DEST announced its unaudited financial results for the half-year ended 30 June 2018 and additional updates for the year to date. It reported strong cash position with cash and term deposits at 30 June 2018 of £15.1m (30 June 2017: £0.9m; 31 December 2017: £16.7m).
Expenditure on R&D in the period was £1.3m (half-year 2017: £0.3m; full-year 2017: £0.8m), reflecting the increased investment in clinical programmes.
DEST is well-funded to develop its lead asset, XF-73, through its clinical Phase 2b programme, which is expected to complete in 2H19, delivering a robust package for partnering and/or further development into Phase 3, the final stage of clinical development. DEST has also identified and initiated a new dermal infection clinical programme, targeting a $0.5bn peak sales opportunity. DEST is well-funded through to 2H20.
DEST appointed Dr. Jesús M González Moreno, M.D., as full time Chief Medical Officer (CMO), who is joining today.
Neil Clark, DEST’s CEO, commented: “Destiny Pharma has made substantial progress in the year, following its IPO in September 2017, delivering on a number of clinical development and business objectives set out at the time. With continuing international support for the development of novel anti-infective drugs that address the issue of anti-microbial resistance, Destiny Pharma’s unique platform is well-positioned to meet this global need and we remain confident in the outlook of the business.”