FY 2019 results featured its ongoing Phase IIb study of its lead drug XF-73 for the prevention of post-operative staphylococcal infections and its prudent cash management. Careful financial management had decreased Destiny’s operating loss to £5.6m (vs. £6.1m in FY 2018) of which, R&D costs were £3.8m (£3.5m in FY 2018).
The coronavirus pandemic has brought swings and roundabouts for Destiny – a pause to the Phase IIb study and therefore a delay in licensing the product, but a raised profile for antimicrobial resistant (AMR) hospital infections, that now make a licensing transaction more likely.
This pause in Destiny’s clinical trial came with 34% of patients so far recruited. However, the probability of success for this active antimicrobial agent in the decolonisation of nasal staphylococcal carriage remains high as demonstrated by the now published Phase I study in 60 healthy volunteers.
Destiny remains well-funded with cash of £7.5m at the end of FY 2019 which provides a runway through Q4 2021 and coronavirus provides an increasingly supportive backdrop to the importance of preventing AMR infections.
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