Last checked at 15 Jul 2020 07:00
Destiny Pharma plc
("Destiny Pharma" or "the Company")
Destiny Pharma notes launch of $1 billion pharma-backed fund to develop new anti-infectives
Fund underlines the market urgency for the development of novel safe and effective antimicrobials such as Destiny Pharma's lead asset, XF-73
XF-73 is currently in a phase 2b clinical study investigating its use in the prevention of post-surgical bacterial infections
Brighton, United Kingdom - 15 July 2020 - Destiny Pharma plc (AIM: DEST), a clinical stage biotechnology company focused on the development of novel, hospital infection prevention treatments that address the global challenge of antimicrobial resistance (AMR), notes the launch of the AMR Action Fund to provide financial resources and technical support to help biotechnology companies bring novel anti-infective drugs to patients. These are needed urgently to fight the worldwide rise in antimicrobial-resistant superbugs.
Over 20 leading pharmaceutical companies have pledged to invest a total of $1 billion in a fund to help bridge innovative candidates in the pipeline through the later stages of drug development and to work with governments to ensure there is a sustainable pipeline of new antibiotics that address AMR. The pharmaceutical industry, in collaboration with the World Health Organization, the European Investment Bank, and the Wellcome Trust, have joined forces to design the fund, which aims to bring between two and four new antibiotics to market by 2030. For more information visit https://amractionfund.com.
This new pharma-backed fund underlines the urgency for the development of novel safe and effective antimicrobials such as Destiny Pharma's lead asset, XF-73. XF-73 is currently in a phase 2b clinical study investigating its use in the prevention of post-surgical bacterial infections, including the superbug MRSA.
Neil Clark, Chief Executive Officer of Destiny Pharma, commented:
"We welcome this significant new fund supporting novel drug development addressing AMR. The world needs new anti-infective drugs and Destiny Pharma is one of the leading biotechnology companies dedicated to addressing this global clinical need. The new pharma backed fund is the latest in a series of new initiatives from regulators, governments and healthcare investors to support innovation that addresses AMR."
For further information, please contact:
Destiny Pharma plc
Neil Clark, CEO
Shaun Claydon, CFO
pressoffice@destinypharma.com
+44 (0)1273 704 440
FTI Consulting
Simon Conway / Victoria Foster Mitchell
destinypharma@fticonsulting.com
+44 (0) 20 3727 1000
finnCap Ltd (Nominated Advisor Joint Broker)
Geoff Nash /Kate Bannatyne, Corporate Finance
Alice Lane, Corporate Broking
+44 (0)20 7220 0500
WG Partners (Joint Broker)
Nigel Barnes / Claes Spång / Nigel Birks
+44 (0) 203 705 9330
About Destiny Pharma
Destiny Pharma is an established, clinical stage, innovative biotechnology company focused on the development of novel medicines from its XF Platform that represent a new approach to the treatment of infectious disease. The company's lead programme is undergoing a Phase 2b clinical trial and is targeting the prevention of post-surgical hospital infections including MRSA. The XF drug candidates are being developed for the prevention and treatment of life-threatening infections caused by antibiotic-resistant bacteria, often referred to as "superbugs". Tackling anti-microbial resistance has become a global imperative recognised by the World Health Organisation (WHO) and the United Nations, as well as the G7 and the G20 countries. For further information, please visit https://www.destinypharma.com