TIDMDEST
RNS Number : 2898E
Destiny Pharma PLC
29 June 2023
Business Update
Continued progress on XF-73 partnering discussions
Susan Koppy appointed to drive business development
activities
$2bn XF-73 Nasal market opportunity
Brighton, United Kingdom - 29th June 2023: Destiny Pharma plc
(AIM: DEST), a clinical stage innovative biotechnology company
focused on the development and commercialisation of novel medicines
that can prevent life-threatening infections, today provides an
update on the progress made on business development and partnering
activities relating to XF-73 Nasal, its lead asset, and a market
research report which is being undertaken to confirm the market
potential for this asset. In addition, the Company today provides
an update on the progress made in its search for a new CEO.
Business development and partnering of XF-73 Nasal
While good progress continues to be made on all of Destiny's
assets, partnering of XF-73 Nasal remains Destiny's principle focus
over the coming months. Active discussions are progressing at
various stages with a number of interested global parties having
access to the XF-73 data room, and the Company anticipates several
more potential partners will be granted access in the coming
months.
To assist and accelerate partnering discussions, the Company has
appointed Susan Koppy, a highly experienced US business development
executive, as Consultant Head of Business Development. Susan has
over 30 years' experience, including strategy, marketing, corporate
and business development, and M&A roles in global biotechnology
and pharmaceutical companies in the United States, Europe, and
Japan. Her wealth of experience will be invaluable as the Company
progresses partnership discussions for XF-73 Nasal and broader
business development efforts. With Dr Debra Barker leading business
development efforts, supported by Susan Koppy and the wider
development team, Destiny has the resources in place to deliver its
business development activities.
A further update on XF-73 Nasal partnering progress will be
provided at the time of the Company's interim results in
September.
XF-73 Nasal regulatory position
In December 2022, the Company announced a clinical trial plan
had been agreed with the FDA [1] and EMA [2] which will, when
successfully completed, deliver a very broad label for the
prevention of surgical site infections due to Staph Aureus,
establish clear differentiation from the competition and thus
facilitating pricing and reimbursement discussions. This was a
critical step as it defines the development pathway for potential
partners and underpins the commercial value of XF-73 Nasal.
Potential market size of $2bn for XF-73 Nasal
Market analysis on XF-73 Nasal, undertaken by Destiny and its
consultants between 2018 and 2022, showed a significant potential
worldwide market of $2bn for this product. The Company is currently
updating that data to support its partnering efforts. This exercise
is expected to be completed over the summer and the Company will
update the market with the findings when available.
CEO search
Further to the announcement of 25 May 2023, the search for a
permanent CEO is progressing at pace, with discussions being held
with a number of potential candidates for the role. This is a
priority for the Board and nominations committee and updates will
be provided as appropriate.
Debra Barker, Interim CEO of Destiny Pharma, said, "Destiny's
key priority remains the partnering of our XF-73 Nasal asset as we
look to maximise the significant market potential for this product.
Good progress continues to be made in commercial discussions, and a
number of global players are currently in the XF-73 data room. We
anticipate that several new participants will be added over the
coming months and a further update will be provided at the time of
the Company's interim results in September. The Board and I are
highly focused on delivering this objective and are doing
everything we can to support the partnering process while
maintaining tight cost control."
ENDS
For further information, please contact:
Destiny Pharma plc
Dr Debra Barker, CEO
Shaun Claydon, CFO
+44 (0)1273 704 440
pressoffice@destinypharma.com
Optimum Strategic Communications
Mary Clark / Nick Bastin / Jonathan Edwards / Eleanor Cooper
+44 (0) 203 922 0891
DestinyPharma@optimumcomms.com
finnCap Ltd (Nominated Advisor and Joint Broker)
Geoff Nash / George Dollemore, Corporate Finance
Alice 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
About Destiny Pharma
Destiny Pharma is a clinical stage, innovative biotechnology
company focused on the development and commercialisation 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-COV, 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/
[1] U.S. Food and Drug Administration
[2] European Medicines Agency
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