reports
- Andy Smith
Fundraising to bolster its positioning
Destiny have announced a conditional fundraising at 50p per share that includes a placing, subscription and Open Offer that could in total raise up to £7.0m. With the raised level of uncertainty in the markets and the ongoing partnering of Destiny’s two Phase 3-ready assets, the Board decided to proceed with the fundraising so as not to delay the activities on its two lead assets. Just as importantly, reinforcing its balance sheet should strengthen its negotiating position with potential partner...
- Andy Smith
Very welcome regulatory clarity
Destiny Pharma has announced details of positive feedback from the European Medicines Agency (EMA) on the proposed Phase 3 programme for one of its two Phase 3-ready products, XF-73 for the prevention of post-surgical staphylococcal infections: • the successful completion of the proposed Phase 3 clinical programme is expected to lead to the registration of XF-73 nasal gel in Europe. While the number of patients in the study and the number of separate trials in the programme have not been disc...
- Andy Smith
M3's profile rising further
In a spree of positive updates to start 2022, Destiny Pharma begins the year with the profile of anti-infectives continuing to rise after the recent Lancet publication, the advancing regulatory preparations on the Phase 3 studies of its two lead products, and partnership discussions all aligning. Destiny’s most recent announcement on the compatibility of M3 should increase its attractiveness to potential partners. The recent announcement of the preclinical studies conducted by the US Departmen...
Moody's announces completion of a periodic review of ratings of Eli Li...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Eli Lilly and Company. Global Credit Research- 10 Nov 2021. New York, November 10, 2021-- Moody's Investors Service has completed a periodic review of the ratings of Eli Lilly and Company and other ratings that are associated with the same analytical unit.
- Andy Smith
Support on both fronts
Destiny’s most recently acquired Phase 3-ready product, the non-toxigenic Clostridioides difficile strain M3 (NTCD-M3), appears to be in the right place, at the right time. November is C.difficile awareness month and Destiny’s consultant and Advisory Board member Professor Dale Gerding has just presented at the C.difficile International Conference. We have collated data on these recent presentations, and results from competitors to Destiny Pharma’s NTCD-M3 product for the prevention of recurre...
- Andy Smith
New dermal collaboration on XF-73
Destiny Pharma has announced a new clinical programme that is planned to start in China, led by its existing partner China Medical Systems Limited (CMS). Destiny already has an earlier stage (than its two Phase 3-ready programmes) dermal programme on XF-73, but for serious infections of burns and open wounds. This new programme is to be run by CMS for the larger market of the prevention and treatment of superficial bacterial skin infections. While investors may have forgotten CMS’s involvement...
- Andy Smith
H1 2021 Interims: still on track
Destiny's interim H1 2021 financial results were an upbeat and extensive update on the clinical trial progress achieved in the period. There were no surprises in the financials and progress towards starting the Phase 3 studies continues. The first of these should be the NTCD-M3 study in H2 2022, subject to financing. A range of funding options are under evaluation for the progression of Destiny’s two Phase 3-ready assets. While the positive progress has been detailed in our recent notes on X...
Moody's rates Eli Lilly's notes A2; stable outlook
Rating Action: Moody's rates Eli Lilly's notes A2; stable outlook. Global Credit Research- 08 Sep 2021. New York, September 08, 2021-- Moody's Investors Service assigned an A2 rating to the new euro and sterling-denominated senior unsecured notes of Eli Lilly and Company.
- Andy Smith
XF-73 data maturing, like a fine wine
Destiny have released additional endpoint analyses after the positive headline announcement of the Phase 2b study of XF-73 for the prevention of staphylococcal post-surgical infections in March 2021. The new analyses looked at the same endpoint, but out to six days after surgery and confirmed the durability of XF-73’s effect on S.aureus carriage. The recent analysis of the secondary endpoints at later timepoints improved XF-73’s profile even further. This data showed that XF-73-treated patient...
- Andy Smith
A glaring differential in validation
Recent transactions and the introduction of a new Act of the US Congress are further advancing the narratives on both the microbiome and new antimicrobials. These are the two areas where Destiny Pharma is focussed. Deals in the anti-infective space highlight the discrepancy between US and UK valuations for these assets, and it can only be a matter of time before Destiny, with its late-stage assets with better competitive profiles, becomes involved. We have left our financial forecasts and valua...
- Andy Smith
Encouraging AGM and M3 updates
Destiny’s recent announcement on the progress on its lead asset NTCD-M3 maintains the momentum that has built since the acquisition of M3 in 2020. In addition, while the AGM narrative did not promise a licensing transaction on either of Destiny’s Phase 3-ready assets, the timelines for partnerships in 2021 and the Phase 3 studies starting in 2022 remain intact. Destiny also welcomes the recent G7 Health Ministers’ Meeting communique on 4 June and its strong message highlighting the global thre...
- Andy Smith
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) i...
- Andy Smith
What a difference a year makes
Destiny has transformed its position, both in fundamental terms and in share price strength. A year ago, the group was navigating the conduct of its Phase 2b clinical trial through the challenges of the pandemic. 12 months on, positive results from that study, the acquisition of another Phase 3-ready program, plus a successful fundraising have all reshaped Destiny’s investment proposition. The costs and news flow of Destiny’s US Phase 2b study rightly dominated its FY 2020 financial results. O...
- Andy Smith
The best possible scenario
Destiny has announced the top-line results of its Phase 2b clinical study of XF-73 in the prevention of staphylococcal post-surgical infection. As an active antimicrobial agent, we had expected XF-73 to have efficacy in this indication, but the strength of the data was an outstanding result. Specifically, there was a greater than 99% reduction in nasal carriage achieved in just 24 hours, the primary endpoint of the study, compared to placebo. Destiny is now in the attractive but unusual situat...
- Andy Smith
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-toxi...
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