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DEST Destiny Pharma Plc

21.50
-0.50 (-2.27%)
24 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Destiny Pharma Plc LSE:DEST London Ordinary Share GB00BDHSP575 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50 -2.27% 21.50 21.00 22.00 21.75 21.50 21.75 184,683 16:25:45
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Pharmaceutical Preparations 0 -6.5M -0.0683 -3.15 20.48M

Destiny Pharma PLC Interim results for the 6 months ended 30 Jun 2020 (2268Z)

17/09/2020 7:00am

UK Regulatory


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TIDMDEST

RNS Number : 2268Z

Destiny Pharma PLC

17 September 2020

Destiny Pharma plc

("Destiny Pharma" or the "Company")

Interim results for the six months ended 30 June 2020

Lead product to prevent post-surgical infections in Phase 2b clinical trial

Recruitment planned to complete by end of 2020; results expected in Q1 2021

Grant funded COVID-19 collaboration announced

Company funded to Q4 2021

Brighton, United Kingdom - 17 September 2020 - Destiny Pharma (AIM: DEST), a clinical stage biotechnology company focused on the development of novel products to prevent life threatening infections, announces its unaudited interim financial results for the half-year ended 30 June 2020 and an update for the year to date.

Operational highlights

Phase 2b clinical trial: XF-73 nasal gel for prevention of post-surgical infections

-- Protocol amendment agreed with FDA and Phase 2b XF-73 nasal study size revised to 125 patients with recruitment planned to complete by end of 2020

   --       Quality of study and statistical quality of Phase 2b not affected by reduction in size 

-- Positive interim safety analysis of Phase 2b trial performed by independent data monitoring committee

-- Good recruitment momentum post COVID-19 delays. Refer to separate Clinical Update announced today

Financial highlights

-- Strong cash position with cash and term deposits at 30 June 2020 of GBP5.6 million (30 June 2019: GBP9.1 million; 31 December 2019: GBP7.5 million)

-- Expenditure on R&D in the period of GBP2.3 million (half-year 2019: GBP1.7 million; full year 2019: GBP3.8 million) reflecting the increased investment in clinical research

   --       Company funded through to Q4 2021 

SporeGen COVID-19 collaboration

-- Destiny Pharma and SporeGen announced collaboration and Innovate UK grant award of GBP800,000 to co-develop a novel, preventative product for COVID-19

   --       Expands Destiny Pharma's novel pipeline targeted at preventing infections with novel biologics/microbiome approach 

Earlier pipeline and research projects

-- Research projects with Cardiff, Sheffield, Southampton and Aston Universities making progress after COVID-19 delays

-- New grant awarded by National Biofilms Innovation Centre (NBIC) to fund a second research collaboration with Cardiff University in oral infections

-- Oxford University review supports the unique target profile of XF-73 and its potential to address the threat of anti-microbial resistance (AMR)

Neil Clark, CEO of Destiny Pharma, commented:

"Destiny Pharma has made great progress in 2020. We agreed a protocol amendment with the US FDA and announced a good interim safety review on our important Phase 2b study of our lead drug candidate, XF-73, for the prevention of post-surgical hospital infections. We now look forward to completing patient recruitment by the end of 2020 and announcing results in Q1 2021. This is the major value driver for the company.

We remain very positive on the clinical need and commercial opportunity for XF-73 in the hospital setting which we estimate in the US alone to be peak annual product sales of $1 billion.

Our pipeline of unique infection prevention products has recently been expanded with SPOR-COV, a novel, preventative treatment for COVID-19. This product is being co-developed with SporeGen Ltd and supported by an GBP800,000 Innovate UK grant.

COVID-19 has highlighted vividly the healthcare impact of infectious disease and we are convinced that Destiny Pharma's unique pipeline has the potential to deliver novel commercially attractive products to prevent life threatening infections."

