Destiny Pharma. Regulatory News (DEST)

THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Destiny Pharma plc

("Destiny Pharma" or the "Company")

Result of Open Offer

Brighton, United Kingdom - 25 March 2022 - Destiny Pharma plc (AIM:DEST), a clinical stage biotechnology company focused on the development of novel medicines to prevent life threatening infections, announces that it has conditionally raised total gross proceeds of approximately £0.45 million through the Open Offer which was announced on 8 March 2022, representing approximately 45 per cent. proposed under the Open Offer.

Accordingly, the Company has conditionally raised total gross proceeds of approximately £6.45 million in aggregate by way of the Placing, the Subscription (which was also announced on 8 March 2022) and the Open Offer. 

Applications have been made to the London Stock Exchange for the admission of a total of 12,909,007 New Ordinary Shares to trading on AIM. This comprises (i) 11,860,000 Placing Shares; (ii) 140,000 Subscription Shares and (iii) 909,007 Open Offer Shares. The New Ordinary Shares will rank pari passu with the Existing Ordinary Shares. Admission of the Placing Shares, Subscription Shares and Open Offer Shares is expected to occur on 29 March 2022, subject to Shareholders passing the relevant Resolutions at the General Meeting to be held on 28 March 2022.

Neil Clark, Chief Executive Officer of Destiny Pharma, commented:

"We are very pleased with the results of the fundraising and the renewed support from our existing as well as new shareholders which will enable Destiny Pharma to accelerate the development of its two, late-stage pipeline assets: NTCD‐M3 is a potential game-changer for the prevention of C. difficile infection (CDI) recurrence, the leading cause of hospital-acquired infection in the US with a potential peak sales opportunity of $0.5 billion. XF-73 nasal is being developed for the prevention of post-surgical staphylococcal infections, a $1 billion market opportunity in the US alone. The funds will enable us to finalise regulatory plans for the Phase III trials of these two lead key assets, complete the manufacturing scale up for NTCD-M3 and strengthen the balance sheet as we progress partnering discussions, and advance Destiny Pharma's strategy to build a world-leading anti‐infectives company."

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the announcement of the Fundraising made by the Company on 8 March 2022.

For further information, please contact:

Destiny Pharma plc 

Neil Clark, CEO 

Shaun Claydon, CFO 

+44 (0)1273 704 440 

pressoffice@destinypharma.com 

Optimum Strategic Communications 

Mary Clark / Hollie Vile / Manel Mateus

+44 (0) 208 078 4357

DestinyPharma@optimumcomms.com 

finnCap Ltd (Nominated Advisor Joint Broker)

Geoff Nash / Kate Bannatyne / George Dollemore, Corporate Finance

Alice Lane / Nigel Birks / Harriet Ward, ECM

+44 (0) 207 220 0500

MC Services AG (Joint Broker)

Anne Hennecke / Andreas Burckhardt

+49-211-529252-12 

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 recently completed a positive Phase 2b clinical trial targeting the prevention of post-surgical staphylococcal hospital infections including MRSA. It is also co-developing SporCov, a novel, biotherapeutic product for the prevention of COVID-19 and other viral respiratory infections and has earlier grant funded XF research projects.

For further information on the company, please visit https://www.destinypharma.com