Destiny Pharma PLC (AIM:DEST) annouced positive results from a preclinical safety study with its novel XF-73 dermal formulation, clearing the way for the second and final safety study of the product.
The company is developing XF-73 Dermal for the prevention of infections in open wounds and broken skin, including diabetic foot ulcers. Its XF platform includes XF-73 nasal gel, which has completed a positive Phase 2b clinical trial targeting the prevention of post-surgical staphylococcal hospital infections, including MRSA.
The safety studies of XF-73 Dermal are part of a non-clinical evaluation agreement with the National Institute of Allergy and Infectious Diseases (NIAID), part of the US National Institutes of Health. Both studies are being conducted through NIAID's suite of preclinical services.
The biotech company said it will continue to work with NIAID to complete the preclinical safety package that will support future clinical development of XF-73 Dermal in serious wound infections.
The second safety study is planned to complete in 2022, it said.
"We are very pleased with the encouraging data from our novel XF-73 dermal formulation which is aimed at meeting a clear clinical need in a large market where peak product sales could reach half a billion US dollars," said Destiny Pharma CEO Neil Clark.
"This programme is well placed to deliver a second clinical candidate from our XF platform following the excellent Phase 2 clinical results generated for the XF-73 nasal gel for the prevention of post-surgical infections caused by Staphylococcal aureus."
Shares climbed 1.73% to 88.00p in early trade.