TIDMDEST
RNS Number : 9813M
Destiny Pharma PLC
20 September 2023
Destiny Pharma plc
("Destiny Pharma" or the "Company")
Interim results for the six months ended 30 June 2023
Active discussions with potential partners for XF-73 nasal
supported by new market analysis that underscores $2bn market
opportunity
Partnering deal with Sebela Pharmaceuticals for NTCD-M3 in North
America fully funds phase 3 clinical development and
commercialisation with significant upside potential
Appointments of Chris Tovey as Chief Executive Officer and Sir
Nigel Rudd as Chairman add deal-making and commercial expertise to
Board
Strengthened balance sheet gives cash runway into 2025,
providing funding through significant value inflection points
Brighton, United Kingdom - 20 September 2023 - Destiny Pharma
(AIM: DEST), a clinical stage biotechnology company focused on the
development and commercialisation of novel medicines to prevent and
treat life threatening infections, announces its unaudited interim
financial results for the six months ended 30 June 2023 and
provides an update for the year to date.
Operational highlights
-- NTCD-M3 (prevention of C. difficile infection ("CDI") recurrence)
Partnering deal agreed with Sebela Pharmaceuticals in North
America (US, Canada, and Mexico) worth up to $570m plus
royalties
Clinical development and commercialisation in North America
financed by Sebela
Preparations for Phase 3 clinical study underway, with current
focus on optimising delivery of clinical trial product and
CMC process development
Peer reviewed paper published in Microbiology Spectrum
concludes that NTCD-M3 is effective alongside all currently
recommended antibiotics, including fidaxomicin, in the treatment
of CDI
-- XF-73 nasal (prevention of post-surgical staphylococcal
hospital infections including MRSA)
New survey of clinicians and payers in US and EU supports
significant global market opportunity and underscores $2
billion market potential in US alone
Active partnering discussions progressing with multiple
interested global parties
Landmark Phase 2b clinical data demonstrating primary endpoints
were met published in leading US peer reviewed journal,
Infection Control & Hospital Epidemiology
Recent scientific advisory board ("SAB") findings confirm
proposed Phase 3 development pathway (post period)
-- Earlier stage pipeline
US government's National Institute, Allergy, and Infectious
Diseases (NIAID) funding an extensive and on-going safety
study of XF-73 dermal. The second and final clinically-enabling
regulatory study is expected to complete by late 2023
Positive results from research into biotherapeutic treatment
(SPOR-COV(R)) for COVID- 19 models supports potential as
prophylactic nasal spray; partners reviewing options for
development in light of current status of COVID-19 pandemic
and current therapeutic options
Results of a recent publication in Frontiers of Fungal Biology
highlighted the potential of XF-70 and XF-73 as new drugs
for the management of topical infections caused by Candida
albicans (a common yeast infection) (post period)
-- Strengthened Board and management team
Board strengthened post period end with the appointments
of Chris Tovey, CEO, and Sir Nigel Rudd, Chairman; Dr Debra
Barker resumed her position as a Non-Executive Director
and assumed the role of Senior Independent Director from
1 September
Financial highlights
-- $1million upfront payment received from Sebela during the period
-- Cash and short-term deposits at 30 June 2023 of GBP9.8
million (30 June 2022: GBP8.4 million; 31 December 2022: GBP4.9
million)
-- Expenditure on R&D in the period of GBP1.9 million
(half-year 2022: GBP2.5 million; full year 2022: GBP4.9
million)
-- Company funded through to Q1 2025 following GBP7.3 million (gross) fundraise in Q1
Chris Tovey, Chief Executive Officer of Destiny Pharma,
commented :
" I am delighted to present my inaugural update as CEO of
Destiny Pharma. Destiny's mission is to reduce the emergence and
impact of drug resistant pathogens with preventative solutions. In
my brief tenure to date I have been impressed by both the Company's
pursuit of this mission and the science behind it, which has shown
its extraordinary ability to minimise the chances of bacteria
becoming resistant and is backed by compelling clinical data.
"The partnering of NTCD-M3 and the associated fundraising during
the period demonstrate our ability to generate significant value
from our assets, and have positioned the Company for success as we
advance the Phase 3 development programme for M3 and intensify our
partnering activities for our lead asset, XF-73 nasal. The Company
is now funded through to Q1 2025, allowing us to deliver our
planned activities.
