Proceeds Of Fundraising To Support Future Clinical Trials

The Corporate team at national law firm Irwin Mitchell has advised Destiny Pharma plc on its successful admission to AIM.

Destiny Pharma Plc completed its £15.3 million placing and admission to the Alternative Investment Market on 4 September 2017 and in the process, became only the second life sciences company to join the London Stock Exchange this year.

The Brighton-based business will use the funds which have been raised to progress its lead drug, XF-73, which is designed to prevent post-surgical Staphylococcus aureus infections, including MRSA.

Corporate partner at Irwin Mitchell’s Gatwick office, Dan Bastide, alongside James Paton-Philip and George De Silvo, advised the business on the deal.

Expert Opinion

“We have been working with Destiny for over 10 years and we are delighted to have advised and supported the business on its admission to AIM.

“It is a major fundraising exercise for Destiny which marks an important step forward in its ability to proceed with clinical trials and develop new drugs aimed at fighting bacteria, including those that are antimicrobial resistant such as MRSA.” Daniel Bastide - Partner

Commenting on the deal and the role that Irwin Mitchell played, Simon Sacerdoti, the CFO at Destiny Pharma plc said:

“The Placing and Admission of our shares to trading on AIM are major milestones for Destiny as well as being testament to the importance and global urgency of tackling AMR, where we believe we have a significant role to play.

“Irwin Mitchell have worked closely with us throughout the process and we greatly appreciate their expert advice, support and teamwork.”

Irwin Mitchell’s Equity Capital Markets team has advised on several AIM transactions in 2017, including finnCap on a placing and open offer of new shares for K3 Business Technology Group plc and Peel Hunt on a placing and open offer of new shares for Proxama Plc.  The firm is sponsoring the AIM awards for the second consecutive year taking place on 12 October 2017.

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