative Investment Market of the London Stock Exchange

Proposed Capital Raise

Brighton, United Kingdom – 18 August, 2017 – Destiny Pharma, a clinical stage biotechnology company focused on the development of new anti-microbial drugs, is pleased to announce the publication of its Schedule 1, noting the Company’s intention to proceed with the proposed Placing of new Ordinary Shares and an application for the Admission of its Ordinary Shares to trading on AIM, a market operated by the London Stock Exchange. The amount of capital raised through the Placing will be determined in the coming days.

Highlights

  • A clinical stage biotechnology company – lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals
  • XF-73 has multiple drivers for adoption in an area of global unmet medical need, with a potentially expedited route to regulatory approval in the US market
  • XF-73 is significantly de-risked – five successful Phase I/IIa clinical trials completed to date showing rapid antibacterial action combined with evidence of a no/low resistance profile; next major clinical trial is Phase IIb in the US
  • XF-73 is part of the Company’s proprietary, anti-microbial drug platform “XF Drugs” with a new mechanism of rapid action – Destiny Pharma also has several earlier stage programmes
  • Destiny Pharma has market exclusivity, including robust IP protection that potentially extends into 2030’s
  • Clearly defined value creation opportunity, significant addressable markets, including blockbuster potential for XF-73’s lead indication

Commenting on today’s announcement, Neil Clark, Chief Executive Officer of Destiny Pharma, said:
“The rise of anti-microbial resistance is recognised globally as a major issue that urgently needs addressing and our XF-drug platform offers a novel way of tackling this. The funds we intend to raise in conjunction with the Admission of our shares to trading on AIM should allow us to progress our lead drug candidate, XF-73, to the cusp of phase III pivotal studies in the prevention of post-surgical Staphylococcus aureus infections during 2019. This should be a key value inflection point as, if successful, our drug would be the first to be specifically labelled for this new US FDA sanctioned indication; a market we believe to be worth a billion dollars in the US alone and growing.”

Sir Nigel Rudd, Non-Executive Chairman of the Board, added:
“Destiny Pharma is looking forward to the next chapter of its growth as a publicly traded company, a milestone that will mark a significant strategic step forward for the Company. Tackling anti-microbial resistance has become a global imperative that is on the agenda of both the WHO and the United Nations, as well as the G7 and the G20 countries. The Company’s proprietary technology platform uniquely addresses the issue of resistance and potentially opens up significant markets for both the prevention and treatment of bacterial disease.”

For further information, please contact:

Destiny Pharma Holdings Limited
Neil Clark, CEO
Simon Sacerdoti, CFO
pressoffice@destinypharma.com
+44 (0)12 7370 4440

FTI Consulting
Simon Conway / Victoria Foster Mitchell / Hanna Skeppner
destinypharma@fticonsulting.com
+44 (0) 2037 271000

Cantor Fitzgerald
Philip Davies / Will Goode, Corporate Finance
pdavies@cantor.co.uk
+44 (0)20 7894 8337

Information on Destiny Pharma

Introduction
Destiny Pharma is an established, clinical stage, innovative biotechnology company focused on the development of novel medicines that represent a new approach to the treatment of infectious disease. These potential new medicines are being developed to address the need for new drugs for the prevention and treatment of life-threatening infections caused by Antibiotic-Resistant (AR) bacteria, often referred to as “superbugs”.

Destiny Pharma’s Competitive Strengths
The directors of the Company (“Directors”) believe the Company has the following key strengths which underpin confidence in the execution of the Company’s strategy alongside clear market opportunities allied to “first mover advantage” with high subsequent barriers to entry:

Disruptive patented technology
The XF Drug platform represents a new range of anti-microbial drug products which kill bacteria rapidly via a novel mechanism of action against which bacteria appear to be unable to mount a resistance. XF-73 represents the only antibacterial drug known to resist 55 repeat exposures to the superbug, Methicillin Resistant Staphylococcus aureus (MRSA), without resistance emerging. The patent position that Destiny Pharma holds through the XF platform is strong, robust and multi-tiered with the exclusive ability to exploit and commercialise products based on its innovation.

Opportunities in existing and new markets
The bacterial resistance profile means that XF Drug products are likely, in the Board’s opinion, to have a long product lifetime. This profile would avoid XF Drugs having a restricted use and they could therefore be used in a widespread manner. XF Drug products could operate within existing antibiotic markets and may be able to open new markets. In this manner they have more in common with a preventative vaccine.

