Destiny Pharma PLC - clinical-stage biotechnology company based in Brighton, England - Intends to raise £7.0 million through a placing of 11.9 million shares at 50 pence each, subscription for 140,000 shares and an open offer for 2.0 million shares.

Proceeds will go towards progressing into phase three trials in its two lead, clinical assets, NTCD-M3 and XF-73 Nasal, as well as finalise regulatory plans.

‘We are very pleased with the results of the fundraising and the support from our existing and new shareholders. The funds will allow us to continue our progress towards the Phase 3 trials in our lead clinical assets, NTCD-M3 and CF-73 Nasal. The capital will also allow us to finalise the regulatory plans and strengthen the company’s balance sheet as the company progresses its partnering discussions with regards to NTCD-M3,’ says Chief Executive Officer Neil Clark.

Current stock price: 49.90 pence, down 28%

12-month change: down 52%

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