International legal practice Osborne Clarke has advised finnCap Ltd and Shore Capital Stockbrokers Limited on the conditional £7 million placing and subscription and up to £1m open offer for AIM-quoted Destiny Pharma plc, the clinical stage innovative biotechnology company focused on the development of novel medicines that can prevent life-threatening infections.
The net proceeds of the fundraise will allow Destiny Pharma to complete final Phase 3 clinical trial preparation for NTCD-M3, its lead asset for the prevention of Clostridioides difficile infection recurrence, including clinical trial material manufacturing, progress XF-73 CMC manufacturing and Phase 3 preparation, further progress preclinical projects and provide general working capital for Destiny Pharma.
The fundraise, which was announced on 24 February 2023, is being conducted in two tranches. The first tranche of £5m is being conducted under Destiny Pharma's existing shareholder authorities. The second tranche of the balance is conditional on approval of shareholders at a general meeting on 16 March 2023.
finnCap is acting as Destiny Pharma's nominated adviser and finnCap and Shore Capital are acting as joint bookrunners and joint brokers in connection with the placing and subscription. MC Services AG acted as Destiny Pharma's placing agent in connection with the placing.
The Osborne Clarke team that advised on this transaction was led by Partner Jonathan King who was assisted by Associate Director Ed Nisbet and Senior Associate Stuart Miller. This is the third time that the same team has acted for finnCap in relation to fundraises by Destiny Pharma in recent years.
This fundraise further showcases Osborne Clarke's growing strength in advising on public transactions in the life sciences and healthcare sector, spearheaded in London by Corporate Partner Matthew Edwards.
Osborne Clarke's Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers and Partners, is considered a go-to practice for many companies (in the life sciences & healthcare sector and beyond), working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to strategic M&A, IPOs and JVs.