£3m investment sees Destiny accelerate pipeline

£3m investment sees Destiny accelerate pipeline
Credit: Shutterstock.com/ katjen

CMS Medical Venture Investments has ploughed £3 million into Destiny Pharma to accelerate the company’s pipe candidates or novel anti-microbial drugs.

This follows finalisation of the development and commercialisation agreement with CMS.

“Following the successful flotation, in which Destiny raised £15.3 million, and this additional equity investment of £3 million by CMS, Destiny is well funded through to 2020,” said Destiny CEO Neil Clark.

“The Company is now focused fully on delivering the phase 2b clinical trials for its lead programme XF-73 and developing its earlier pipeline over the next two years.”

The investment has been made by way of a subscription for 1,910,828 new ordinary shares at a price of 157p per share.

Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM.