Destiny Pharma continues to advance two late-stage assets towards Phase 3 trials
In its half-year results for the six months to 30 June 2021, told investors that “exceptional progress” has been made in 2021 while the business continues to advance two late-stage assets both targeting infection prevention towards Phase 3 trials.
The biotechnology firm which is focused on developing medicines for life threatening infections, said both of these assets are supported by ‘strong Phase 2 clinical data’ and address clear clinical needs where there are also significant commercial opportunities.
Destiny Pharma has made exceptional progress in 2021. Our pipeline is focused and strong, with two exciting late-stage assets moving towards Phase 3 trials from two different technologies both targeting infection prevention,” said Neil Clark, CEO of Destiny Pharma.
The Group said it has been “very pleased” with the quality of the XF-73 nasal Phase 2b data to date and that it is now focused on clarifying the Phase 3 trial designs in the US and Europe. Destiny’s XF-73 nasal gel has been developed for the prevention of post-surgical infections.
It stated that it remains confident that the XF-73 asset has the potential to deliver a major improvement in the prevention of post-surgical infections caused by Staphylococcus aureus.
Back in March 2021, Destiny reported positive results from its Phase 2b clinical trial of XF-73 in which it stated that the primary efficacy endpoint of the study had been met with an ‘exceptionally high statistical significance’ and there were no treatment related safety events.
“There is a clear clinical need and commercial opportunity for XF-73 in the hospital setting which we estimate in the US alone to be peak annual product sales of $1bn” , said Clark.
Destiny outlined that ‘good progress’ is also being made with the transfer and scale up of the NTCD-M3 programme targeting C. difficile infection (CDI) recurrence. The Company informed investors that a detailed planning for the single Phase 3 clinical study is currently underway.
Shares in Destiny Pharma have increased by over 70% in value since the beginning of 2021. The stock was trading 0.41% higher this morning at 122p following the published results.
C. difficile infection is the leading cause of hospital acquired infection in the US and poor treatments lead to recurrence. In the United States, there are approximately 500,000 cases of CDI each year; 25% of these initial cases then recur leading to 29,000 deaths per year.
The Company outlined that clinical data for NTCD-M3 appears ‘superior’ to current treatments and drugs in development for the treatment of the recurrence of C. difficile infection.
“As we finalise the Phase 3 study design and network with CDI medical experts, we are increasingly enthused by the positioning of NTCD-M3 as a single strain, natural biotherapeutic and its great potential in a large market where peak global product sales could reach $bn,” said Clark, who highlighted that NTCD-M3 is Destiny’s “most advanced clinical programme.”
By period end, Destiny Pharma reported net assets of £10.2m, compared to £5.4m in 1H20. Cash and term deposits as at 30 June 2021 was £7.1m compared to £5.6m in the year prior.
Going forward, the Company outlined to investors that it remains funded through to 4Q22.
The Company outlined that its strategy is to remain a research and development specialist. It is therefore seeking partners to lead the eventual commercialisation of these assets and help fund the Phase 3 clinical trials as well as exploring alternative funding options, it explained.
“COVID-19 has highlighted vividly the healthcare impact of infectious diseases and we remain convinced that Destiny Pharma's unique pipeline has the potential to deliver novel, commercially attractive products to prevent life threatening infections,” added Clark.
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