Destiny Pharma PLC (AIM:DEST, OTC:DTTYF) has told investors its team remains fully focused on delivering a comprehensive partnering deal for its lead asset, NTCD-M3, in early 2023.
The UK-based biotech company, in a statement ahead of the year’s end, said it has made good progress in all its key projects including NTCD-M3 and XF-73 Nasal, along with its earlier pre-clinical pipeline targeting dermal infections and COVID-19.
For NTCD-M3, which aims to prevent Clostridioides difficile infection (CDI) recurrence, the company is currently engaged in a process to secure a commercialization partner for the drug.
It previously entered exclusive negotiations with a US pharmaceutical company - the identity of which has yet to be disclosed - and Destiny said it expects to finalize a collaboration in early 2023.
Destiny added that the proposed terms of the partnership would see all future clinical development and commercialization of NTCD-M3 in the US, funded by the partner. The company said that it believes this will significantly increase the value of its investment in the drug, without the need to contribute towards the funding of the final clinical program.
Elsewhere, Destiny has a defined Phase 3 clinical development plan for XF-73 Nasal, a nasal gel for the prevention of post-surgical infections. For this product, the company is currently running an active partnering campaign and also aims to secure a commercialization partner in 2023.
“We are also very excited to finalise our Phase 3 plans for XF-73 Nasal and intensify partnering discussions now that we have detailed regulatory feedback,” said the company's chief executive Neil Clark in the statement.
“Our aim is to end 2023 having secured partners for both of our lead assets to complete their final Phase 3 clinical studies, registration and approval in key markets - especially the United States," he added.