Last checked at 22 Dec 2022 07:00
Destiny Pharma plc
("Destiny Pharma" or the "Company")
Destiny Pharma announces year end Trading Update
Good progress across all key projects in 2022
Brighton, United Kingdom - 22 December 2022 - Destiny Pharma plc (AIM: DEST), a clinical stage innovative biotechnology company focused on the development of novel medicines that can prevent life-threatening infections, is pleased to announce an update on the progress made in 2022 against its key objectives, including working to finalise a partnering agreement for NTCD-M3, its most advanced clinical programme targeted at infection prevention.
Highlights of 2022
· NTCD-M3 partnering negotiations nearing finalisation - expected to complete in early 2023.
· XF-73 Nasal Phase 3 clinical plans clarified. Active partnering programme already underway.
· Earlier programmes targeting dermal infections and COVID-19 all continued to make good progress in 2022.
NTCD-M3
In line with its strategy, during 2022 the Company has focused on securing a commercialisation partner for NTCD-M3, its lead asset for the prevention of Clostridioides difficile infection (CDI) recurrence. That process has resulted in Destiny Pharma entering exclusive negotiations with one US pharmaceutical company following agreement of heads of terms. The parties are working constructively to close the transaction and announce a collaboration in early 2023.
Whilst there can be no guarantee that these partnering negotiations will complete, nor as to the final terms of a partnering agreement, the headline terms as currently agreed state that all future clinical development and commercialisation of NTCD-M3 in the US will be funded by the partner. The Board believes these proposed terms, providing for security of final clinical development funding, mean that Destiny's investment in NTCD-M3 will be significantly more valuable without the requirement to contribute towards the funding of the final clinical programme.
XF73
During 2022, Destiny Pharma has also defined the US and EU Phase 3 clinical development plan for XF-73 Nasal, a novel nasal gel for the prevention of post-surgical infections. Destiny Pharma is now running an active partnering campaign with some early discussions already underway. The target is to secure a commercialisation partner for the XF-73 Nasal programme in 2023.
For both lead clinical programmes, the Company is seeking to close partnerships with pharmaceutical companies that can lead the commercialisation of NTCD-M3 and XF-73 Nasal in key markets, as well as contribute to the funding and design of the required Phase 3 clinical trials.
Good progress has also been made on the Company's earlier pre-clinical pipeline programmes and 2022 ends with two active dermal infection projects running in the US and China, and with the completion of the SporCov COVID-19 grant-funded collaboration. Further updates on these projects will be announced in H1 2023.
Neil Clark, Chief Executive Officer of Destiny Pharma, noted: "The Board remains fully focused on delivering a comprehensive partnering deal for NTCD-M3, our lead asset, early in 2023 and we are working with the counterparty to achieve this. We are also very excited to finalise our Phase 3 plans for XF-73 Nasal and intensify partnering discussions now that we have detailed regulatory feedback. Our aim is to end 2023 having secured partners for both of our lead assets to complete their final Phase 3 clinical studies, registration and approval in key markets - especially the United States."
For further information, please contact:
Destiny Pharma plc Neil Clark, CEOShaun Claydon, CFO+44 (0)1273 704 440 pressoffice@destinypharma.com
Optimum Strategic Communications Mary Clark / Nick Bastin / Manel Mateus / Eleanor Cooper+44 (0) 203 922 0891 DestinyPharma@optimumcomms.com
finnCap Ltd (Nominated Advisor and Joint Broker) Geoff Nash / George Dollemore, Corporate FinanceAlice 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+49-211-529252-12
Stern IR - US
Janhavi Mohite
+1-212-362-1200
Janhavi.Mohite@sternir.com
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
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 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.