"Destiny Pharma has a unique opportunity to make a difference,
and will play an important role in protecting vulnerable patients
from potential lethal infections. Working with the Board and the
leadership team, I am excited about what we can achieve."
Destiny Pharma will be hosting a presentation to all existing
and potential shareholders at 11.00am BST held via the Investor
Meet Company platform.
Investors can sign up to Investor Meet Company for free, and add
to meet Destiny Pharma plc via:
https://www.investormeetcompany.com/destiny-pharma-plc/register-investor
.
For further information, please contact:
Destiny Pharma plc
Chris Tovey, CEO
Shaun Claydon, CFO
+44 (0) 127 370 4440
pressoffice@destinypharma.com
Powerscourt Group
Sarah Macleod / Adam Michael / Ollie Simmonds / Christopher
Ward
+44 (0) 20 7250 1446
Destiny@powerscourt-group.com
Cavendish Capital Markets Limited (Nominated Adviser and Joint
Broker)
Geoff Nash / George Dollemore, Corporate Finance
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 an innovative, clinical-stage biotechnology
company focused on the development and commercialisation of novel
medicines that can prevent life-threatening infections. The
company's drug development pipeline includes two late stage assets
NTCD-M3, a microbiome-based biotherapeutic for the prevention of C.
difficile infection (CDI) recurrence which is the leading cause of
hospital acquired infection in the US, and XF-73 nasal gel, a
proprietary drug targeting the prevention of post-surgical
staphylococcal hospital infections including MRSA.
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.
Chief Executive Officer's Statement
Introduction
I am pleased to present my first update since taking up the
position of CEO on 1 September.
People have asked what excites me most about Destiny Pharma. Two
things: the mission and the underlying science behind the Company's
products.
Described by experts as one of the greatest threats to public
health in the twenty first century, antimicrobial resistance (AMR)
is rising at an alarming rate. Bacteria, viruses, fungi and
parasites have mutated and no longer reliably respond to the drugs
we have available. Development of new therapeutics is needed, but
that won't on its own address the underlying issues.
Destiny's mission is to reduce the emergence and impact of drug
resistant pathogens with preventative solutions. The science at
Destiny has shown its extraordinary ability to minimise the chances
of bacteria evolving to become resistant and is supported by
compelling clinical data.
I'm honoured to be working with a Board and leadership team that
have the experience and ambition to drive the Company forward. I
would like to thank Debra Barker for her work as interim CEO and
look forward to her continued contribution on the Board as Senior
Independent Director.
Destiny Pharma has a unique opportunity to make a difference,
and an important role to play in protecting us from potential
lethal infections. I am excited about what we can achieve.
Review of the period
NTCD-M3 programme
During the period we signed an exclusive collaboration and
co-development agreement for the North American (U.S., Canada and
Mexico) rights of NTCD-M3, our lead asset for the prevention of
Clostridioides difficile infection (CDI) recurrence, with Sebela
Pharmaceuticals, a U.S. pharmaceutical company with a
market-leading position in gastroenterology.
Under the terms of the agreement, with a value of up to $570
million plus royalties, Sebela will lead and finance all future
clinical development and commercialisation activities of NTCD-M3 in
North America. The Company retains the majority of rights for
Europe and Rest of the World (ex China and ASEAN). Sebela has a
minority interest in any income generated in these non-North
American territories based on the clinical studies it is funding.
Destiny Pharma has the obligation to complete the manufacture of
all clinical trial supplies needed to undertake the required
clinical studies.
One of my first priorities as CEO has been to review the
development plans for NTCD-M3, including the CMC plan, to ensure
its robustness in delivering product not only for the required
clinical studies but also for commercial scale production. My
initial observations are that fundamentally the strategy is sound
and the overall development plan with Sebela is on track. We are
undertaking further work to revisit the assumptions behind specific
project timings which may result in some limited adjustments,
including a longer CMC finalisation schedule. As it stands, we do
not anticipate any material changes to the timing of the overall
programme .
This review notwithstanding, good ongoing engagement and
operational progress has been made since signing the deal. The
Joint Steering Committee, established to provide oversight to
day-to-day partnering activities, has been active in addressing
ongoing matters in the development programme and progress has also
been made toward preparation for the next clinical study including
CRO selection and anticipated geographical coverage.
