Pharma company seeking to tackle anti-microbial resistance floats on London Stock Exchange

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The float valued Destiny at £65.4m (Source: Getty)

A Brighton-based pharma company seeking to tackle the global problem of anti-microbial resistance floated on the London Stock Exchange today.

Destiny Pharma today announced that it has raised gross proceeds of £15.3m and has entered the junior Alternative Investment Market (Aim) with shares priced at 157p.

The initial public offering (IPO) gives Destiny a market capitalisation of £65.4m.

The company, which has City veteran Sir Nigel Rudd on its board as chairman, also today said it had entered a binding agreement to collaborate with a subsidiary of China Medical System Holdings.

Chief executive Neil Clark said the funds raised would be used primarily to progress with the development of the firm’s leading drug candidate XF-73. It is designed to prevent post-surgical Staphylococcus aureus infections, including MRSA.

He added: “XF-73 could be the first drug to be specifically labelled for a new US FDA sanctioned indication, namely the prevention of post-surgical infections; a market we believe to be worth a billion dollars in the US alone and growing.

“We would like to thank our new and existing shareholders for their support and we look forward to updating the market with our progress as we continue to advance XF-73 and our proprietary XF drug development platform.”

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Tags: IPOs