For further information, please contact:

Destiny Pharma plc

Neil Clark, CEO

Shaun Claydon, CFO

+44 (0)1273 704 440

pressoffice@destinypharma.com

Optimum Strategic Communications

Mary Clark, Shabnam Bashir, Manel Mateus

+44 (0)20 3174 1789

DestinyPharma@optimumcomms.com

finnCap Ltd (Nominated Adviser and Joint Broker)

Geoff Nash / Kate Bannatyne, Corporate Finance

Alice Lane, Corporate Broking

+44 (0)20 7220 0500

WG Partners (Joint Broker)

Nigel Barnes / Claes Spång / Nigel Birks

+44 (0)20 3705 9321

About Destiny Pharma

Destiny Pharma is an established, clinical stage, innovative biotechnology company focused on the development and commercialisation of novel medicines that can prevent life threatening infections. The company's lead programme is undergoing a Phase 2b clinical trial and is targeting the prevention of post-surgical hospital infections including MRSA. The XF drug candidates are being developed for the prevention and treatment of life-threatening infections caused by antibiotic--resistant bacteria, often referred to as "superbugs". Tackling anti-microbial resistance has become a global imperative recognised by the World Health Organization (WHO) and the United Nations, as well as the G7 and the G20 countries. Destiny Pharma is also collaborating with SporeGen(R) to co-develop a novel, preventative product for COVID-19. For further information, please visit https://www.destinypharma.com

Forward looking statements

Certain information contained in this announcement, including any information as to the Group's strategy, plans or future financial or operating performance, constitutes "forward-looking statements". These forward looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "projects", "expects", "intends", "aims", "plans", "predicts", "may", "will", "seeks" "could" "targets" "assumes" "positioned" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Directors concerning, among other things, the Group's results of operations, financial condition, prospects, growth, strategies and the industries in which the Group operates. The directors of the company believe that the expectations reflected in these statements are reasonable, but may be affected by a number of variables which could cause actual results or trends to differ materially. Each forward-looking statement speaks only as of the date of the particular statement. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future or are beyond the Group's control. Forward looking statements are not guarantees of future performance. Even if the Group's actual results of operations, financial condition and the development of the industries in which the Group operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.

Chief Executive Officer's Statement

Operational review summary

The Company's lead asset, XF-73, has been developed from Destiny Pharma's novel, antimicrobial "XF" drug platform. Unlike most antibiotics, XF drugs have not been seen to generate bacterial resistance in industry-standard microbiology tests and therefore have significant potential to address the global threat of anti-microbial resistance (AMR).

XF-73 has been shown to kill bacteria very rapidly and is planned to be an effective new treatment in the reduction of bacterial infections in hospital patients after surgery, including those caused by methicillin resistant Staphylococcus aureus (MRSA). XF-73 is administered topically as a nasal gel whereby it reduces the nasal carriage of the bacteria Staphylococcus aureus, which is the source of many post-surgical bacterial infections. There is currently no approved product in the US for the reduction of post-surgical staphylococcal infections although approximately a third of all patients have nasal Staphylococcal aureus carriage as they enter surgery.

This strong clinical need is supported by feedback from market research targeting physicians, pharmacists and payers in the US who are responsible for managing hospital infections and the associated cost implications. This research also supports the commercial plans for XF-73 nasal gel as a new hospital product in a poorly served multi-billion dollar market.

The addition of SPOR-COV, a COVID-19 preventative treatment, to our pipeline through a new collaboration with SporeGen Limited is confirmation of our strategy to enlarge our pipeline and is an exciting move into the biologicals/microbiome sector. The potential of this asset was validated by the concurrent award of an

GBP800,000 Innovate UK grant.

Phase 2b clinical trial

The Phase 2b clinical study is recruiting patients undergoing open heart surgery in United States and Europe and has now recruited 88 patients out of the target of 125. Barring any further impact from COVID-19 the study is on plan to complete recruitment by the end of 2020 and report results in Q1 2021.

In July, Destiny Pharma agreed a protocol amendment with the FDA that reduced the size of the study and also reported excellent interim safety data. Importantly the reduced size of the study does not compromise its integrity, statistical relevance or clinical objectives.

The agreed protocol amendment recognised the impact COVID-19 has had in slowing patient recruitment in clinical studies since March and the FDA's willingness to support certain protocol amendments that help to accelerate the completion of ongoing clinical trials but do not compromise a study's integrity and clinical objectives. The amendment to the protocol incorporated a change to the primary patient population where the primary endpoint for the study will be measured. The primary microbiological endpoint post-surgery is now being measured in patients who have a positive load of nasal Staphylococcus aureus before receiving the study treatment. This contrasts to the original primary population, which included all randomised patients regardless of their baseline nasal load of Staphylococcus aureus. Very importantly, this change enabled a reduction in the defined study size from 200 patients to 125 while maintaining the statistical power of the study and its clinical value. This preserved the potential of the trial results to be a key step towards the Phase 3 clinical trial programme of XF-73. Other protocol modifications agreed with the FDA regarding study procedures will also make it easier for hospitals to recruit and retain hospital patients

An interim safety review was completed by an Independent Data Monitoring Committee (IDMC) of the Phase 2b study. The committee reviewed safety data from the first 75 patients who completed study treatment. Adverse event data, including safety laboratory results, incidence of post-operative infections, ear, nose, and throat examinations, as well as sense of smell tests were reviewed by the IDMC. Based on their evaluation, the IDMC recommended that the study could continue without any modifications to the protocol.