New US disease indication
The US Food and Drug Administration’s (FDA) recent confirmation of a new US indication for XF-73 for the prevention of post-surgical Staphylococcal infections is a prime example of a new market opportunity for an XF Drug. XF-73 has the opportunity to become the first drug approved in this US market which offers the benefits of a comparison against placebo for approval and the benefits of being the first to market. Competitor drugs in the future would need to be compared in clinical studies against XF-73 which would present a significant barrier to entry.

Lower risk, clinical stage lead asset
Anti-infective drugs have a high probability of approval following a successful phase I trial compared to many other drug classes. Destiny Pharma’s clinical data for XF-73 has already demonstrated clinical efficacy verses placebo in reducing nasal Staphylococcus aureus carriage in healthy volunteers. The planned Phase IIb study will seek to repeat this outcome in a surgical patient population. There is no reason to suspect that killing bacteria in a patient’s nose should in any way differ from that achieved successfully in a volunteer to date.

Access to non-dilutive funding
Destiny Pharma has already benefited from the alternative sources of funding available for the development of new anti-infective drugs as the US clinical trial was funded by the National Institute for Allergy & Infectious Diseases (NIAID) which is part of the US National Institute of Health. There is continuing support and discussion on the development of new drugs and the Company believes that there will be more opportunities to apply for non-dilutive grants and financings to progress the earlier stage candidates in the Destiny Pharma platform.

Experienced team
The executive team responsible for the management of Destiny Pharma has extensive experience appropriate for an AIM listed development phase biotechnology company.

Background
Such AR bacteria pose a threat to public health and are of serious concern to the World Health Organisation (WHO). There is now a global imperative to put in place initiatives at all levels of society (including stewardship, new drug R&D, diagnostics, in both human and animal health) to address AR bacteria in a concerted effort to counter the prediction of 10 million deaths (and an estimated $100 trillion cost by 2050) set out in Lord O’Neill’s Independent Review on Antimicrobial Resistance (AMR), published in May 2016.

In September 2016, the United Nations announced a recognition of the threat from AMR and the UN, WHO, the US Food and Agriculture Organization, The World Organisation for Animal Health and Organisation for Economic Co-operation and Development are all planning to recommend actions to address this global problem, which will be delivered at the 73rd UN General Assembly in 2018.

The Hangzhou G20 Leaders’ Communiqué, published on 20 May 2017, recognised the importance of reactivating the R&D pipeline through incentive mechanisms that avoid reliance on high price/volume combinations, and called on the WHO, FAO, OIE and OECD to collectively report back in 2017. Their report ‘Tackling Antimicrobial Resistance, Ensuring Sustainable R&D’ was also considered by leaders when they met on 7-8 July 2017.

The US Centers for Disease Control & Prevention confirm that each year in the US at least 2 million people become infected with bacteria that are resistant to antibiotics and at least 23,000 die each year as a direct result of such infections.

Bacteria have been shown to evolve to resist the new drugs that modern medicine uses to combat them. Indeed, this was the case with penicillin, one of the first antibiotics developed almost 100 years ago. However, in recent years, the rise in AMR has been a particular concern, especially with the emergence of many different types of superbug.

MRSA is one of the most prominent superbugs and a major cause of hospital associated infection and featured in the WHO’s ‘most dangerous’ list of superbugs published in 2017. The WHO followed US and European guidelines in 2016 by recommending the screening and decolonisation of MRSA and all strains of Staphylococcus aureus in pre-surgical patients undergoing high risk surgeries in a step designed to help prevent such infections.

Lord O’Neill’s Independent Review also highlights the misuse of antibiotics in agriculture where they are not just being used to prevent/treat infections, but also to promote growth. The quantity of antibiotics used in livestock is vast. In the US, for example, of the antibiotics defined as medically important for humans by the FDA, over 70 per cent. (by weight) are sold for use in animals. The majority of scientists see this as a threat to human health, given that wide-scale use of antibiotics encourages the development of resistance, which can spread to affect humans and animals alike.

Tackling AMR is now recognised as a high priority at a national and global level. With an increasing number of hospital based medical procedures being carried out across the world, there is a specific need for improved patient care regarding hospital infections. This should deliver both better outcomes for patients and a reduction in the increasing costs of post-operative care incurred by hospitals, governments and insurance companies.

