Destiny Pharma PLC (LON:DEST) welcomed the outcome of the G7 health ministers’ meeting on 4 June, which concluded with a communique that highlighted the global threat of the “silent pandemic” of antimicrobial resistance (AMR).
The ministers said the G7 should support investment, regulatory and commercial incentives to companies such as Destiny and its peers who are focused on AMR treatments, recognising “the importance of the research and development in new and innovative antimicrobials as well as alternatives to antimicrobials; vaccines, diagnostics and other countermeasures; and the need to take bolder steps to mitigate, minimise and contain the risk of AMR”.
The coronavirus pandemic “brought into stark focus the impact a novel and initially untreatable infectious disease can have on humanity … [and] highlighted the importance of infection prevention and control measures to tackle AMR,” the health ministers said in their joint communique at the conclusion of the meeting.
Destiny put out a press release on Monday where it reminded investors of its focus on AMR, with two programmes poised for final Phase 3 clinical trials: XF-73 nasal gel for the decolonisation of patients prior to surgery who are carrying Staphylococcus aureus in the nose and a potential treatment to prevent recurrence of gut infections caused by toxic strains of C. difficile infections.
Chief executive Neil Clark said: “We are very pleased that the G7 Health Ministers Meeting has again strongly supported investment, regulatory and commercial incentives for drug developers such as Destiny Pharma.
“We are working hard to bring new medicines to patients that address the global threat of AMR whilst at the same time delivering cost effective and safe treatments to patients and healthcare practitioners. Our XF platform has been targeted at the AMR threat for many years and we are very well positioned to rise to the challenge presented by these dangerous pathogens.”
FinnCap, house broker to the company, said Destiny’s Phase 3-ready programmes “fulfil in our opinion the criteria for government support and funding”.
The analysts added: “We expect Destiny to pursue these avenues of funding for its two lead programmes (XF-73 and NTCD-M3), which are scheduled to start Phase 3 studies in 2022.”
The shares were 1% higher at 152.15p by mid-morning on Monday.
**Adds shares and broker comment**