NTCD-M3's effectiveness alongside all currently recommended
antibiotics in the treatment of CDI was further evidenced in a peer
reviewed paper published in Microbiology Spectrum during the
period. The paper concludes that NTCD-M3 is able to effectively and
fully colonise the gut following fidaxomicin administration,
indicating that NTCD-M3 would be effective in patients receiving
this antibiotic, as well as older antibiotics, such as vancomycin
and metronidazole .
XF-73 nasal programme
In line with our stated strategy, we are actively seeking
partners to complete final clinical development and
commercialisation of XF-73 nasal. Good progress has been made
during the period and we are already in discussions with multiple
interested global parties. We expect to make further progress
during the second half of the year with the intention of securing
the best possible deal and partner to maximise the significant
market potential for XF-73 nasal.
To support our view of the significant market potential of XF-73
nasal and our partnering activities we undertook further market
analysis with specialist consultants during the period. The review,
carried out with clinicians and payers in the US and EU, confirmed
that XF-73 nasal's target product profile is significantly superior
to existing treatments and further supports Destiny's pricing
assumptions used in its assessment of the global market opportunity
for XF-73 nasal. The r esearch also confirmed an increasing
awareness of the need for prophylaxis of surgical infections and
universal decolonization for this patient population with remaining
high unmet medical needs.
We were also pleased to report positive outcomes from our recent
Scientific Advisory Board (SAB) meeting, held shortly after the
period end. The SAB, comprising both US and UK-based infectious
disease specialists and surgeons, concluded that the proposed Phase
3 development pathway reflects the utility of XF-73 nasal in all
surgeries, and that the fast action and lack of resistance to XF-73
nasal will be a great advantage for patients and institutions.
Earlier Pipeline
Whilst our focus remains on our two lead clinical programmes, we
have sought to advance our earlier research projects which are
largely funded by external grants.
We reported positive results from our research collaboration
with SporeGen under an Innovate UK grant award to develop a
biotherapeutic treatment ( SPOR-COV(R) ) for COVID-19 models which
support its potential as a prophylactic nasal spray. We also signed
a manufacturing and regional licencing deal with HURO Biotech JSC
for Vietnam and HURO successfully completed Phase 1 clinical
studies in Vietnam and launched a retail product based on
SPOR-COV(R) in the territory . We are currently reviewing options
with SporeGen for the next stage in development of SPOR-COV (R) in
light of the current status of the Covid pandemic and available
therapeutic options.
Destiny Pharma's regional partner and investor, China Medical
System Holdings ("CMS") reported positive results from its dermal
programme, targeting the prevention and treatment of superficial
skin infections caused by bacteria, shortly after the period end.
The results showed superiority of XF-73 against Mupirocin (the
current leading topical antibiotic) in an in-vivo model of skin
infection. Destiny Pharma has cross-reference rights to data
generated from the programme and so retains the option to develop
dermal XF-73 products for US, European, Japanese and other
territories outside those held by CMS (mainland China, Hong Kong
Special Administrative Region, Macao Special Administrative Region,
Taiwan Region and other certain Asian countries/regions).
We continue to work with the US National Institute of Allergy
and Infectious Diseases (NIAID) to develop XF-73 -dermal, with
NIAID funding an extensive and on-going safety study of XF-73
-dermal. This second and final clinically-enabling regulatory study
is expected to complete by late 2023.
The results of a recent publication in Frontiers in Fungal
Biology highlighted the potential of XF-70 and XF-73 as new drugs
for the management of topical infections, particularly those with
activity against fungal biofilms caused by Candida albicans. There
is a large unmet need for new topical antifungal agents and the
global candidiasis therapeutic market is currently estimated at
over $3 billion.
Board changes
During the period, Debra Barker stepped in as interim CEO
following the departure of Neil Clark. Shortly after the period
end, Nick Rodgers stepped down after serving on the Board for five
years as Chairman, and was replaced by Sir Nigel Rudd, who returns
to the position having chaired the Company from 2010 to 2018 and
led its flotation on the AIM market. Debra has resumed her position
as a Non-Executive Director on the Board and has taken up the role
of Senior Independent Director following my appointment as CEO on 1
September.
Finance
Cash balances at the end of the period were GBP9.8 million,
providing a cash runway through to Q1 2025. Period end cash was
bolstered by the completion of a GBP7.3 million (gross) equity
fundraise and a $1 million upfront milestone payment received from
Sebela during the period. Proceeds from the fundraise are being
used to advance our two lead programmes and strengthen the
Company's balance sheet as we intensify partnering activities for
XF-73 nasal.