Steps are already being taken in this direction, particularly in the US, with the Generating Antibiotics Incentives Now (GAIN) Act and 21st Century Cures Act both providing incentives to spur development of new drugs, (including a more streamlined regulatory path) to tackle AMR and also the Hospital Acquired Condition reduction programme which financially penalises the poorest performing US hospitals in terms of MRSA infection rates.

The drive to tackle AMR is receiving global interest and priority with new specific sources of ‘pull’ and ‘push’ incentives, including IMI, Carb-X, GAMRIF and potential pricing and reimbursement adjustments or market entry rewards to recognise the societal value that anti-bacterial drugs contribute. Destiny Pharma has a strong track record in attracting non-dilutive funding, with approximately £4.5 million received to date and will continue to seek similar non-dilutive funding to assist in financing its pipeline.

Business Strategy
Destiny Pharma’s strategy is to generate income and shareholder value by the clinical development and commercial exploitation of its proprietary, highly innovative antibacterial drug platform; the XF Drug Series. The XF Drug platform (and the DPD drug platform, a variant on the XF platform) is being developed to prevent and treat existing and emerging superbug infections within and outside of hospitals. The Company’s intellectual property is already well established with 94 granted and 3 pending patents within 3 patent families, covering composition of matter, novel mechanism of action and bacterial biofilm action. The Company has plans to develop and commercialise its pipeline and is supported by an established international collaborative network with relevant key opinion leaders, industry groups and government initiatives as well as active connections with leading pharmaceutical companies working in the anti-infective sector.

The XF Drugs represent a potential breakthrough in antibacterial drug product development, with the following key features:

Ultra-rapid bacteria kill
Studies have shown the XF Drugs killing bacteria in vitro in less than 15 minutes; faster acting than standard antibiotics currently in use.

No bacterial (MRSA) resistance is seen to emerge
No bacterial (MRSA) resistance is seen to emerge in a landmark in vitro study of bacterial resistance that compared XF-73 to standard antibiotics currently in use. The bacteria (MRSA) did not demonstrate any resistance to XF-73 even after 55 repeat exposures (being the longest repeat exposure study published as far as the Company is aware). In contrast, MRSA rapidly developed significant resistance to a range of antibiotics tested. A second study using clinical bacterial samples from a Company clinical trial of XF-73 provided the Company’s first clinical data supporting the same “no resistance profile”.

Ability to kill bacteria in any growth phase
This is an important feature as bacteria are not always actively growing. XF Drugs are able to kill bacteria even when dormant.

Ability to kill bacteria within staphylococcal bacterial biofilms
Biofilms are an increasing problem that are poorly treated by current drugs as they act as a protective barrier for bacteria. They are associated with indwelling medical devices (for example, heart valves and joint replacements) and invasive medical devices (for example, catheters and endoscopes).

Active against all Gram positive bacteria tested to date and selected Gram negative bacteria
This includes clinically important and infection causing strains, such as:

  • Staphylococcus aureus
  • Listeria monocytogenes
  • Propionibacterium acnes
  • Group G Streptococcus
  • Mycobacterium tuberculosis
  • Streptococcus pneumonia
  • Bacillus anthracis
  • Yersinia pestis
  • Acinetobacter baumannii
  • Pseudomonas aeruginosa
  • Clostridium difficile

Indeed all existing AR strains of Gram positive bacteria tested to date are also susceptible to XF Drugs, including MRSA.

The XF Drugs can operate within existing antibiotic markets and may also be able to open new preventative and therapeutic drug markets that are closed to, or restricted for, traditional antibiotics because of the existence and/or threat of AR. This threat means that antibiotics have to be used sparingly to limit the development of bacterial resistance. Destiny Pharma’s XF Drug pipeline includes a number of preventative and therapeutic medicines at clinical and pre-clinical development stages and a portfolio of additional patent protected, XF and DPD Drugs available to enter in-house development and/or partnership collaborations.

Following a review of clinical trial data on the Company’s lead drug, XF-73 (exeporfinium chloride), it was awarded Qualifying Infectious Disease Product (QIDP) status in October 2015 by the FDA. Within the QIDP award, the FDA also confirmed a new US disease indication for XF-73; namely the ‘Prevention of post-surgical staphylococcal infections’, including MRSA. This represents a new US market for which no existing product is approved. QIDP status identifies XF-73 as a drug that is intended to treat serious or life-threatening infections, including those caused by antibiotic resistant pathogens.

