EMV Capital’s subsidiary Moirai Acquisitions has bought key assets from Destiny Pharma, the AIM-listed MedTech which went into liquidation this summer.
The acquisition, which is centred on Destiny’s antimicrobial XF platform, covers trading its name, website, intellectual property, stock and contracts linked to its lead compound XF-73 and related compounds.
XF-73 is designed to prevent post-surgical site infections by killing bacteria through a rapid mechanism that reduces the likelihood of resistance – an advantage over conventional antibiotics.
Moirai will pay £475,000 upfront in cash, plus up to £2 million in deferred payments tied to future milestones.
These include £600,000 on the start of a Phase 3 clinical trial in the US, £900,000 upon FDA approval for XF-73, and up to £500,000 linked to a potential milestone payment under an existing commercial agreement with a Hong Kong-based pharmaceutical investor.
The initial payment was backed by third-party funding syndicated by EMV Capital Partners, its in-house VC and corporate finance arm, which has also led a new equity fundraising to provide working capital.
That raise is expected to complete in September 2025, once post-acquisition structuring is finalised to attract investors.
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Brighton-based Destiny was founded in 1996 and had advanced XF-73 through a Phase 2b trial.
However, it was forced into administration in August 2024 after cash pressures and left the AIM market before liquidators were appointed in August 2025.
“We are delighted to welcome Moirai and its XF-73 assets to our Venture Building Programme and the EMV Capital portfolio,” said Dr Ilian Iliev, CEO of EMV Capital.
“This transaction represents another example of our capital efficient investment approach, whereby EMV Capital Partners is able to deploy its multi-disciplinary team to structure and execute complex Venture Building investment opportunities and introduce these to its network of supportive investors.
“EMV Capital has maintained a significant direct stake in this exciting business whilst also growing its third party assets under management.
“As a VC we are focused on obtaining high-returns for our investors, but equally we believe that where possible such efforts should be focused on areas of high social impact. Our investment is in the extremely important area of anti-microbial resistance, one of the top global public health threats, and within that specifically on preventing hospital infections and in particular post-surgical infections.
“We hope to show how our capital efficient investment approach can be applied to such contexts.
“The EMV Capital and Bidco teams have been working closely on this project since July and we look forward to supporting the new management team in the execution of their planned strategic development of XF-73.”
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