SPOR-COV - a new COVID-19 project

Earlier this month Destiny Pharma entered into a collaboration agreement with SporeGen Limited to co-develop SporeGen's SPOR-COV product as a novel, preventative treatment for COVID-19.

Under the agreement, the parties will share any costs and commercial returns from SPOR-COV and plan to complete a pre-clinical programme with the aim of being ready to enter the first human clinical trials within 18 months.

The SPOR--COV product consists of a proprietary formulation of Bacillus bacteria that will be administered nasally as a spray. SPOR-COV has already been shown by SporeGen to provide complete (100%) protection in preclinical models of influenza virus.

SPOR-COV is different to vaccines in that it utilises the innate immune system with the aim of developing COVID-19 protection a few days after dosing. As an "easy to use" first line of defence, it has the potential to reduce COVID-19 infection rates and transmission significantly. The final SPOR-COV product is planned to be straightforward to produce at high volumes and at low cost. It can also be stockpiled almost indefinitely without the need for cold chain refrigeration. It could be made available globally as a cost-effective measure in the fight against COVID-19 as well as new COVID strains and other respiratory viral infections.

The SPOR-COV programme is supported by an Innovation UK grant of GBP800,000 which will fund the majority of the GBP1 million cost of the initial SPOR-COV programme.

XF Research update

The Company's earlier pipeline is largely funded through non-dilutive grant funding. These projects are looking at the utility of XF compounds in preventing and/or treatment of infections in ocular, respiratory, dermal and oral indications. Progress on these projects has been slowed due to COVID-19 and the associated restrictions on University based laboratory work but activity is planned to increase in the last quarter of 2020.

.

The pipeline was expanded further in in the first half of 2020 as Destiny Pharma was jointly awarded a National Biofilms Innovation Centre (NBIC) grant to fund a research collaboration with Cardiff University. The project will establish the potential of three of the Company's proprietary XF drug compounds, DPD--207, XF-70 and XF-73 as novel treatments for clinically important fungal infections in mucosal mouth models of disease.

The promising no/low resistance profile of XF-73 was supported by the publication of a new independent paper in Trends in Microbiology, entitled: "Assessing the potential for Staphylococcus aureus to evolve resistance to XF-73".

The review looked at data from a number of established microbiology models that were used to evaluate the action of XF-73 in killing S. aureus that were carried out previously by Destiny Pharma. The paper concluded that the available evidence suggests that S. aureus has low potential to evolve resistance to XF-73 relative to antibiotics. This conclusion supports the Company's own view that XF-73 has a unique resistance profile due to its novel, ultra-fast mechanism of action that is a key advantage compared to typical antibiotics.

Outlook

Destiny Pharma is well funded to complete the Phase 2 clinical development of its lead drug asset, XF-73. The Company is currently designing the Phase 3 clinical study that will hopefully follow. Importantly, market analysis supports the clinical need and commercial opportunity for XF-73 in the prevention of post-surgery hospital infections, such as those caused by MRSA, which is estimated to be over a $1 billion market opportunity in the US alone.

Six grant awards worth over GBP2.5 million have been awarded to Destiny Pharma projects since 2018 and are being used to help develop new clinical candidates from the Company's XF pipeline and the SPOR-COV project. This demonstrates the potential value in Destiny's growing pipeline. The Company is well funded to execute on its business strategy and to progress its lead and follow-on programmes through the planned clinical studies in 2020 with a cash runway that extends to Q4 2021.

There is increased international support for the development of novel anti-infective drugs that address the issue of anti-microbial resistance and Destiny Pharma's unique platform is very well-positioned to meet this global need. The significant healthcare and economic impact of COVID-19 has highlighted clearly the global need for innovation that delivers fast, safe and affordable anti-infection treatments.