The Company has completed five successful Phase I/IIa clinical trials with XF-73. The most recent trial was conducted in the US and was funded by the US government’s expert division on anti-microbial drugs, the NIAID, who reported the successful outcome from this trial in September 2016.

Destiny Pharma’s strategic aim is to become one of the world’s leading developers of novel anti-infective drugs. The Company is part of a network of biotech and pharma companies working in this sector and will continue to consider partnerships and licensing opportunities where appropriate. The Board is committed to progressing the pipeline with the goal of delivering better drug treatments for patients and creating significant value for shareholders.

Board directors, management and members of the Scientific Advisory Board are members of key committees and institutions such as the Global Antimicrobial Resistance Innovation Fund, the Wellcome Trust International Clinical Trials Networks for Antibacterial Drug Development, the Sir Francis Crick Institute and the Academy of Medical Sciences. Further details on the experience and qualifications of the team are set out below.

The Placing will provide Destiny Pharma with the capital to develop its lead drug asset XF-73 through the proposed US clinical Phase IIb program delivering a robust package for partnering and/or further development into Phase III, which is the final stage of clinical development. The funds raised will also be used to develop new clinical candidates from its focused, pre-clinical pipeline and to capitalise on the commercial opportunities including partnering and licensing.

In the Board’s opinion, XF-73 has the potential to break the commercial paradigm which besets antibiotics. Its ‘no resistance’ characteristic enables widespread use (unlike antibiotics where use is restricted due to the fear of AR). As about a third of the population carry the infection causing bacteria Staphylococcus aureus asymptomatically, and XF-73 is designed to kill these bacteria in the patient ahead of surgery (preventing post-surgical infection), a large new market exists. The new indication has been recognised by the FDA through the QIDP status award.

The Company believes that XF-73’s preventative disease indication is more akin to a vaccine approach and could lead to all patients being treated prior to surgery. There are a number of drivers for the adoption of this approach, including new guidelines and financial penalties for US hospitals with high MRSA infection rates.

Additional assets from the XF Drug platform will also be progressed in the areas of prevention and treatments for Staphylococcal pneumonia, serious bacterial burn wound infections and bacterial biofilm associated infections. The Company will also establish a number of discovery stage research programs through collaborations and where possible seek non-dilutive funding support.

NOTES TO EDITORS

Board of Directors and Senior Management

Board of Directors

Sir Nigel Rudd, aged 70, Non-Executive Chairman
In 1982, Sir Nigel founded Williams Holdings, a company which went on to become one of the largest industrial holding companies in the UK until its demerger in November 2000, creating Chubb plc and Kidde plc. He was the non-executive Chairman of Kidde plc until December 2003.

He has been Chairman of some of the largest companies in the UK, including Invensys, Pilkington, Alliance Boots, Heathrow (formerly BAA) and the UK’s largest car retailer, Pendragon plc, the company he founded with one dealership in 1982. He was a Director of Barclays plc for 13 years, latterly as Deputy Chairman. He is currently Chairman of BBA Aviation, Meggitt plc and the UK’s Business Growth Fund.

Sir Nigel is a Fellow of the Institute of Chartered Accountants in England and Wales. Sir Nigel was knighted in 1996 for services to manufacturing. He has a long record as an active angel investor in small and medium-sized businesses.

While Sir Nigel is a shareholder and option holder in the Company and has served on the Board for some years, based on his extensive experience, specialised industry knowledge and personal qualities, the Board considers him to be independent.

He has been a non-executive Director of the Company since 1 September 2011.

Neil Robert Clark, aged 55, Chief Executive Officer
Neil qualified as an accountant with PWC in Cambridge, UK and worked for over ten years on a variety of local, national and international assignments in audit, corporate finance and consultancy.

In 1997, Neil joined CeNeS Pharmaceuticals plc, a venture capital backed private UK biotech company. He was involved in the flotation of CeNeS in 1999 in London and appointed CFO. In 2001 he became COO as well as CFO, overseeing a restructuring of the business. He became CEO in 2005 and led the company through to its sale in 2008. At CeNeS he was involved in several licensing deals, fund raisings and corporate transactions including the acquisition and disposal of several businesses.

Neil joined Ergomed as Chief Finance Officer in January 2009 and was CFO on its IPO in July 2014 until his move to be full time CEO of PrimeVigilance (Ergomed’s successful drug safety business) in January 2016 having been closely involved in the management of PrimeVigilance since its formation in 2009.

