Decision of the Board to Appoint Administrators

Destiny Pharma plc
(“Destiny Pharma” or “the Company”)

Decision of the Board of Directors to Appoint Administrators.

Brighton, United Kingdom – 22 August 2024 – Destiny Pharma, a clinical stage biotechnology company focused on the development and commercialisation of novel medicines to prevent and cure life threatening infections, today announces that further to the announcement of 15 July when it communicated its intention to delist and the subsequent delisting process that concluded 12 August, the Company has resolved to appoint Stephen Cork and Mark Smith of Cork Gully LLP as joint administrators with effect from 21 August. 

The Company has been unable to secure a licencing partner for XF-73 Nasal or access to the further capital required to progress the Company and, as a consequence, has made the decision to appoint joint administrators to protect the interests of the Company’s stakeholders. The joint administrators intend to progress discussions with potential investors, partners and interested parties with a view to achieving an optimal outcome.

The Board of Directors, management and employees are currently supporting the joint administrators in the process and further updates will be provided as soon as reasonably practicable.

The Company’s shareholders and other stakeholders can contact the administrator team via the enquiries details noted below.

For further information, please contact: 

About Destiny Pharma

Destiny Pharma is an innovative, clinical-stage biotechnology company focused on the development and commercialisation of novel medicines that can prevent life-threatening infections. The Company’s drug development pipeline includes two late-stage assets XF-73 Nasal gel, a proprietary drug targeting the prevention of post-surgical staphylococcal hospital infections including MRSA and NTCD-M3, a microbiome-based biotherapeutic for the prevention of C. difficile infection (CDI) recurrence which is the leading cause of hospital acquired infection in the US.

For further information on the company, please visit www.destinypharma.com.

Forward looking statements

Certain information contained in this announcement, including any information as to the company’s strategy, plans or future financial or operating performance, constitutes “forward-looking statements”. These forward looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “aims”, “plans”, “predicts”, “may”, “will”, “seeks” “could” “targets” “assumes” “positioned” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Directors concerning, among other things, the company’s results of operations, financial condition, prospects, growth, strategies and the industries in which the company operates. The Directors of the company believe that the expectations reflected in these statements are reasonable but may be affected by a number of variables which could cause actual results or trends to differ materially. Each forward-looking statement speaks only as of the date of the particular statement. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future or are beyond the company’s control. Forward looking statements are not guarantees of future performance. Even if the company’s actual results of operations, financial condition and the development of the industries in which the company operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.