Change of Name of Nominated Adviser and Joint Broker
The Group also announces that its Nominated Adviser and Joint
Broker has changed its name to Cavendish Capital Markets Limited
following completion of its own corporate merger.
Outlook
Destiny's priorities remain the partnering of our XF-73 nasal
asset, as we look to maximise the substantial market potential for
this product, whilst progressing NTCD-M3 to commencement of
clinical studies in collaboration with our partner, Sebela
Pharmaceuticals. The Board and I remain highly focused on
delivering these objectives while maintaining tight cost
control.
It is encouraging that our scientific advisory board has
confirmed that the fast action and lack of resistance to XF-73 will
be a great advantage for patients and institutions. In addition,
market research confirms an increasing awareness of the need for
prophylaxis of surgical infections and also universal
decolonisation for this patient population with remaining high
unmet needs. We remain excited about the substantial opportunities
ahead of us.
Chris Tovey
Chief Executive Officer
20 September 2023
Condensed Statement of Comprehensive Income
For the 6 months ended 30 June 2023
6 months ended 6 months ended Year ended
30 June 2023 30 June 2022 31 December
Unaudited Unaudited 2022
GBP GBP Audited
GBP
Continuing operations
Licence fee income 831,552 - -
Administrative expenses (3,866,500) (3,550,876) (7,397,014)
Other operating income - 12,967 154,499
Share option charge (207,974) (275,854) (533,829)
---------------------------------- --------------- --------------- -------------
Operating loss (3,242,922) (3,813,763) (7,776,344)
Finance income 111,309 16,613 64,800
---------------------------------- --------------- --------------- -------------
Loss before tax (3,131,613) (3,797,150) (7,711,544)
Income Tax 471,949 608,848 1,207,975
---------------------------------- --------------- --------------- -------------
Loss and total comprehensive
loss from continuing operations (2,659,664) (3,188,302) (6,503,569)
Loss per share (Note 5)
Basic and diluted (3.1)p (4.8)p (9.3)p
---------------------------------- --------------- --------------- -------------
Condensed Statement of Financial Position
For the 6 months ended 30 June 2023
As at As at As at
30 June 2023 30 June 2022 31 December
Unaudited Unaudited 2022
GBP GBP Audited
GBP
ASSETS
Non-current assets
Property, plant and equipment
(Note 6) 21,635 29,521 24,621
Intangible assets (Note 7) 2,341,469 2,261,435 2,261,435
Non-current assets 2,363,104 2,290,956 2,286,056
-------------------------------- -------------- -------------- -------------
Current assets
Other receivables 663,132 720,673 1,410,452
Prepayments and accrued income 176,824 119,974 195,814
Cash and cash equivalents 9,842,975 8,371,047 4,903,461
Current assets 10,682,931 9,211,694 6,509,727
-------------------------------- -------------- -------------- -------------
11,502,650
TOTAL ASSETS 13,046,035 ) 8,795,783
-------------------------------- -------------- -------------- -------------
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 1,127,080 819,337 1,169,762
-------------------------------- -------------- -------------- -------------
Current liabilities 1,127,080 819,337 1,169,762
-------------------------------- -------------- -------------- -------------
Shareholders' equity
Issued share capital (Note
8) 952,639 733,071 733,071
Share premium 39,568,625 33,043,569 33,043,569
Accumulated losses (28,602,309) (23,093,327) (26,150,619)
-------------------------------- -------------- -------------- -------------
Total shareholders' equity 11,918,955 10,683,313 7,626,021
-------------------------------- -------------- -------------- -------------
TOTAL EQUITY AND LIABILITIES 13,046,035 11,502,650 8,795,783
-------------------------------- -------------- -------------- -------------
Condensed Statement of Changes in Equity
For the 6 months ended 30 June 2023
Issued
share Share Accumulated
capital premium losses Total
GBP GBP GBP GBP
As at 1 January 2023 733,071 33,043,569 (26,150,619) 7,626,021
Loss and total comprehensive
loss
for the period - - (2,659,664) (2,659,664)
Issue of share capital 219,568 7,127,065 - 7,346,633
Costs of share issue - (602,009) - (602,009)
Share based payment
expense - - 207,974 207,974
As at 30 June 2023 952,639 39,568,625 (28,602,309) 11,918,955
------------------------------ --------- ----------- -------------- --------------
Issued
share Share Accumulated