Neil has been working with Destiny Pharma on a consultancy basis since September 2016 and was appointed to the Board in January 2017. Neil is a Fellow of the Institute of Chartered Accountants in England and Wales and has a BSc in Bioscience from the University of Nottingham.

Dr William Guy Love, aged 54, Founder and Chief Scientific Officer
Bill was a Senior Scientist at Ciba Geigy/Novartis focused on novel Drug Delivery technologies and involved in development of a world leading eye-care pharmaceutical, Visudyne. In 1997, Bill founded Destiny Pharma and he is the co-inventor of the XF Drug platform.

Bill was a founding member of the BEAM Alliance, an EU SME group focused on promoting anti-microbial drug development. He is an Expert Advisory Board member of Global AMR Innovation Fund, appointed by Professor Dame Sally Davies in October 2016. Bill is the named inventor in more than 70 patents. He has experience in drug R&D from Discovery and Lead identification, through Pre-clinical development and into Phase I/II Clinical development in the UK, EU and US.

Simon Emanuel Sacerdoti, aged 46, Chief Financial Officer
Simon qualified as a Chartered Accountant in 1997 with Levy Gee (now part of RSM), and subsequently spent time in the corporate finance teams at BDO and Ernst & Young, advising public and private clients on a wide variety of UK and international transactions from fund raisings through to exits.

In 2007, Simon joined Dowgate Financial Advisers, a small-cap corporate finance boutique which specialised in AIM. In 2009, he became one of the four founding partners and AIM qualified executives of Cairn Financial Advisers, which is now one of the largest advisory firms in AIM by number of clients. He left Cairn in 2012.

He is also one of the two founders, and until 2015 was CFO/COO, of an innovative payments start-up, WeSwap, where, as well as strategic and general leadership, he held specific responsibility for finance, operations, customer service, compliance and fraud/risk management.

He started working with Destiny Pharma in September 2015 and was appointed to the Board as CFO in April 2016.

Simon is a Fellow of the Institute of Chartered Accountants in England and Wales and holds an MA in Mathematics from Balliol College, Oxford.

Anthony Joseph Eagle, aged 70, Non-Executive Director
Joe’s early career was spent in product management and business development in the Wellcome Group, Pfizer and Ciba-Geigy (now Novartis) in locations including London, Brussels, Nairobi and Hong Kong, culminating as Marketing Director at Ciba-Geigy Pharmaceuticals UK between 1981 and 1986.

In 1986, he set up PPS Europe Limited, an international pre-launch medical education and publishing services provider to the Pharmaceutical industry, acting as Chairman and Chief Executive Officer. PPS Europe Ltd was sold to Parexel US in 1999, following which, Joe took the position of President of Medical Marketing Services for 2 years at Parexel and served as a Board Director of Parexel International.

In 2002, Joe founded Road Angel Group, a consumer electronics business of which he was executive chairman through its sale in 2006.

Since 2008, Joe has been an angel investor in SMEs in various sectors. Joe has a BSc in Physiology and Biochemistry from the University of Southampton. He has been working with Destiny Pharma since he was appointed as a Director of the Company on 27 June 2002.

While Joe is a shareholder and option holder in the Company and has served on the Board for some years, based on his extensive experience, specialised industry knowledge and personal qualities, the Board considers him to be independent.

Peter Morgan, aged 64, Non-Executive Director
Peter’s early career was spent in the pharmaceutical industry, initially in engineering and technical operations and then sales and marketing. He was a product manager in UK pharma industry before moving to become managing director of a Ciba-Geigy subsidiary in Scandinavia.

In 1987, Peter became a founder Director of Beaufort Group Limited, a business services company which provided advice and support to pharmaceutical companies and the newly privatised utilities, which was admitted to AIM in 1996. Peter stepped down from Beaufort in 1998 to focus on a portfolio of consulting and investment opportunities. From 2007 until 2015, Peter was a non-executive director of Oncimmune Limited, a cancer diagnostics company spin out from Nottingham University which floated on AIM in 2016.

Peter has advised many of the world’s top pharmaceutical companies including Amgen, Bayer, GSK, Novartis, Novo Nordisk, Pfizer and Roche as well as Quintiles, the world’s largest clinical research organisation. He has a BSc from Nottingham University and an MBA from London Business School.

