M3: Another gem in the portfolio
With the recent announcement of the positive Phase 2b clinical study of XF-73 in the prevention of post-surgical staphylococcal infections, Destiny has become a rare UK biotech company owning two Phase 3-ready assets. Yet NTCD-M3 may have been forgotten by investors with the excitement surrounding the positive clinical trial announcement.Destiny acquired the worldwide rights to the non-toxigenic Clostridioides difficile strain M3 (NTCD-M3) for the prevention of C.difficile infections (CDIs) in November 2020. Despite a number of old antibiotic therapies, CDIs remain an unmet and potentially fatal medical need, and are the most common cause of health care-associated infection in US hospitals with recurrence occurring in 25% to 30% of patients.
Our financial forecasts were modestly adjusted for Destiny’s recent FY 2020 results on April 14 to reflect its cash position. While other competitors to NTCD-M3 have higher market capitalisations, they are based in the US with its greater access to investors and capital. ED’s fair value of Destiny Pharma again changes slightly to £200.2m or 335p per share (from £214.0m or 357p per share), as we amend our £/$ rate to 1.39
Seres Therapeutics is a microbiome therapeutics platform company developing a class of biological drugs, which it refers to as Ecobiotic? microbiome therapeutics. SER-287 is being developed to treat ulcerative colitis, or UC. SER-109 is designed to reduce recurrences of Clostridium difficile infection, or CDI, a debilitating infection of the colon, in patients who have received antibiotic therapy for recurrent CDI by treating the dysbiosis of the colonic microbiome. In addition, using its microbiome therapeutics platform, the company is developing product candidates to treat diseases including SER-301, a rationally designed, fermented UC candidate, and SER-401, a microbiome therapeutic candidate.
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