StockMarketWire.com - CMS Medical Venture Investment has invested £3.0m in Destiny Pharma to accelerate the development of the company's pipeline of drug candidates.

This follows finalisation of the development and commercialisation agreement with CMS which was announced on 4 Sep.

Under the final terms of the agreement, Destiny Pharma will collaborate with CMS, who will have the full rights in China and certain other Asian countries (excluding Japan), to enable the development and commercialisation of the Company's pipeline of drug candidates in the region.

The parties will coordinate and share data from their respective clinical studies and Destiny Pharma will benefit from CMS investment in developing the Company's assets in China.

Destiny Pharma will also receive a future commercial milestone based on the achievement of sales milestones by CMS and make a manufacturing margin on any product the Company supplies.

Destiny Pharma chief executive Neil Clark said: 'Following the successful flotation, in which Destiny raised £15.3m, and this additional equity investment of £3m by CMS, Destiny is well funded through to 2020.

'The company is now focused fully on delivering the phase 2b clinical trials for its lead programme XF-73 and developing its earlier pipeline over the next two years.' The investment has been made by way of a subscription for 1,910,828 new ordinary shares at 157p per share.




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