Destiny completes L4.8M financing round
Destiny Pharma, a privately-held UK biotechnology firm, has secured L4.8 million ($7.1 million) in an investment round in order to progress its lead candidate, the methicillin-resistant Staphylococcus aureus-fighting antibacterial XF-73 (Marketletter May 26). The financing comes from existing investors and related parties, including Longbow Capital.
Non-executive director Howard Matthew said: "given the financial climate, this investment is a poignant reflection of the urgent need for effective drug for MRSA. A drug that could prevent infection without generating resistance would save health services money, as well as lives. Our shareholders believe the XF series can meet this need."
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