Plenty of progress in H1
Having navigated the challenge of running a clinical trial during a global pandemic, Destiny has blossomed in mid-2020. It is on track to announce top-line Phase 2b results for XF-73 in the prevention of post-surgical infections in Q1 2021.It has also expanded its pipeline to span the two most contemporary issues in biotech: the microbiome and the prevention of COVID-19 infections.
Cash at the end of H1 2020 was £5.6m (£9.1m at the end of H1 2019) and in-line with our estimates. The company’s cash runway now extends to the end of 2021 which should be more than enough time to partner XF-73 after positive Phase 2b results in Q1 2021.
Destiny have weathered the challenges of clinical trial recruitment and management during the global pandemic that led other companies to abandon their studies. The Phase 2b study continues to recruit, with 88 of the 125-patient FDA-agreed target already on board and having breezed through the interim independent safety review.
We value Destiny Pharma at £84.5m, or 193p per share.
Gilead Sciences is a research-based biopharmaceutical company that discovers, develops and commercializes medicines. The company's primary areas of focus include viral diseases, inflammatory and fibrotic diseases and oncology. The company's products include: Biktarvy for the treatment of HIV-1 infection in certain patients; Vosevi?, a single tablet regimen of sofosbuvir, velpatasvir and voxilaprevir for the re-treatment of chronic hepatitis C virus infection in adults; Vemlidy? for the treatment of chronic hepatitis B virus infection in adults with compensated liver disease; and Yescarta (axicabtagene ciloleucel) for the treatment of adult patients with relapsed or refractory large B-cell lymphoma.
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