Destiny Pharma announces total gross proceeds raised via Open Offer

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Destiny Pharma plc
(“Destiny” or the “Company”)

Result of Open Offer

Brighton, United Kingdom ‐ 25 November 2020: Destiny Pharma plc (AIM:DEST) a clinical stage biotechnology company focused on the development of novel products to prevent life threatening infections, announces that it has conditionally raised total gross proceeds of approximately £0.87m million through the Open Offer which was announced on 9 November 2020, representing approximately 42.7 percent proposed under the Open Offer.

Accordingly, the Company has conditionally raised total gross proceeds of approximately £10.4 million in aggregate by way of the Placing, the Subscription (which was also announced on 9 November 2020) and the Open Offer.

Applications have been made to the London Stock Exchange for the admission of a total of 15,951,726 New Ordinary Shares to trading on AIM. This comprises (i) 7,783,288 EIS/VCT Placing Shares; (ii) 3,639,783 General Placing Shares; (iii) 3,192,307 Subscription Shares and (iv) 1,336,348 Open Offer Shares. The New Ordinary Shares will rank pari passu with the Existing Ordinary Shares. Admission of the EIS/VCT Placing Shares is expected to occur on 27 November 2020 and on 30 November 2020 for the General Placing Shares, Subscription Shares and Open Offer Shares, subject to Shareholders passing the relevant Resolutions at the General Meeting to be held on 26 November 2020. Shareholders should also note that the Company has received advance assurance from HMRC that investment in the Company willqualify for EIS tax relief.

Neil Clark, Chief Executive Officer of Destiny Pharma, commented:
“We are very pleased with the results of the fundraising and the support from our existing and new shareholders. NTCD‐M3 is a Phase III ready asset for the prevention of C. difficile infection (CDI) recurrence which is the leading cause of hospital acquired infection in the US with a potential sales market of over $1.5 billion. The funds will allow us to complete Phase III clinical trial preparations. By acquiring the global rights for a late‐stage clinical asset, Destiny Pharma extends its microbiome portfolio alongside the SPOR‐COV Covid‐19 collaboration, strengthening the Company’s focus on the prevention of life‐threatening infections and its strategy to build a world leading anti‐infectives R&D company.”

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the announcement of the Fundraising made by the Company on 9 November 2020.


Destiny Pharma plc +44 (0) 1273 704 440

Neil Clark (Chief Executive Officer)
Shaun Claydon (Chief Financial Officer and Company Secretary)

finnCap Limited ‐ Nominated Adviser and Joint Broker +44 (0) 20 7220 0500

Geoff Nash / Kate Bannatyne / Charlie Beeson (Corporate Finance)
Alice Lane (ECM)

WG Partners LLP ‐ Joint Broker +44 (0) 20 3705 9330

Nigel Barnes / Claes Spång / Nigel Birks / Andrew Craig

Optimum Strategic Communications +44 (0) 203 174 1789
Mary Clark / Shabnam Bashir / Manel Mateus

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