London Stock Exchange welcomes Destiny Pharma plc
London Stock Exchange welcomed Destiny Pharma ("Destiny Pharma" or the "Company") to the start of dealings in its shares and admission to the AIM market, today, 4 September 2017, under the ticker "DEST" (ISIN GB00BDHSP575).
Destiny Pharma is an established, clinical stage, innovative biotechnology company focused on the development of novel medicines that represent a new approach to the treatment of infectious disease. These potential new medicines are being developed to address the need for new drugs for the prevention and treatment of life-threatening infections caused by antibiotic resistant (AR) bacteria, often referred to as "superbugs". Tackling anti-microbial resistance has become a global imperative recognised by the WHO and the United Nations, as well as the G7 and the G20 countries.
Destiny Pharma has raised gross proceeds of £15.3 million through a placing with existing and new institutional and other investors at a placing price of 157 pence per Ordinary Share. On Admission, the Company will have a market capitalisation of approximately £65.4 million at the Placing Price.
The Company intends to use the net proceeds of the IPO to:
- Advance XF-73 to complete a Phase IIb clinical trial and supporting studies;
- Develop two other pipeline projects through formulation and pre-clinical studies;
- Conduct further research on the earlier assets in the XF Drug platform;
- Explore other opportunities to generate shareholder value from the XF and DPD Drug platforms, possibly in fields other than human healthcare; and
- Fund general working capital requirements and strengthen the position of Destiny Pharma in partnership discussions.
Neil Clark, Chief Executive Officer of Destiny Pharma, commented:
"The successful placing and admission of our shares to trading on AIM are major milestones for Destiny Pharma. The funds raised will primarily be used to progress our lead drug candidate, XF-73, through an important Phase IIb clinical trial in the prevention of post-surgical staphylococcus aureus infections (including MRSA) over the next two years. If successful, XF-73 will then be ready for Phase III clinical development which will be a major value inflection point.
"XF-73 could be the first drug to be specifically labelled for a new US FDA sanctioned indication, namely the prevention of post-surgical infections; a market we believe to be worth a billion dollars in the US alone and growing.
"We would like to thank our new and existing shareholders for their support and we look forward to updating the market with our progress as we continue to advance XF-73 and our proprietary XF drug development platform."
Cantor Fitzgerald Europe is acting as nominated adviser and broker to the Company.