(Alliance News) - Destiny Pharma PLC on Thursday said that its priority remains promoting its XF-73 Nasal antibacterial drug.
The Brighton, England-based biotechnology company, focused on developing and commercialising medicines for life-threatening infections, said that the drug held "substantial market potential".
In an October update, the company had revealed that the drug was effective against over 2,500 Staphylococcus isolates, including resistant strains.
The company said that it is considering the most appropriate way of realising maximum gain from the asset, including discussions with several potential partners. An update will be provided "in due course", Destiny Pharma said.
The company also announced that it is expecting pre-clinical results for the XF-73 dermal product, and expects to make progress across the XF platform later in 2024.
In the year-end update, Destiny Pharma also said it will be advancing the NTCD-M3 oral antibiotic development programme through 2024 in conjunction with Sebela Pharmaceuticals.
The company said that it is funded through to the first quarter of 2025, which will allow it to deliver on the above activities.
Destiny Pharma Chief Executive Officer Chris Tovey said: "Having successfully completed a deal with Sebela Pharmaceuticals for NTCD-M3 during 2023, we're continuing to progress our partnering activities, and discussions with multiple interested parties are ongoing. The strengthened leadership team and board are completely focused on achieving the best deal that we can for XF-73 Nasal as we evaluate all the options that could deliver this product to patients and maximum value to shareholders."
Shares in Destiny Pharma were down 2.5% at 67.25 pence each in London on Thursday afternoon.
By Hugh Cameron, Alliance News reporter
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Destiny Pharma. (DEST)