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Second Innovation Centre business to float on Stock Exchange

A drug-development company based at a University of Sussex business-incubation hub is to float on the London Stock Exchange.

Destiny Pharma is aiming to raise more than £10 million by floating on the Stock Exchange's Alternative Investment Market (AIM) next month.

If it succeeds, this will be the second time in the history of the Sussex Innovation Centre that a member business has floated on the Stock Exchange while still a tenant.

Destiny Pharma expects US sales alone to top £1 billion for its breakthrough drug XF-73, a preventative treatment for Staphylococcus aureus (SA) infections commonly found in hospitals, including the infamous MRSA 'superbug'.

The business is raising funds to cover its costs as XF-73 goes through its next phase of clinical trials in patients, to assess efficacy, effectiveness and safety. It will initially target the US market, where the most recent clinical trial was government-funded, but has ambitions to take the drug to Europe and Asia.

Many SA bacteria are resistant to traditional antibiotics, and an estimated 19,000 deaths in the US each year are caused by drug-resistant infections. Hospitalised patients are particularly at risk of surgical wounds becoming infected if they carry SA.

Destiny Pharma will become only the second biotech company to float on AIM this year. It has market exclusivity on the XF-73 drug into the 2030s and has already successfully completed five Phase I and IIa clinical trials in the US, with more than 90 patents granted on intellectual property relating to the XF drug platform.

Based at the Falmer campus of the University of Sussex, the Sussex Innovation Centre (SInC) offers flexible, professional office space and a range of in-house support services to assist start-up businesses, small and medium-sized enterprises (SMEs) and university spin-outs during the vital early years of their operation.

In November 2000, SInC member business Genpak - a manufacturer of DNA analysis reagents - merged and floated on the London Stock Exchange with Genetix Group plc.

Posted on behalf of: Sussex Innovation Centre
Last updated: Friday, 25 August 2017


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