(Alliance News) - Destiny Pharma PLC shares surged on Monday after reporting data which found its nasal gel may be effective in preventing post-surgical bacterial infections.
Shares in the company were 34% higher at 214.10 pence each in London on Monday morning, valuing the Brighton, England-based biotechnology firm at GBP125.1 million.
Results from a Phase 2b trial of XF-73 eased past the primary endpoint. It showed a 99.5% decline in staphylococcus aureus bacterial nasal carriage, this is a "very effective reduction by accepted clinical measures", Destiny said. Compared to a placebo, it showed a greater than 99% reduction.
Methicillin-resistant staphylococcus aureus, or MRSA, is tough to treat as the bacteria can be resistant to antibiotics.
"Initial analysis of secondary endpoints shows a higher reduction of burden of nasal S aureus in the XF-73 arm compared to placebo arm in the 24 hours before surgery," Destiny added.
"Destiny Pharma now plans to discuss possible Phase 3 clinical study designs with regulatory bodies including the US FDA. The company believes that there is a significant commercial opportunity for XF-73 in the hospital setting which could generate peak annual product sales of up to USD1 billion in the US alone."
By Eric Cunha; ericcunha@alliancenews.com
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Destiny Pharma. (DEST)