Destiny Pharma PLC (AIM:DEST, OTC:DTTYF), the Brighton-based biotechnology firm, has progressed with partnership talks around XF-73 Nasal, its flagship asset - the market for which could be as big as US$2bn.
It said it is engaging with various potential collaborators globally who have shown interest in the asset.
To expedite these discussions, Susan Koppy has been appointed as the consultant head of business development.
A further progress report on negotiations will be provided alongside interim results in September.
"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," said Debra Barker, interim chief executive.
"Good progress continues to be made in commercial discussions, and a number of global players are currently in the XF-73 data room."
She added: "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."
In the update, investors were also told that research had been carried out to assess the market potential of XF-73, which, based on the latest data, was put at around US$2bn. A complete market study is underway and will be concluded over the summer.
In the same announcement, Destny said it is in talks with several potential candidates for the vacant CEO role.