Shares in Destiny Pharma PLC surged 18% in early trading following an announcement that the company will present new microbiological information on one of its lead assets, XF-73.
The read-out, set to be unveiled in a meeting with analysts and investors later today, reveals the nasal gel's effectiveness against all known antibiotic strains of Staphylococcus, including MRSA.
"In our view, the latest data bolsters XF-73’s clinical profile and will further support the company’s strategic partnering efforts whilst strengthening management’s position to secure deal terms favourable for shareholders in potential future licensing negotiations," said corporate broker Cavendish in a short note to clients.
According to Cavendish, a new study published in the Frontiers in Cellular and Infection Microbiology scientific journal tested how well XF-73 works against a type of bacteria called Staphylococcus, or Staph for short.
The study looked at over 2,500 samples of this bacteria from 33 different countries and 16 different kinds.
The phase III-ready preventative was effective against all breeds tested, even the ones that are usually resistant to antibiotics.
It worked against the particularly tough-to-kill MRSA strain, which is known to cause severe infections. The gel was effective against six other important types of Staph bacteria as well.
At 8.30 am, the shares were changing hands for 56.7p, up 8.7p. Cavendish thinks they are worth as much as 285p each.