Mon, 04/08/2014 - 15:02
UK clinical stage pharmaceutical company Destiny Pharma has secured an investment round of over GBP2.8 million to fund a clinical trial for its drug, XF-73, which aims to prevent post-surgical Staphylococcal infections.
The Angel CoFund, a GBP100m fund for small and medium sized British businesses with government backing, invested in Destiny Pharma alongside other UK investors.
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.
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.
Dr Bill Love, CEO of Destiny Pharma, says: “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, says: “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.”
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