capital premium losses Total
GBP GBP GBP GBP
As at 1 January 2022 598,719 27,091,466 (20,180,879) 7,509,306
Total comprehensive
loss and loss
for the period - - (3,188,302) (3,188,302)
Issue of share capital 134,352 6,332,565 - 6,466,917
Costs of share issue - (380,462) - (380,462)
Share based payment
expense - - 275,854 275,854
As at 30 June 2022 733,071 33,043,569 (23,093,327) 10,683,313
------------------------ --------- ----------- -------------- --------------
Issued
share Share Accumulated
capital premium losses Total
GBP GBP GBP GBP
As at 1 January 2022 598,719 27,091,466 (20,180,879) 7,509,306
Total comprehensive
loss and loss
for the period - - (6,503,569) (6,503,569)
Issue of share capital 134,352 6,332,565 - 6,466,917
Costs of share issue - (380,462) - (380,462)
Share based payment
expense - - 533,829 533,829
As at 31 December 2022 733,071 33,043,569 (26,150,619) 7,626,021
------------------------ --------- ----------- -------------- --------------
Condensed Statement of Cash Flows
For the 6 months ended 30 June 2023
6 months ended 6 months ended Year ended
30 June 2023 30 June 2022 31 December
Unaudited Unaudited 2022
GBP GBP Audited
GBP
Cash flows from operating
activities
Loss before income tax (3,131,613) (3,797,150) (7,711,544)
Depreciation charges 3,669 6,361 12,328
Share based payment expense 207,974 275,854 533,829
Finance income (111,309) (16,613) (64,800)
Decrease in other receivables
and prepayments 21,234 180,808 14,316
(Decrease)/increase in trade
and other payables (42,682) 45,901 396,326
Tax received 1,217,025 927,256 927,256
-------------------------------- --------------- --------------- -------------
Net cash used in operating
activities (1,835,702) (2,377,583) (5,892,289)
-------------------------------- --------------- --------------- -------------
Cash flows from investing
activities
Purchase of tangible fixed
assets (683) - (1,067)
Purchase of intangible assets (80,034) - -
Interest received 111,309 16,613 64,800
Net cash flow from investing
activities 30,592 16,613 63,733
-------------------------------- --------------- --------------- -------------
Cash flows from financing
activities
New shares issued net of issue
costs 6,744,624 6,086,455 6,086,455
-------------------------------- --------------- --------------- -------------
Net cash inflow from financing
activities 6,744,624 6,086,455 6,086,455
-------------------------------- --------------- --------------- -------------
Net increase in cash and cash
equivalents 4,939,514 3,725,485 257,899
Cash and cash equivalents at
the beginning of the period 4,903,461 4,645,562 4,645,562
-------------------------------- --------------- --------------- -------------
Cash and cash equivalents
at the end of the period 9,842,975 8,371,047 4,903,461
-------------------------------- --------------- --------------- -------------
Notes to the Condensed Financial Statements
1. General Information
Destiny Pharma plc ("Destiny" or the "Company") was incorporated
and domiciled in the UK on 4 March 1996 with registration number
03167025. Destiny's registered office is located at Unit 36 Sussex
Innovation Centre Science Park Square, Falmer, Brighton, BN1
9SB.
Destiny is engaged in 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.
2. Basis of Preparation
These interim unaudited financial statements have been prepared
in accordance with AIM Rule 18, 'Half yearly reports and accounts'.
The financial information contained in these interim financial
statements have been prepared under the historical cost convention
and on a going concern basis.
The interim financial information for the six months ended 30
June 2023, six months ended 30 June 2022 and the year ended 31
December 2022 contained within this interim report do not comprise
statutory accounts within the meaning of section 434 of the
Companies Act 2006. The financial information for the year ended 31
December 2022 is based on the statutory accounts for the year ended
31 December 2022. Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of
Companies and did not contain statements under section 498(2) or
(3) of the Companies Act 2006.
In the opinion of the Directors, the interim financial
information presents fairly the financial position, and results
from operations and cash flows for the period. Comparative amounts
for the six months ended 30 June 2022 are also unaudited.
The interim financial statements for the six months ended 30
June 2023 were approved by the Board on 19 September 2023.
