2021 starts well with XF-73 study fully recruited
Destiny has announced that the patient recruitment for its Phase 2b study, conducted under a US IND, is complete and that they are on-track to report top-line results for this study before the end of Q1 2021.Their internally developed product XF-73, for the prevention of post-surgical Staphylococcal infections, has completed the target recruitment of 125 patients scheduled for open heart surgery.
Destiny also recently announced progress on the recently-acquired Phase 3-ready asset non-toxigenic C.difficile strain M3 (NTCD-M3) in preparation for the start of the Phase 3 study in 2022. The appointment of a manufacturer and the development of a more efficient and lower cost manufacturing process should not be underestimated for a biologic product that is new to the company.
Our financials and valuation have not changed as a result of these recent updates and we calculate the fair value of Destiny Pharma at £156.9m (262p per share).
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