Destiny Pharma PLC (AIM:DEST, OTC:DTTYF) said its strategic focus currently is on maximising the value of XF-73 Nasal, a fast-acting gel developed to prevent post-operative infection.
In an update on progress, the company told investors it actively exploring various options to extract shareholder value from the phase III-ready product and, to that end, is in ongoing discussions with potential partners.
According to chief executive Chris Tovey, there are talks with "multiple interested parties". He said: "The strengthened leadership team and board are completely focused on achieving the best deal that we can for XF-73 Nasal as we evaluate all the options that could deliver this product to patients and maximum value to shareholders."
In addition to XF-73 Nasal, Destiny is advancing the NTCD-M3 development programme in collaboration with Sebela Pharmaceuticals throughout 2024.
Imminent pre-clinical results are expected for XF-73 Dermal. Moreover, the company anticipates progress in its broader XF drug platform, with specific target indications for XF-73 Dermal and XF-70, a novel anti-fungal agent, expected later in the year.
In the update, Destiny confirmed it has funding through to the first quarter of 2025.