Destiny Pharma reports progress on clinical assets

(Sharecast News) - Clinical-stage biotechnology company Destiny Pharma said in a year-end update on Thursday that its primary focus remained on realising the full potential of its XF-73 Nasal asset. The AIM-traded firm said the product held substantial market potential for the company, with promising benefits for patients and healthcare systems.

To achieve that goal, Destiny said it was actively exploring various options, including ongoing discussions with potential partners.

Its objective was to secure the most advantageous deal to maximise shareholder value, with further updates to be provided in due course.

In addition to XF-73 Nasal, Destiny said it was looking ahead to advancing the NTCD-M3 development programme throughout 2024 in collaboration with Sebela Pharmaceuticals.

Pre-clinical results for XF-73 Dermal were expected imminently.

Additionally, the company anticipated making significant progress across its XF drug platform and assets, with established target indications for XF-73 Dermal and XF-70, a novel antifungal from the XF drug platform, later in 2024.

Destiny said it was funded through the first quarter of 2025.

"I am extremely excited by the potential of our products to reduce the emergence and impact of drug-resistant pathogens, and since arriving as CEO in September, I have been evaluating with the board the best way to realise their full value," said chief executive officer Chris Tovey.

"Having successfully completed a deal with Sebela Pharmaceuticals for NTCD-M3 during 2023, we're continuing to progress our partnering activities, and discussions with multiple interested parties are ongoing.

"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."

At 1108 GMT, shares in Destiny Pharma were down 3.26% at 66.75p.

Reporting by Josh White for Sharecast.com.