Destiny Pharma PLC China Medical System Holdings Limited invests £3m (0552Y)
01 December 2017 - 6:01PM
UK Regulatory
TIDMDEST
RNS Number : 0552Y
Destiny Pharma PLC
01 December 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF
THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Destiny Pharma plc
("Destiny Pharma" or "the Company")
Subscription for Ordinary Shares
China Medical System Holdings Limited invests GBP3.0 million in
Destiny Pharma
Highlights
-- Investment will be used to accelerate the development of
Destiny Pharma's novel antimicrobial pipeline
-- Subscription for 1,910,828 new ordinary shares at a price of 157p per share
-- Together with money raised at the time of Destiny Pharma's
placing and admission of shares to trading on AIM, gross funds
recently raised now stands at over GBP18 million
-- Destiny Pharma and China Medical System Holdings Limited have
also finalised a development and commercialisation agreement for
Destiny Pharma's pipeline in China and certain other Asian
countries (excluding Japan) (see separate announcement released
today)
Brighton, United Kingdom - 1 December 2017 - The Board of
Destiny Pharma (AIM: DEST), a clinical stage biotechnology company
focused on the development of novel anti-microbial drugs, which
address the global problem of anti-microbial resistance (AMR), are
pleased to announce that China Medical System Holdings Ltd ("CMS";
HKSE:0867) has, through its wholly owned subsidiary CMS Medical
Venture Investment Limited, invested GBP3.0 million in Destiny
Pharma to accelerate the development of the Company's pipeline of
drug candidates. This follows finalisation of the development and
commercialisation agreement with CMS, separately announced
today.
Neil Clark, CEO of Destiny Pharma, noted, "Following the
successful flotation, in which Destiny raised GBP15.3m, and this
additional equity investment of GBP3m by CMS, Destiny is well
funded through to 2020. The Company is now focused fully on
delivering the phase 2b clinical trials for its lead programme
XF-73 and developing its earlier pipeline over the next two
years".
The investment has been made by way of a subscription, dated 30
November 2017, for 1,910,828 new ordinary shares (the "Subscription
Shares") at a price of 157p per share.
Application has been made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM. It is
expected that Admission will become effective and that dealings in
the Subscription Shares, will commence at 8.00 a.m. on or around
Monday 4 December 2017.
Following the issue of the Subscription Shares, the Company's
issued share capital will comprise 42,447,948 ordinary shares of 1
pence each. The total number of voting rights in the Company will
be 42,447,948. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Disclosure
Guidance and Transparency Rules of the Financial Conduct
Authority.
For further information, please contact:
Destiny Pharma
Neil Clark, CEO
Simon Sacerdoti, CFO
pressoffice@destinypharma.com
+44 (0)1273 704 440
FTI Consulting
Simon Conway / Victoria Foster Mitchell / Hanna Skeppner
destinypharma@fticonsulting.com
+44 (0) 20 3727 1000
Cantor Fitzgerald Europe (Nominated Adviser and Broker)
Philip Davies / Will Goode, Corporate Finance
pdavies@cantor.co.uk
+44 (0)20 7894 8337
About Destiny Pharma
Destiny Pharma is an established, clinical stage, innovative
biotechnology company focused on the development of novel medicines
that represent a new approach to the treatment of infectious
disease. These potential new medicines are being developed to
address the need for new drugs 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 WHO and
the United Nations, as well as the G7 and the G20 countries. For
further information, please visit https://www.destinypharma.com
About China Medical System Holdings Limited
CMS is a specialty pharmaceutical company based in China,
focusing on marketing, promotion and sales of prescription drugs
and other medicinal products to all therapeutic departments in
hospitals nation-wide. CMS builds up its product portfolio for its
target markets by asset acquisition, equity investment,
licensing-in and distribution partnership on the global basis as
well as in-house R&D. It is publicly traded on the Hong Kong
Stock Exchange (867.HK) with a market capitalisation of
approximately HK$39.9 billion (c. GBP3.8billion) as at 28 November
2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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