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 2018.
- Strong cash position with cash and term deposits at 31 December 2018 of £12.1 million (2017: £16.7 million)
- Increase in R&D expenditure to £3.5 million (2017: £0.8 million) due to planned clinical development costs
XF-73 for prevention of post-surgical infections
- Phase 2b protocol finalised and 200 patient study now starting April 2019
- Results due around year-end 2019
- US market research report confirms clinical need and attractive target product profile of XF-73 nasal - clear unmet need and payer support for proposed pricing supports large market potential
- US Investigational New Drug (IND) application opened for lead clinical programme XF-73 nasal - a novel anti-microbial being developed as a preventative treatment
- US Food and Drug Administration (FDA) Fast Track designation granted for XF-73
- Clarification, through dialogue with the FDA, of the Phase 1 and Phase 2b clinical trials programme
- Successful completion of required Phase 1 dermal safety studies to enable start of Phase 2b
Earlier pipeline and research grants
- New dermal infection clinical programme initiated with XF-73 targeting diabetic foot ulcer infections
- Award of two research grants in collaborations with Aston and Southampton Universities
- ·atent portfolio expanded with the grant of Canadian XF-biofilm patent
- Board and executive management team strengthened with the appointment of Jesus Gonzales MD as Chief Medical Officer and Shaun Claydon as Chief Financial Officer
- Award of UK China AMR grant of up to £1.6 million to examine XF compounds potential against dermal and ocular infections
- UK government announces new 5 and 20 year plans to address AMR and to support novel drug development addressing AMR and improved financial incentives for companies bringing such new drugs to market
- Nick Rodgers appointed as Chairman replacing Sir Nigel Rudd who stepped down after 15 years with the Company
Neil Clark, Chief Executive Officer of Destiny Pharma, commented:
"We have made significant progress in the first full year following our IPO in September 2017, delivering on key targets set out at the time, including a number of clinical development objectives, and the Company remains well funded to H2 2020.
"Our lead clinical candidate, XF-73 nasal is being developed as a preventative treatment reducing the carriage of Staphylococcus aureus with the intention of preventing post-surgical hospital infections; a $1 billion peak sales market opportunity. During April 2019 we will initiate the important Phase 2b clinical trial in this setting and will complete recruitment later this year.
"Whilst our main focus is on our lead asset we are also continuing to progress our earlier XF pipeline having won three grants to support this workstream. 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 well-positioned to meet this global need."