8th Sep 2022 15:17
(Alliance News) - Destiny Pharma PLC on Thursday reported a widened interim loss, as it progresses two key clinical assets.
The Brighton-based biotechnology company reported a loss before tax of GBP3.8 million in the first half of 2022, widened from GBP3.0 million last year.
Its worsening position was the result of a 24% increase in administrative costs to GBP3.6 million this year from GBP2.9 million last year.
The company generated no revenue as its products are still in the development phase.
Shares in Destiny were trading 2.3% lower at 37.14 pence each in London.
Destiny noted that it has two "high quality, late stage clinical assets". The company said it was "committed to taking these late-stage programmes through their final phase 3 clinical studies".
The two assets are NTCD-M3, which received positive feedback from the European Medicines Agency on Wednesday, and XF-73 Nasal gel, which was awarded fast track status by the US Food & Drug Administration.
In earlier stages of completion, the company is developing SPOR-COV in collaboration with SporeGen Ltd to develop a new nasal spray to prevent viral respiratory infections, including Covid-19 and influenza. The company said that SPOR-COV "is at an exciting stage having almost completed the grant funded work."
The company pointed out that there is "increased international support for the development of novel anti-infective drugs that address the issue of anti-microbial resistance" after the Covid-19 pandemic.
Chief Executive Officer Neil Clark said: "Destiny Pharma has two exciting, late-stage clinical assets moving towards phase three trials originating from two different technologies both targeting infection prevention."
"I am pleased with the progress made in the first half of 2022 in moving our two lead clinical assets, NTCD-M3 and XF-73 Nasal, towards phase three trials. We have progressed partnering discussions in relation to NTCD-M3 and have advanced our US and European regulatory plans for both programmes. ...We remain convinced that our products, once commercialised, will reduce the number of infections and improve outcomes for patients, and help reduce significant healthcare costs while serving large global markets."
By Chris Dorrell; [email protected]
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