September 4, 2017 / 2:07 PM / a year ago

Britain's Destiny Pharma raises cash to fund 'superbug' drugs

LONDON (Reuters) - Britain’s Destiny Pharma (DEST.L), which is developing drugs to target antibiotic-resistant bacterial infections, has raised 15.3 million pounds ($19.8 million) by listing shares on London’s AIM market.

The proceeds will be used to fund a clinical trial for its leading candidate for a drug to prevent post-surgical infection from “superbugs” including MRSA, the company said.

The shares were trading 31 percent higher than the offer price of 157 pence at 207 pence on Monday afternoon.

Destiny Pharma is the second biotech company to list this year, it said, following SkinBio Therapeutics (SBTX.L) onto AIM.

The company also said on Monday that it had agreed a framework deal with China Medical System (CMS)(0867.HK) to give CMS rights in China and some other Asian countries to develop and commercialize its drugs in return for a 3 million pound equity investment.

Reporting by Paul Sandle; Editing by David Goodman

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