Destiny Pharma – Placing and Open Offer to raise up to £8 million
March 2023
Destiny Pharma has successfully raised up to £8 million via a Placing and Open Offer, alongside a valuable partnering deal with Sebela Pharmaceutical on NTCD-M3, a potential treatment for C-difficile, worth up to US$570m plus royalties.
The fundraising will help Destiny Pharma prepare for the final Phase 3 clinical trial for NTCD-M3, progress its preclinical projects and provide additional working capital. Sebela will finance all future clinical development and commercialisation costs of NTCD-M3 in the US, significantly de-risking Destiny’s business.
Placing and Open Offer
The Placing and Open Offer consisted of a Placing of 14,285,714 First Placing Shares and 5,642,858 Second Placing Shares, Subscription of 71,428 Ordinary Shares, Open Offer of up to 2,938,284 Ordinary Shares, each at a price of 35 pence per share.
Having helped Destiny back in September 2017 with their admission document when they floated on AIM in September 2017, the Perivan shareholder communications team were delighted to work with finnCap, who acted as Nominated Adviser and Joint Broker to Destiny on the successful production and publication of the Placing Circular and ancillary documents which were posted to qualifying shareholders on 1st March 2023.
Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds.
