Brighton's Destiny Pharma posts encouraging interim results

By Tom Kilkelly

21 September 2023

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Brighton-based clinical stage biotechnology company Destiny Pharma has posted its interim results for the six months ended 30 June 2023.

The firm reported a number of operational highlights, including a partnering deal agreed with Sebela Pharmaceuticals in North America worth up to $570m plus royalties for the companies NTCD-M3 drug.

Also reported was the clinical development and commercialisation of MTCD-M3 in North America financed by Sebela. The firm also revealed that preparations for its phase 3 clinical study of the drug are underway.

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The firm also made note of the strengthening of its board through 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 on 1 September.

Chris Tovey, Chief Executive Officer of Destiny Pharma, said: ''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.

“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.”

By Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022.

During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan).

His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.