Neil Clark

Chief Executive Officer

17 September 2020

Condensed Statement of Comprehensive Income

For the 6 months ended 30 June 2020

 
                                6 months ended   6 months ended     Year ended 
                                  30 June 2020     30 June 2019    31 December 
                                     Unaudited        Unaudited           2019 
                                           GBP              GBP        Audited 
                                                                           GBP 
 Continuing operations 
 Revenue                                     -                -              - 
 Administrative expenses           (2,912,801)      (2,556,773)    (5,687,003) 
 Other operating income                 12,450          198,474        305,906 
 Share option charge                  (58,668)        (109,454)      (203,655) 
-----------------------------  ---------------  ---------------  ------------- 
 Operating loss                    (2,959,019)      (2,467,753)    (5,584,752) 
 Finance income                         13,470           40,316         63,478 
-----------------------------  ---------------  ---------------  ------------- 
 Loss before tax                   (2,945,549)      (2,427,437)    (5,521,274) 
 Income Tax                            515,378          332,413        813,250 
-----------------------------  ---------------  ---------------  ------------- 
 Loss for the period               (2,430,171)      (2,095,024)    (4,708,024) 
 Other comprehensive income                  -                -              - 
-----------------------------  ---------------  ---------------  ------------- 
 Total comprehensive loss 
  from continuing operations       (2,430,171)      (2,095,024)    (4,708,024) 
-----------------------------  ---------------  ---------------  ------------- 
 
 Loss per share (Note 5) 
 Basic and diluted                      (5.5)p           (4.8)p        (10.7)p 
-----------------------------  ---------------  ---------------  ------------- 
 

Condensed Statement of Financial Position

For the 6 months ended 30 June 2020

 
                                           As at           As at          As at 
                                    30 June 2020    30 June 2019    31 December 
                                       Unaudited       Unaudited           2019 
                                             GBP             GBP        Audited 
                                                                            GBP 
 ASSETS 
 Non-current assets 
 Property, plant and equipment 
  (Note 6)                                25,764          38,031         32,922 
 
 Current assets 
 Trade and other receivables             559,747       1,259,349        911,198 
 Prepayments and accrued income           48,192         186,157        133,702 
 Cash and cash equivalents             5,571,631       5,077,954      7,479,642 
 Other financial assets                        -       4,000,000              - 
 Current assets                        6,179,570      10,523,460      8,524,542 
--------------------------------  --------------  --------------  ------------- 
 TOTAL ASSETS                          6,205,334      10,561,491      8,557,464 
--------------------------------  --------------  --------------  ------------- 
 
 EQUITY AND LIABILITIES 
 Current liabilities 
 Trade and other payables                817,512         283,367        798,139 
--------------------------------  --------------  --------------  ------------- 
 Current liabilities                     817,512         283,367        798,139 
--------------------------------  --------------  --------------  ------------- 
 
 Shareholders' equity 
 Issued share capital (Note 
  7)                                     438,652         438,652        438,652 
 Share premium                        17,296,337      17,296,337     17,296,337 
 Accumulated losses                 (12,347,167)     (7,456,865)    (9,975,664) 
--------------------------------  --------------  --------------  ------------- 
 Total shareholders' equity            5,387,822      10,278,124      7,759,325 
--------------------------------  --------------  --------------  ------------- 
 TOTAL EQUITY AND LIABILITIES          6,205,334      10,561,491      8,557,464 
--------------------------------  --------------  --------------  ------------- 
 

Condensed Statement of Changes in Equity

For the 6 months ended 30 June 2020

 
                                 Issued share        Share     Accumulated 
                                      capital      premium          losses           Total 
                                          GBP          GBP             GBP             GBP 
 As at 1 January 2020                 438,652   17,296,337     (9,975,664)       7,759,325 
 Loss and total comprehensive 
  loss 
  for the period                            -            -     (2,430,171)     (2,430,171) 
 Share based payment 
  expense                                   -            -          58,668          58,668 
 As at 30 June 2020                   438,652   17,296,337    (12,347,167)       5,387,822 
------------------------------  -------------  -----------  --------------  -------------- 
 
 
                            Issued share        Share    Accumulated 
                                 capital      premium         losses          Total 
                                     GBP          GBP            GBP            GBP 
 As at 1 January 2019            435,626   17,292,284    (5,471,295)     12,256,615 
 Total comprehensive 
  loss and loss 
  for the period                       -            -    (2,095,024)    (2,095,024) 
  Issue of share capital           3,026        4,053                         7,079 
 Share based payment 
  expense                              -            -        109,454        109,454 
 As at 30 June 2019              438,652   17,296,337    (7,456,865)     10,278,124 
-------------------------  -------------  -----------  -------------  ------------- 
 
