Destiny Pharma PLC (AIM:DEST) said its strengthened balance sheet provides it with the opportunity to take its two late-stage assets to value inflexion points.
Last month it raised £6.5mln, which it will use to complete a phase III study on NTCD-M3 targeting C.difficile infection recurrence.
It will also invest in getting ready for phase III XF-73 nasal, which is being developed to prevent staphylococcal hospital infections.
“Destiny Pharma has a great opportunity as a focused UK biotechnology company with full control of two high-quality, late-stage clinical assets targeted at infection prevention,” said Neil Clark in commentary accompanying the company’s prelims.
“Both are backed up by strong phase II clinical data and have clear commercial positioning.”
The current state of play was the result of a busy year operationally for the drug developer.
In the 12 months ended 31 December 2021, it spent £3.7mln on research and development, contributing to a loss of £6.3mln.
It had £4.6mln at the end of 2021. With the new funds raised in March, it has a cash runway out to the middle of next year.