Shore Capital expressed optimism about the progress of Destiny Pharma PLC (AIM:DEST, OTC:DTTYF)'s XF-73 Nasal, an anti-infective designed to reduce nasal carriage of Staphylococcus aureus and prevent post-surgical infections.
The corporate broker noted that a commercial partnership to develop the breakthrough gel would mark a significant de-risking event for the UK-based biotech firm.
XF-73's unmatched resistance profile and compatibility with existing hospital procedures position it as a best-in-class solution in combatting post-surgical infections.
The drug has already been de-risked through a successful phase II programme and has the green light for phase III clinical programmes in both the US and Europe.
Shore also noted that the successful execution of a partnership agreement could provide substantial funding for Destiny Pharma, which is expected to have enough cash to last until the second half of 2024.
The appointment of Susan Koppy as consultant head of business development, alongside interim CEO Dr Debra Barker, signals the company's commitment to securing the right partnership.
Lastly, Destiny Pharma is actively seeking a new CEO, with the search progressing swiftly, according to Shore Capital.