 
                                 Issued share        Share    Accumulated 
                                      capital      premium         losses          Total 
                                          GBP          GBP            GBP            GBP 
 As at 1 January 2019                 435,626   17,292,284    (5,471,295)     12,256,615 
 Loss and total comprehensive 
  loss for the period 
  Issue of share capital                                      (4,708,024)    (4,708,024) 
  Share based payment 
   expense                              3,026        4,053              -          7,079 
                                            -            -        203,655        203,655 
 As at 31 December 2019               438,652   17,296,337    (9,975,664)      7,759,325 
------------------------------  -------------  -----------  -------------  ------------- 
 

Condensed Statement of Cash Flows

For the 6 months ended 30 June 2020

 
                                           6 months ended           6 months ended     Year ended 
                                             30 June 2020             30 June 2019    31 December 
                                                Unaudited                Unaudited           2019 
                                                      GBP                      GBP        Audited 
                                                                                              GBP 
 Cash flows from operating activities 
 Loss before income tax                       (2,945,549)              (2,427,437)    (5,521,274) 
 Depreciation charges (note 
  6)                                                9,017                    8,868         18,440 
 Share based payment expense                       58,668                  109,454        203,655 
 Finance income                                  (13,470)                 (40,316)       (63,478) 
 Decrease/(increase) in trade 
  and other receivables and prepayments           113,260                (145,928)       (79,800) 
 Increase/(decrease) in trade 
  and other payables                               19,373                  518,425        (3,653) 
 Tax received                                     839,079                        -        815,316 
----------------------------------------  ---------------  -----------------------  ------------- 
 Net cash used in operating 
  activities                                  (1,919,622)              (3,013,784)    (4,630,794) 
----------------------------------------  ---------------  -----------------------  ------------- 
 
 Cash flows from investing activities 
 Purchase of tangible fixed 
  assets                                          (1,859)                 (16,478)       (20,942) 
 Maturity of other financial 
  assets                                                -                5,000,000      5,000,000 
 Purchase of other financial                            -              (4,000,000)              - 
  assets 
 Interest received                                 13,470                   40,316         63,478 
 Net cash flow from investing 
  activities                                       11,611                1,023,838      5,042,536 
----------------------------------------  ---------------  -----------------------  ------------- 
 
 Cash flows from financing activities 
 New shares issued net of issue 
  costs                                                 -                    7,079          7,079 
----------------------------------------  ---------------  -----------------------  ------------- 
 Net cash inflow from financing 
  activities                                            -                    7,079          7,079 
----------------------------------------  ---------------  -----------------------  ------------- 
 
 Net decrease in cash and cash 
  equivalents                                 (1,908,011)              (1,982,867)        418,821 
 Cash and cash equivalents at 
  the beginning of the period                   7,479,642                7,060,821      7,060,821 
----------------------------------------  ---------------  -----------------------  ------------- 
 Cash and cash equivalents at 
  the end of the period                         5,571,631                5,077,954      7,479,642 
----------------------------------------  ---------------  -----------------------  ------------- 
 

Notes to the Condensed Financial Statements

   1.   General Information 

Destiny Pharma plc ("Destiny", or the "Company") was incorporated and domiciled in the UK on 4 March 1996 with registration number 03167025. Destiny's registered office is located at Unit 36 Sussex Innovation Centre Science Park Square, Falmer, Brighton, BN1 9SB.

Destiny is engaged in the discovery, development and commercialisation of new antimicrobials that have unique properties to improve outcomes for patients and the delivery of medical care into the future.

   2.   Basis of Preparation 

These interim unaudited financial statements have been prepared in accordance with AIM Rule 18, ' Half yearly reports and accounts' . The financial information contained in these interim financial statements have been prepared under the historical cost convention and on a going concern basis. The interim financial information for the six months ended 30 June 2020 and for the six months ended 30 June 2019 contained within this interim report do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.

In the opinion of the Directors, the interim consolidated financial information presents fairly the financial position, and results from operations and cash flows for the period. Comparative amounts for the six months ended 30 June 2019 are also unaudited.

The interim financial statements for the six months ended 30 June 2020 were approved by the Board on 16 September 2020.