While Peter is a shareholder and option holder in the Company and has served on the Board for some years, based on his extensive experience, specialised industry knowledge and personal qualities, the Board considers him to be independent. Peter’s engagement with the Company commenced on 3 April 2000.

Senior Management and Employees
The Company currently has 8 staff (including the executive Directors) who coordinate the activities of a network of expert consultants and contractors to leverage appropriate expertise. Short biographies of senior management are set out below.

Dr Steve Felstead, aged 58, Chief Medical Officer
Steve studied medicine at Leeds Medical School and qualified in 1983. He then practiced as a medical doctor before joining the pharmaceutical industry in 1986. In a 25 year career with Pfizer, Steve managed various departments and led successful drug development teams, most recently the Selzentry (maraviroc) team.

He was Vice President, Head of Clinical Research, for Pfizer’s Pharma-therapeutics Division, from 2009 until his retirement in 2014. He was responsible for the disciplines of Clinical Research, and Pharmacology, Precision Medicine, Preclinical and Clinical Statistics. During this period, he also served as acting Chief Scientific Officer for Anti-Bacterial Discovery for 2012-2013, and was a member of Pfizer’s senior leadership council.

Steve has been a committee member for ABPI Stratified Medicine Committee, MRC Bioinformatics Expert Steering Committee, NOCRI – Industry Reference Group, and Stratified Medicine for Scotland, Scientific Advisory Board. He has also served as a reviewer for Innovate UK/ MRC Biomedical Catalyst Late Stage Awards committee. He also served as a Non-Executive Director of Photopharmica Ltd.

Steve joined Destiny Pharma as Chief Medical Officer in 2016 and provides input and guidance on all aspects of the Company’s clinical programmes and the design and delivery of current and future clinical milestones.

Ian Hayter, aged 49, Project Director (Pharmaceutical Development)
Ian is a Director of Projects at Destiny Pharma. He received his BSc in Applied Biochemistry at Brunel University in 1989. After several roles in applied research, regulatory and formulation at SmithKline Beecham, Ian transitioned into project and programme management at the Pall Corporation before becoming pharmaceutical development manager and Associate Director at Quintiles in Edinburgh. In this role, and later at Aptuit, he was responsible for the delivery of programmes across all phases of discovery and development spanning a variety of therapeutic areas. With over 25 years’ pharmaceutical development experience spanning large pharma, CRO and biotech, Ian has, for the last 9 years, worked for Destiny Pharma, leading clinical and non-clinical development.

Ian represents Destiny Pharma on multi-site international clinical project teams, leading activities for CMC, non-clinical and clinical development as well as interactions with regulatory agencies in UK, Europe and US.

Ian regularly attends relevant therapeutic conferences (ID week, ASM/ICAAC and ECCMID), as well as industry specific exhibitions and events.

He has been actively involved in the formation of the BEAM alliance of which Destiny Pharma is a founding member, and through this group in seeking incentives from EU and national governments for antibacterial drug development. Ian is also part of the AMR team supported by the Wellcome Trust to examine potential for clinical networks for antibacterial drug development.

Dr William Rhys-Williams, aged 49, Project Director (Microbiology & Pre-clinical Development)
William is a Director of Projects at Destiny Pharma and has over 27 years of experience working in R&D. He received his BSc in Biochemistry (University of Wales, Bangor) and his PhD in microbial biochemistry (University of Wales, Bangor and Zeneca Bioproducts Ltd) and undertook 3 years Postdoctoral research on microbial biotransformations at the University of Brighton before joining Destiny Pharma as a Project Director, progressing to becoming a Director of Projects in 2007.

William has been involved in all the Company’s research programmes from initiation through to clinical stage and is currently a member of the Company’s Clinical Management Team. He is a named inventor on all the Destiny Pharma patents and has been involved in the drafting, successful prosecution and grant of over 90 patents to date.

Stephane Hauduc, aged 43, Chemistry & Intellectual Property Manager
Stephane is the Discovery Chemistry and Intellectual Property Manager at Destiny Pharma and has over 20 years of experience working in the biotech industry. He holds a masters degree in chemistry (Maitrise) and a DUESS in analytical chemistry (a French post-graduate diploma), both from the University of Rouen, France. Stephane worked at CCPA Groupe (Conseils et Competences en Productions Animales), Bristol Myers Squibb and Laboratoires Herbaxt in France before joining Destiny Pharma as a Research Officer, progressing to becoming a Discovery Chemistry and Intellectual Property Manager in 2007.

