Source - SMW
Clinical stage biotechnology Destiny Pharma reported narrower losses on lower share-based payment expenses. The company paused a clinical study on its lead drug, but said it had funding through to fourth quarter of 2021.

For 2019, pre-tax losses narrowed to £5.5m from £6.0m on-year. As a clinical stage research and development company, Destiny was yet to commercialise and generate sales from its current programmes. 

Share-based payment expense fell to £203K from 738K.

'We made good progress in 2019 and were very pleased to start recruitment into our lead Phase 2b programme evaluating the potential of our lead product, XF-73, to prevent post-surgical infections. Unfortunately, the study is now effectively paused due to restrictions on performing non-COVID-19 related clinical trials during the pandemic,' the company said. 

'We are working hard to accelerate recruitment when these restrictions are lifted and look forward to completing this important Phase 2b study as soon as possible. The Company remains well-funded and through careful management of our cash resources we have funding through to Q4 2021,' it added. 

At 9:31am: (LON:DEST) Destiny Pharma Plc share price was +5p at 43p

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