Destiny Pharma PLC (AIM:DEST, OTC:DTTYF) said it is focused on "delivering further deals" in the wake of its landmark tie-up with Sebela Pharmaceuticals, inked in February and worth up to US$570mln plus royalties.
Its new partner will take on the financial heavy lifting for NTCD-M3, Destiny’s c.difficile infection treatment.
“The board and management are now focused on delivering further deals in 2023, especially with regards to XF-73 nasal,” the company said in commentary accompanying its annual results.
XF-73 is a pioneering phase III-ready product designed to protect patients from post-operative infections.
“Destiny Pharma has a great opportunity as a focused UK biotechnology company with two high-quality, late-stage clinical assets targeted at infection prevention,” investors were told. “Both are backed up by strong phase II clinical data and have clear commercial positioning.”
The financial results showed Destiny posted a loss of £7.7mln for the 12 months ending December 31, 2022, after spending close to £5mln on research and development activities.
Following a £7.3mln fundraiser, completed last month, the company has a cash runway out to the second half of next year.