China Medical System puts £3m into Destiny Pharma
Updated : 15:43
Clinical stage biotechnology company Destiny Pharma announced on Friday that China Medical System Holdings has, through its wholly owned subsidiary CMS Medical Venture Investment, invested £3m in Destiny to accelerate the development of its pipeline of drug candidates.
The AIM-traded firm said the investment followed the finalisation of the development and commercialisation agreement with CMS, which also occurred on Friday.
It said the investment would be used to accelerate the development of its “novel” antimicrobial pipeline, and consisted of a subscription for 1,910,828 new ordinary shares at a price of 157p per share.
Destiny Pharma explained that, together with money raised at the time of its placing and admission of shares to trading on AIM, gross funds recently raised now stood at more than £18m.
“Following the successful flotation, in which Destiny raised £15.3m, and this additional equity investment of £3m by CMS, Destiny is well funded through to 2020,” said CEO Neil Clark.
“The company is now focused fully on delivering the phase 2b clinical trials for its lead programme XF-73 and developing its earlier pipeline over the next two years.”