Stephane has been involved in the management of Destiny Pharma’s IP portfolio, the chemistry of all the projects (from discovery to GMP manufacture), market research and other areas, having commenced employment with Destiny Pharma on 3 January 2000.

Scientific Advisory Board
The Company intends to formalise its informal network of scientific advisors into a Scientific Advisory Board, which will be chaired by Professor David Roblin. The role of the Scientific Advisory Board will be to advise the board on the scientific and drug development strategy of the Company.

Professor David Roblin, aged 50, Proposed Chair of Scientific Advisory Board
David practised medicine for five years before entering the pharmaceutical industry. He has held significant leadership roles in his pharmaceutical career, with general management, research, development and commercial responsibilities. He was formerly Senior Vice President, Head of R&D for Pfizer’s European sites. David and his units were responsible for the R&D of several medicines including, azithromycin, ciprofloxacin, moxifloxacin, sildenafil (for pulmonary vascular disease), mariviroc, darifenacin and growth hormone including injectable devices. He was co-founder and board member of the Innovative Medicines Initiative a 2 billion Euro public private partnership in precompetitive science.

In 2014, David became Chief Operating Officer and Director of Scientific Translation for the Sir Francis Crick Institute, where he led on establishing the operations of a new institute and led the Crick through the completion of its state-of the-art new building in 2016 and migration into the building from four sites. David became Chief Operating Officer and President of Research & Development for Summit Therapeutics plc in 2017.

David has a first class degree in biochemistry from University College London and later qualified in medicine from St George’s Hospital. He is a Fellow of the Royal College of Physicians, a Fellow of the Faculty of Pharmaceutical Medicine, a Fellow of the Academy of Medical Sciences and an honorary Professor of Medicine at Swansea University and of Translational Medicine at St George’s. He serves on the Major Awards Committee of the Biomedical Catalyst Fund, committees of the MRC Confidence in Concept fund and the LEO foundation.

Important information
This announcement is for information purposes only and does not itself constitute an offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of any securities in the Company and does not constitute investment advice.

Neither this announcement nor any copy of it may be taken or transmitted, reproduced, published or distributed, or the contents otherwise divulged, directly or indirectly, in whole or in part, into the United States, Canada, Australia, the Republic of South Africa or Japan or to any persons in any of those jurisdictions or any other jurisdiction where to do so would constitute a violation of the relevant securities laws of such jurisdiction. Any failure to comply with this restriction may constitute a violation of United States, Australian, New Zealand, Canadian, Japanese or South African securities laws. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe any such restrictions.

This announcement does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any Ordinary Shares or other securities in the United States, Canada, Australia, the Republic of South Africa or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The Placing and the distribution of this announcement and other information in connection with the Placing and Admission in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein, comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Neither this announcement nor any part of it nor the fact of its distribution shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

Neither the content of the Company’s website nor any website accessible by hyperlinks on the Company’s website is incorporated in, or forms part of, this announcement.

The securities referred to herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) nor under any securities laws or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States unless registered under the US Securities Act or offered and sold in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and in accordance with any applicable securities laws of any state or other jurisdiction of the United States. The securities are being offered and sold (i) outside the United States only to non-US persons (within the meaning of the Securities Act) in accordance with Regulation S under the US Securities Act and (ii) within the United States only to a limited number of eligible investors pursuant to an exemption from the registration requirements of the US Securities Act. The securities referred to herein have not been and will not be registered under the US Securities Act or under the applicable securities laws of Canada, Australia, the Republic of South Africa or Japan.

This announcement is only addressed to and directed at persons in member states of the European Economic Area (“EEA”) who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC), as amended (“Qualified Investors”). In addition, in the United Kingdom, this announcement is addressed and directed only at Qualified Investors who (i) are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (ii) are persons who are high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts falling within Article 49(2) of the Order and (iii) to persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as “relevant persons”). Any investment or investment activity to which this announcement relates is available only to relevant persons in the United Kingdom and Qualified Investors in any member state of the EEA other than the United Kingdom and will be engaged in only with such persons. Other persons should not rely or act upon this announcement or any of its contents.

