Destiny Pharma PLC (AIM:DEST, OTC:DTTYF) said it is exploring 'strategic options' to advance the development of XF-73 nasal, a breakthrough gel to prevent post-operative infections.
In doing so, it is considering various options including licensing deals, or finding the investment to take its lead asset through phase III trials under its own steam.
It would be helped by the fact that the Destiny team has developed a new approach that has cut the cost of the pivotal study in half.
It has done so while maintaining the product's market potential and benefits to patients, addressing prior concerns from potential partners about the high costs of clinical development.
'Whilst we will now be presenting an enhanced proposition for the product to potential partners, we also have initiated a wider review to evaluate a range of strategic options to progress the programme and to maximise value from XF-73 nasal," said chief executive Chris Tovey.
"We have a team with a strong track record of bringing products to market and I believe that we can bring this expertise to bear to give XF-73 nasal and Destiny Pharma the best chance of success."
The update was provided alongside the company's prelims, which revealed a comprehensive loss for the 12 months ended December 31 of £5.7 million reflecting the investment made in developing its portfolio. Cash at that point was £6.4 million.
Destiny's focus is anti-infectives and its second major asset, NTCD-M3, has been licensed to Sebela Pharmaceuticals.