Destiny Pharma PLC – DEST – Final Results

Destiny Pharma PLC – DEST – Final Results

Brighton, United Kingdom - 14th April 2021 - Destiny Pharma plc (AIM: DEST), a clinical stage innovative biotechnology company focused on the development of novel medicines that can prevent life-threatening infections, announces its audited financial results for the year ended 31 December 2020.

 

Financial and corporate highlights

·       Successful equity fund raise of £10.4 million (gross) to acquire NTCD-M3 for the prevention of Clostridioides difficile (C. difficile) infection recurrence

·       Strong year end cash position with cash and term deposits of £9.7 million (2019: £7.5 million)

·       Increase in R&D expenditure to £4.5 million (2019: £3.8 million) due to planned clinical development costs associated with XF-73 nasal gel Phase 2b study

·       Cash runway extended to Q4 2022 as a result of equity fund raise and careful management of operational activities

 

Operational highlights

 

Phase 2b clinical trial: XF-73 nasal gel for prevention of post-surgical infections

 

·       Patient recruitment successfully completed in December

·       Positive top-line results reported in March 2021. Primary efficacy endpoint successfully met with an exceptionally high statistical significance and no treatment related safety events

·       In discussion with US FDA with regards study design for Phase 3 clinical study

 

NTCD-M3 for prevention of C. difficile infection recurrence

 

·       Acquisition of global rights to NTCD-M3, a Phase 3 ready asset for prevention of C. difficile infection recurrence completed during Q4 2020

·       Protocol for Phase 3 clinical study agreed with FDA

·       Commencement of key work required to prepare for a Phase 3 clinical study to be ready to start in 2022

·       Professor Dale Gerding, discoverer of NTCD-M3 and world leading expert in C. difficile infections appointed to the Company's Scientific Advisory Board

·       Major new contract signed with leading biotherapeutics manufacturing company for production of Phase 3 clinical trial doses

SporeGen COVID-19 collaboration

 

·       Destiny Pharma and SporeGen Limited announced collaboration and Innovate UK grant award of £800,000 to co-develop a novel, preventative product for COVID-19

·       Expands Destiny Pharma's novel pipeline targeted at preventing infections with novel biologics/microbiome approach

 

Earlier pipeline and research projects

 

·       Research projects with Cardiff, Sheffield, Southampton and Aston Universities making good progress after COVID-19 delays 

·       New grant awarded by National Biofilms Innovation Centre (NBIC) to fund a second research collaboration with Cardiff University in oral infections 

·       Oxford University review supports the unique target profile of XF-73 and its potential to address the threat of anti-microbial resistance (AMR)

 

Post period highlights

 

·       Brazilian patent granted for XF-73 nasal gel

·       Agreement with the US National Institute of Allergy and Infectious Diseases (NIAID) to evaluate a novel XF-73 formulation in skin wound infections

·       Professor Mark Wilcox, a recognised leader in infection prevention and control and renowned expert in C. difficile infection, appointed to the Company's Scientific Advisory Board

 

 

Neil Clark, Chief Executive Officer of Destiny Pharma, commented:

"Destiny Pharma has delivered a very strong performance in the last 12 months and we look forward to further progress this year. We have delivered excellent Phase 2b data from our XF-73 nasal gel clinical study for the prevention of post-surgical infections and also expanded our pipeline through the acquisition of NTCD-M3 - a Phase 3 ready project targeting C. difficile gut infections. The Company has also progressed its earlier pipeline and been awarded additional grant funding including a £800,000 grant from Innovate UK to fund our COVID-19 collaboration. We closed a £10.4m equity funding in December to enable the NTCD-M3 acquisition and have a cash runway through to Q4 2022. We remain committed to developing novel products that prevent infections and have a clear clinical need and a substantial commercial opportunity"

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