UK-based pharmaceutical firm Destiny Pharma has received 2.8 million pounds in funding. The investors included Angel CoFund.
4th August 2014, Brighton: UK Clinical stage pharmaceutical company, Destiny Pharma, can today announce its successful investment round of over £2.8 million to fund a landmark clinical trial for its lead drug, XF-73, to prevent post-surgical Staphylococcal infections. The Angel CoFund, (the £100m fund for small and medium sized British businesses, with Government backing), invested in Destiny Pharma, alongside other UK investors.
Infection from bacteria remains a worrying complication for hospital admissions. One of the most common causes of infection is the bacterium Staphylococcus aureus (SA). XF-73 is a ‘nasal decolonisation’ treatment intended to clear SA bacteria from the nostrils of carriers, to prevent post-surgical SA infection. It has been proven to be an effective drug for killing both SA and the drug-resistant form of the bacteria, MRSA.
Antibiotic resistance is of growing concern with David Cameron warning that we may be heading into a post-antibiotic era akin to the ‘medical dark ages’. In July this year, he announced an independent review on the subject with a view to make recommendations as to how to stimulate the development of new antibiotics, which will be presented to the G7. Public awareness and support is behind this drive for new antibiotics, demonstrated by Antibiotic Resistance winning the public vote for the £10m Longitude Prize.
The US government is currently funding an on-going clinical trial of XF-73, which further highlights the global interest in Destiny Pharma and its approach to ensure the drug is adopted across all major markets. In July 2014, the US Infective Disease Society of America published new recommendations for the prevention of SA/MRSA infection, which will now include a highest-grade recommendation for nasal decolonisation of all Intensive Care Unit patients to reduce infection.
Dr Bill Love, CEO of Destiny Pharma commented: “We are delighted to have completed this investment and welcome the Angel CoFund along with other new investors. XF-73 has the potential to become a mainstream treatment for the prevention of SA/MRSA hospital infections and its unique feature of addressing antibiotic resistance can enable the widespread delivery of global patient decolonisation. We look forward to the next stages of developing this drug and to enabling its use in hospitals.”
Tim Mills, Investment Director at the Angel CoFund, commented: “Destiny Pharma is exactly the type of business we look to invest in; it is innovative, British and cutting edge in the medical field. This round of investment is for Destiny Pharma’s new drug that will kill bacteria via a novel ultra-rapid kill action – designed to even combat antibiotic resistance. We are looking forward to working with the team and supporting them as the company grows.”
About Destiny Pharma:
Destiny Pharma, a clinical stage pharmaceutical company, was founded in 1997. The Company focuses on the R&D of new antimicrobial drugs, with an emphasis on novel mechanisms of action, which seek to address antibiotic resistance. Through its extensive business network and strategic partnerships Destiny Pharma intends to globally commercialise candidates from the XF Drug platform, which are differentiated by design from traditional antibiotics.
Launched in 2011, the Angel CoFund is a privately run fund that works alongside groups of business angels to invest in high growth small and medium sized businesses across the UK, directly providing funding as well as encouraging the expansion of the business angel market.
Backed by the British Business Bank and the Government’s Regional Growth Fund, the £100m Angel CoFund is able to make initial investments of between £100,000 and £1 million into businesses, alongside syndicates of business angels.
To date the fund has supported 42 companies (for example Ventive, Yplan, PlayJam and Micrima) providing over £17 million in direct investment alongside £65 million from business angels and other investors.