- Continued progress on XF-73 partnering discussions
- Susan Koppy appointed to drive business development activities
- $2bn XF-73 Nasal market opportunity
Brighton, United Kingdom – 29th June 2023: Destiny Pharma plc (AIM: DEST), a clinical stage innovative biotechnology company focused on the development and commercialisation of novel medicines that can prevent life-threatening infections, today provides an update on the progress made on business development and partnering activities relating to XF-73 Nasal, its lead asset, and a market research report which is being undertaken to confirm the market potential for this asset. In addition, the Company today provides an update on the progress made in its search for a new CEO.
Business development and partnering of XF-73 Nasal
While good progress continues to be made on all of Destiny’s assets, partnering of XF-73 Nasal remains Destiny’s principle focus over the coming months. Active discussions are progressing at various stages with a number of interested global parties having access to the XF-73 data room, and the Company anticipates several more potential partners will be granted access in the coming months.
To assist and accelerate partnering discussions, the Company has appointed Susan Koppy, a highly experienced US business development executive, as Consultant Head of Business Development. Susan has over 30 years’ experience, including strategy, marketing, corporate and business development, and M&A roles in global biotechnology and pharmaceutical companies in the United States, Europe, and Japan. Her wealth of experience will be invaluable as the Company progresses partnership discussions for XF-73 Nasal and broader business development efforts. With Dr Debra Barker leading business development efforts, supported by Susan Koppy and the wider development team, Destiny has the resources in place to deliver its business development activities.
A further update on XF-73 Nasal partnering progress will be provided at the time of the Company’s interim results in September.
XF-73 Nasal regulatory position
In December 2022, the Company announced a clinical trial plan had been agreed with the FDA[1] and EMA[2] which will, when successfully completed, deliver a very broad label for the prevention of surgical site infections due to Staph Aureus, establish clear differentiation from the competition and thus facilitating pricing and reimbursement discussions. This was a critical step as it defines the development pathway for potential partners and underpins the commercial value of XF-73 Nasal.
Potential market size of $2bn for XF-73 Nasal
Market analysis on XF-73 Nasal, undertaken by Destiny and its consultants between 2018 and 2022, showed a significant potential worldwide market of $2bn for this product. The Company is currently updating that data to support its partnering efforts. This exercise is expected to be completed over the summer and the Company will update the market with the findings when available.
CEO search
Further to the announcement of 25 May 2023, the search for a permanent CEO is progressing at pace, with discussions being held with a number of potential candidates for the role. This is a priority for the Board and nominations committee and updates will be provided as appropriate.
Debra Barker, Interim CEO of Destiny Pharma, said, “Destiny’s key priority remains the partnering of our XF-73 Nasal asset as we look to maximise the significant market potential for this product. Good progress continues to be made in commercial discussions, and a number of global players are currently in the XF-73 data room. We anticipate that several new participants will be added over the coming months and a further update will be provided at the time of the Company’s interim results in September. The Board and I are highly focused on delivering this objective and are doing everything we can to support the partnering process while maintaining tight cost control.”
Full Press Release available here.