   3.   Accounting Policies 

The unaudited interim financial statements for the period have been prepared on the basis of the accounting policies adopted in the audited report and accounts of the Company for the year ended 31 December 2019 and expected to be adopted in the financial year ending 31 December 2020.

IFRS16 'Leases' became applicable to the Company on 1 January 2019. The Company has elected not to apply the requirements of paragraphs 22 to 49 of IFRS16 in relation to short term leases and has no material leases which are other than short term. The adoption of IFRS16 therefore had no impact on the unaudited interim financial statements and no adjustments were required as a consequence of its adoption.

   4.   Segmental Information 

The chief operating decision-maker is considered to be the Board of Directors of Destiny. The chief operating decision-maker allocates resources and assesses performance of the business and other activities at the operating segment level.

The chief operating decision maker has determined that Destiny has one operating segment, the development and commercialisation of pharmaceutical formulations.

Geographical Segments

The Company's only geographical segment during the period was the UK.

   5.   Loss Per Share 

The calculation for loss per ordinary share (basic and diluted) for the relevant period is based on the earnings after income tax attributable to equity shareholders for the period. As the company made losses during the period, there are no dilutive potential ordinary shares in issue, and therefore basic and diluted loss per share are identical. The calculation is as follows:

 
                             6 months ended   6 months ended     Year ended 
                               30 June 2020     30 June 2019    31 December 
                                  Unaudited        Unaudited           2019 
                                        GBP              GBP        Audited 
                                                                        GBP 
 Loss for the period from 
  continuing operations         (2,430,171)      (2,095,024)    (4,708,024) 
--------------------------  ---------------  ---------------  ------------- 
 
 Weighted average number 
  of shares                      43,865,195       43,733,614     43,799,945 
 
 Loss per share - pence 
--------------------------  ---------------  ---------------  ------------- 
 Basic and diluted                   (5.5)p           (4.8)p        (10.7)p 
--------------------------  ---------------  ---------------  ------------- 
 
   6.   Property, plant and equipment 
 
                                    Plant and 
                                    machinery 
                                          GBP 
 Cost 
 At 1 January 2020                    118,089 
 Additions                              1,859 
 At 30 June 2020                      119,948 
--------------------------------  ----------- 
 
 Depreciation 
 At 1 January 2020                     85,167 
 Charge for the period                   9017 
 At 30 June 2020                       94,184 
--------------------------------  ----------- 
 
 Net book value at 30 June 2020        25,764 
--------------------------------  ----------- 
 
 
                                    Plant and 
                                    machinery 
                                          GBP 
 Cost 
 At 1 January 2019                     97,147 
 Additions                             16,478 
 At 30 June 2019                      113,625 
--------------------------------  ----------- 
 
 Depreciation 
 At 1 January 2019                     66,726 
 Charge for the period                  8,868 
 At 30 June 2019                       75,594 
--------------------------------  ----------- 
 
 Net book value at 30 June 2019        38,031 
--------------------------------  ----------- 
 

Property, plant and equipment (contd.)

 
                                        Plant and 
                                        machinery 
                                              GBP 
 Cost 
 At 1 January 2019                         97,147 
 Additions                                 20,942 
 At 31 December 2019                      118,089 
------------------------------------  ----------- 
 
 Depreciation 
 At 1 January 2019                         66,726 
 Charge for the year                       18,440 
 At 31 December 2019                       85,167 
------------------------------------  ----------- 
 
 Net book value at 31 December 2019        32,922 
------------------------------------  ----------- 
 
   7.   Share capital 

On 18 June 2019, 150,000 Employee LTIP options in respect of Shaun Claydon were cancelled.

On 19 June 2019, 125,000 Employee LTIP Options were granted to Shaun Claydon and 40,000 Employee LTIP Options were granted to Jesus Gonzalez. These options have been granted at a price of GBP0.01 per ordinary share and for Shaun Claydon the Options will vest on 26 October 2021. The options granted to Jesus Gonzales will vest on the third anniversary of the date of grant. Both Option grants are exercisable for ten years after the date of grant.

   8.   Events after the end of the reporting period 

There are no events subsequent to the reporting period that require adjustment or disclosure.

   9.   Copies of the interim financial statements 

Copies of these interim unaudited financial statements are available on the Company's website at www.destinypharma.com and from the Company's registered office, Unit 36 Sussex Innovation Centre Science Park Square, Falmer, Brighton, BN1 9SB.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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