Audited results for year ended 31 December 2022
Thursday April 13, 2023
Thursday April 13, 2023
Destiny Pharma plc
(“Destiny Pharma” or “the Company”)
Audited results for the year ended 31 December 2022
Exclusive North American partnering deal worth up to $570m plus royalties secured for NTCD-M3
Phase 3 development plans finalised for XF-73 nasal following scientific advice from FDA and EMA
XF-73 dermal commenced clinically enabling safety study sponsored by US Government’s NIAID
New XF research projects initiated in cystic fibrosis and oral mucositis
Leadership strengthened with appointment of Chief Medical Officer and two Non-Executive Directors
Balance sheet strengthened through £7.3 million fundraise post period end
Brighton, United Kingdom – 13 April 2023 – 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 2022.
NTCD-M3 for prevention of C. difficile infection recurrence
XF-73 nasal gel for prevention of post-surgical infections
Earlier pipeline and research projects
Post period highlights
Neil Clark, Chief Executive Officer of Destiny Pharma, commented:
“Destiny Pharma has made good progress in 2022 and in the first quarter of 2023. We recently completed our first major out-licensing deal for NTCD-M3 and successfully strengthened our balance sheet through a fundraise of £7.3 million (gross) in March 2023 which was supported by new and existing investors. This has extended our cash runway to H2 2024 and removed the significant overhang of Phase 3 clinical development costs for NTCD-M3, whilst providing for potential milestone payments, as NTCD-M3 is commercialised, of up to $570m as well as royalties. Our priority now is to continue seeking additional partners for our two late stage clinical assets and to bring forward the earlier stage research projects. There is an urgent global need for new, innovative infection prevention medicines and Destiny Pharma believes that our targeted and diversified pipeline meets this clinical need and has substantial commercial potential that will drive value generation in the future.”
Destiny Pharma will host a webcast presentation followed by a live Q&A session at 10:30 am BST today, accessible via the Investor Meet Company platform.
The presentation is open to analysts and all existing and potential new shareholders.
Investors can sign up to Investor Meet Company for free, and add to meet Destiny Pharma plc via:
https://www.investormeetcompany.com/destiny-pharma-plc/register-investor. Investors who already follow Destiny Pharma plc on the Investor Meet Company platform will automatically be invited.
This announcement has been released by Shaun Claydon, Chief Financial Officer (CFO), on behalf of the Company.
For further information, please contact:
Destiny Pharma plc
Neil Clark, CEO
Shaun Claydon, CFO
+44 (0)1273 704 440
Optimum Strategic Communications
Mary Clark / Nick Bastin / Jonathan Edwards / Eleanor Cooper
+44 (0) 7931 5000 66
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
Stern IR – US
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 completed a positive Phase 2 clinical trial targeting the prevention of post-surgical staphylococcal hospital infections including MRSA. It is also co-developing SPOR-COVTM, 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 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.
The full text of the announcement may be found here.