Cantor Fitzgerald Europe (“Cantor Fitzgerald”), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as nominated adviser and broker to the Company and for no-one else in connection with the Admission and the proposed Placing and is not acting for and will not be responsible to any person other than the Company in connection with Admission including for providing the protections afforded to clients of Cantor Fitzgerald or for providing advice in connection with Admission, the proposed Placing or the contents of this announcement including any transaction, matter or arrangement referred to in this announcement. Cantor Fitzgerald’s responsibilities as the Company’s nominated adviser and broker under the AIM Rules for Nominated Advisers are owed solely to London Stock Exchange plc and are not owed to the Company or to any Director or to any other person in respect of a decision to acquire shares in the Company in reliance on any part of this announcement.

Apart from the responsibilities and liabilities, if any, which may be imposed on Cantor Fitzgerald by the Financial Services and Markets Act 2000 (as amended) or the regulatory regime established thereunder, Cantor Fitzgerald does not accept any responsibility whatsoever for the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company, the Ordinary Shares, Admission or the proposed Placing. Cantor Fitzgerald has not authorised the contents of, or any part of, this announcement and no liability whatsoever is accepted by Cantor Fitzgerald nor does it make any representation or warranty, express or implied, for the accuracy of any information or opinion contained in this announcement or for the omission of any information. Cantor Fitzgerald accordingly disclaims all and any responsibility or liability whether arising in tort, contract or otherwise (save as referred to above) which it might otherwise have in respect of this announcement or any such statement.The contents of this announcement, which has been prepared by and is the sole responsibility of the Company.

Forward-looking statements
This announcement includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the Directors’ current intentions, beliefs or expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the Company’s markets.

Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement are based on certain factors and assumptions, including the Directors’ current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy and liquidity. While the Directors consider these assumptions to be reasonable based upon information currently available, they may prove to be incorrect. Save as required by law or by the AIM Rules for Companies, neither the Company nor Cantor Fitzgerald undertakes any obligation to publicly release the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in the Directors’ expectations or to reflect events or circumstances after the date of this announcement.

G20 Declaration on Combatting Antimicrobial Resistance (AMR) 7-8th July 2017

Destiny Pharma welcomes the G20 Leaders´ Declaration on Combatting Antimicrobial Resistance (AMR) following their meeting in Germany. The G20 Leaders highlighted:

  1. The importance of fostering Research & Development, particularly for priority pathogens as identified by the WHO
  2. Called for the establishment of a new international Research & Development Collaboration Hub to maximise the impact of existing and new anti-microbial basic and clinical research initiatives, as well as product development
  3. Invited all interested countries and partners to join this new initiative
  4. The G20 Leaders will also, in collaboration with relevant experts including from the OECD and the WHO, further examine practical market incentive options

The full G20 Leaders’ Declaration can be found here.

To the G20: Incentivise Antibacterial Drug R&D

Andrew Jack of the Financial Times today reports that Angela Merkel, (German chancellor & G20 President), has put health at the centre of today and tomorrow’s meeting of leading nations in Hamburg. High on their agenda will be attempts to tackle Infectious Diseases that present a growing health, economic and security threat across borders. The G20 meeting will look at how to respond to pandemics and there will also be a specific emphasis on one significant threat that is well understood but still neglected: ‘Anti Microbial Resistance (AMR)’.

Yesterday, DRIVE-AB, a joint undertaking between the EU and the European Pharmaceutical Industry Association) commented on their findings that are pertinent to G20 commitments, calling for the following incentives to drive forward antibacterial drug R&D to combat AMR:

  • Pay between $750 million and $2 billion Market Entry Rewards to companies introducing new antibacterial drugs
  • Global banking institutions to offer novel financial instruments to further support antibacterial R&D
  • Top up currently available AMR ‘Push’ funding by $250 million pa
  • Develop health technology assessment reimbursement rules which recognise the societal value of antibiotics
  • Establish multinational coordination and collaboration

The speed and frequency of emergence of new Superbugs was underlined by the World Health Organization today after reporting on the discovery of totally untreatable Superbug strains of gonorrhoea and warning of their potential spread. Two studies on gonorrhoea published in the journal PLOS Medicine documented cases in Japan, France and Spain of patients with strains of gonorrhoea against which no known antibiotic is effective. The WHO estimates 78 million people a year get gonorrhoea.

Regulators from EU, U.S. and Japan join forces on antimicrobial trials

Destiny Pharma is pleased to note that the European Medicines Agency (EMA), the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) and the United States’ Food and Drug Administration (FDA) have agreed to align their data requirements for antimicrobial trials, aimed at stimulating the development of new treatments to fight antimicrobial resistance. More information is available on the EMA website.