3. Accounting Policies
The unaudited interim financial statements for the period have
been prepared on the basis of the accounting policies adopted in
the audited report and accounts of the Company for the year ended
31 December 2022 and expected to be adopted in the financial year
ending 31 December 2023.
4. Segmental Information
The chief operating decision-maker is considered to be the Board
of Directors of Destiny Pharma. The chief operating decision-maker
allocates resources and assesses performance of the business and
other activities at the operating segment level.
The chief operating decision maker has determined that Destiny
Pharma has one operating segment, the discovery, development and
commercialisation of pharmaceutical formulations.
Geographical Segments
The Company's only geographical segment during the period was
the UK.
5. Loss Per Share
The calculation for loss per ordinary share (basic and diluted)
for the relevant period is based on the earnings after income tax
attributable to equity shareholders for the period. As the Company
made losses during the period, there are no dilutive potential
ordinary shares in issue, and therefore basic and diluted loss per
share are identical. The calculation is as follows:
6 months ended 6 months ended Year ended
30 June 2023 30 June 2022 31 December
Unaudited Unaudited 2022
GBP GBP Audited
GBP
Loss for the period from
continuing operations (2,659,664) (3,188,302) (6,503,569)
-------------------------- --------------- --------------- -------------
Weighted average number
of shares 85,995,027 66,600,552 70,182,231
Loss per share - pence
-------------------------- --------------- --------------- -------------
Basic and diluted (3.1)p (4.8)p (9.3)p
-------------------------- --------------- --------------- -------------
6. Property, plant and equipment
Plant
and machinery
GBP
Cost
At 1 January 2023 151,515
Additions 683
Disposals (46,526)
At 30 June 2023 105,672
-------------------------------- ---------------
Depreciation
At 1 January 2023 126,894
Charge for the period 3,669
Disposals (46,526)
At 30 June 2023 84,037
-------------------------------- ---------------
Net book value at 30 June 2023 21,635
-------------------------------- ---------------
Plant
and machinery
GBP
Cost
At 1 January 2022 150,448
Additions -
At 30 June 2022 150,448
-------------------------------- ---------------
Depreciation
At 1 January 2022 114,566
Charge for the period 6,361
At 30 June 2022 120,927
-------------------------------- ---------------
Net book value at 30 June 2022 29,521
-------------------------------- ---------------
Plant
and machinery
GBP
Cost
At 1 January 2022 150,448
Additions 1,067
At 31 December 2022 151,515
------------------------------------ ---------------
Depreciation
At 1 January 2022 114,566
Charge for the year 12,328
At 31 December 2022 126,894
------------------------------------ ---------------
Net book value at 31 December 2022 24,621
------------------------------------ ---------------
7. Intangible assets
Acquired
development
programmes
GBP
Cost
At 1 January 2023 2,261,435
Additions 80,034
Cost and Net book value at 30 June 2023 2,341,469
----------------------------------------- -------------
Cost
At 1 January 2022 2,261,435
Additions -
Cost and Net book value at 30 June 2022 2,261,435
----------------------------------------- ----------
Cost
At 1 January 2022 2,261,435
Additions -
Cost and Net book value at 31 December 2022 2,261,435
--------------------------------------------- ----------
8. Share capital
During March 2023, 20,961,956 new Ordinary shares were issued
following a fundraise comprised of a placing, subscription and open
offer. The Company raised gross proceeds of GBP7.3m from the
fundraise to complete final Phase 3 clinical trial preparation for
NTCD-M3, including clinical trial material manufacturing; progress
XF-73 Nasal CMC manufacturing and Phase 3 preparation; to further
progress its preclinical projects; and to provide general working
capital to strengthen the balance sheet.
994,856 new Ordinary shares were issued in the half-year ended
30 June 2023 following the exercise of share options: On 01
February 2023, 150,000 new shares were issued, on 09 March 2023,
40,000 new shares were issued and on 03 May 2023, 804,856 new
shares were issued.
9. Events after the end of the reporting period
There are no events subsequent to the reporting period that
require adjustment or disclosure.
10. Copies of the interim financial statements
Copies of these interim unaudited financial statements are
available on the Company's website at www.destinypharma.com and
from the Company's registered office, Unit 36 Sussex Innovation
Centre Science Park Square, Falmer, Brighton, BN1 9SB.
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IR SFDFWUEDSEDU
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