A biotech seeking to fight anti-microbial resistance is planning to float on the London Stock Exchange.
Destiny Pharma is hoping to raise more than £10m through an initial public offering (IPO) on the junior Alternative Investment Market (Aim) in September.
The clinical-stage company, which has City veteran Sir Nigel Rudd on board as its chairman, announced its intention to float on the stock exchange this morning.
Destiny, which is based near Brighton and is focused on the development of anti-microbial drugs, is being advised on the IPO by Cantor Fitzgerald.
“Destiny Pharma is looking forward to the next chapter of its growth as a publicly traded company, a milestone that will mark a significant strategic step forward for the company,” said Rudd.
“Tackling anti-microbial resistance has become a global imperative that is on the agenda of both the [World Health Organisation] and the United Nations, as well as the G7 and the G20 countries.
“The company’s proprietary technology platform uniquely addresses the issue of resistance and potentially opens up significant markets for both the prevention and treatment of bacterial disease.”