Destiny Pharma is dedicated to the discovery, development and commercialisation of new antimicrobials that have unique properties to improve outcomes for patients and the delivery of medical care into the future.
10 Nov 2020
A group transformed
While completing the Phase 2b study of their first product, Destiny have announced the planned acquisition of an exciting late-stage preventative product and a fundraising to support its Phase 3 development.
Along with the previously announced agreement with SporeGen on the preventative therapy for COVID-19, Destiny’s portfolio is being transformed by its business development spurt. The acquisition of the global rights to non-toxigenic Clostridiodes difficile strain M3 would catapult Destiny’s pipeline into late stage development whilst reinforcing its strategic bent on preventative microbiome-promoting therapies.
Subject to GM approval, there is a conditional placing and Open Offer of up to £11.5m to fund the acquisition and development of M3; including finalising manufacture, and general working capital expenses. The Phase 3 study protocol of M3 was confirmed with the FDA in July 2020 and will be 800 patients randomised 2.2:1 active to placebo.
On completion,our valuation of Destiny Pharma increases from £84.5m (193p per share) to £138.0m (224p per share).