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University of Sussex business to float on Stock Exchange

A drug-development company based at a University of Sussex business-incubation hub is to float on the London Stock Exchange.

Destiny Pharma is aiming to raise more than £10 million by floating on the Stock Exchange’s Alternative Investment Market (AIM) next month.

If it succeeds, this will be the second time in the history of the Sussex Innovation Centre that a member business has floated on the Stock Exchange while still a tenant.

Destiny Pharma expects US sales alone to top £1 billion for its breakthrough drug XF-73, a preventative treatment for Staphylococcus aureus (SA) infections commonly found in hospitals, including the infamous MRSA ‘superbug’.

The business is raising funds to cover its costs as XF-73 goes through its next phase of clinical trials in patients, to assess efficacy, effectiveness and safety. It will initially target the US market, where the most recent clinical trial was government-funded, but has ambitions to take the drug to Europe and Asia.