(Bloomberg) — Destiny Pharma Plc, a British biotech company chaired by City veteran Nigel Rudd, has appointed insolvency practitioners after failing to secure a rescue deal.
Destiny Pharma, which earlier this month delisted from the London Stock Exchange’s Alternative Investment Market, had been unable to secure a licensing partner to fund clinical trials for its most hopeful antibiotic product, according to a person familiar with the matter.
It lodged an application to appoint administrators in the High Court, a form of insolvency, on Wednesday.
The company, which was founded in 1997, has now appointed administrators from the insolvency firm Cork Gully LLP, according to a person familiar with the matter.
Destiny, which was floated…
