reports
- Andy Smith
A year of progress, and addressing the future
Destiny’s full-year results for the year ending December 31 2023 included news of a strategic review of the options for its lead program XF-73 nasal. Cost-controls and reduced clinical trial spend at this point in the development of Destiny’s assets reduced the loss for the year. With the increased focus on the partnering of XF-73 nasal, we were left in no doubt after the analysts’ meeting that XF-73 nasal is both a valuable asset and that it will be partnered at some point in time. While an e...
Hybridan Small Cap Feast - 25 April 2024
25th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Smart Metering Systems (SMS.L) has delisted from the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar ...
- Dominic Rose
- Naresh Chouhan
Destiny - Making Positive Changes (Sponsored Research, TP £1.20, 12 pg...
Last week, Destiny reported positive preclinical safety data for XF-73 Dermal, facilitating its progression to clinical evaluation in diabetic foot ulcer (DFU) & serious burn wound infections. We view XF-73 as bringing a novel approach to treating these serious conditions. The company is exploring partnering options for both the Nasal and Dermal formulations, with this likely to be the next catalyst, in our view. NTCD-M3 also continues to progress, with a change of CDMO and a move to a solid for...
Hybridan Small Cap Feast - 31 Jan 24
31st January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Andy Smith
Clinical Development Updates
Destiny Pharma has started the year with two important clinical development updates on its lead products which enhance both their profiles. The clinical development update on XF-73 Dermal, which is a variation on Destiny’s XF-73 Nasal product included a preclinical study of an XF-73 Dermal formulation demonstrating that like XF-73 Nasal, it is also safe and applications to wounds results in negligible systemic levels. On the non-toxigenic Clostridioides difficile strain M3, Destiny and partner...
- Martin Hall
Hardman & Co Healthcare Index: 2023 – Capital demands dent performance
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (...
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- Andy Smith
XF-73 is ‘The Real Deal’
With Destiny’s lead drug now licensed to Sebela Pharmaceuticals in preparation for its Phase 3 study, Destiny’s second Phase 3-ready drug (XF-73) is next up for partnering and the recent publication and XF Pipeline Update burnished its profile for the benefit of investors and potential partners. As one key opinion leader at the event noted, 'XF-73 is the real deal.' Destiny announced the publication of a microbiological study that tested XF-73’s activity against more than 2,500 clinical isolate...
Hybridan Small Cap Feast - 17 Oct 23
17th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
Destiny Pharma: 1 director
A director at Destiny Pharma maiden bought 40,000 shares at 49p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
- Andy Smith
Interim results: XF-73 3-0 The competition
There were few surprises in Destiny Pharma’s interim results as the recent achievements on its two lead Phase 3-ready products had previously been announced. We have made minor changes to our forecasts but none to our valuation as a result of the interims. Destiny’s new CEO delivered a polished and knowledgeable presentation only twelve days into the job handling analysts’ questions with ease and delegating to Destiny’s CFO and CSO where appropriate. We have delved into the details of the analy...
- Dominic Rose
- Naresh Chouhan
Destiny Pharma - INITIATION - Building an Infection Prevention Powerho...
Destiny Pharma (DEST) is an LSE-listed Biotech specialising in preventative medicine, with two P3 ready drugs. XF-73 is a novel antibacterial with a rapid and unique onset of action and best-in-class resistance profile, with positive Phase 2b data in preventing post-surgical site infections. NTCD-M3 is a non-pathogenic strain of C. difficile, designed to prevent C. diff infection (CDI) recurrence by crowding out pathogenic forms of the bacteria. With best-in-class P2 data, Sebela acquired the US...
- Andy Smith
Management pieces in place
While the recent departure of its CEO may have come as a surprise to investors, the key parts of a transition to address Destiny Pharma’s next transactional deals may have been building to fruition for some time. Business development plus leadership of the Board and management teams are already now in place, with the focus on XF-73 remaining a constant. In a relatively short space of time, the interim CEO has given way to the permanent appointment of Chris Tovey, who will assume the position of...
- Andy Smith
XF-73 Momentum
Destiny’s recent business update noted the continued partnering interest on XF-73 Nasal – its now lead product for the prevention of post-surgical staphylococcal infections now that NTCD-M3 has been partnered in the US – and the active discussions with potential partners who have access to the data room. The announcement also implied that the data room would include details and the requirements for the XF-73 Nasal clinical trial plan that has been agreed with the US FDA and the EMA for Europe. ...
- Andy Smith
AGM update and CEO transition
Destiny’s AGM provided a summary of an eventful year that included the licensing of its lead Phase 3-ready asset NTCD-M3 and a successful fundraising. With attention turning to the partnering of its second Phase 3-ready product XF-73, the backdrop to new anti-infectives continues to be supportive. The AGM was preceded by the announcement of Destiny’s CEO’s departure: his interim replacement with a handover period is Dr Debra Barker, whom we have met previously. We regard Dr Barker as very comp...
Hybridan Small Cap Feast - 02 May 23
2nd May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
- Andy Smith
Another string to the bow
Destiny have announced positive early results from its joint collaboration with SporeGen® on the prophylactic product – SPOR-COV® – to prevent respiratory infections. While the next steps in developed markets are eagerly awaited, its manufacturing partner in Vietnam (HURO) will be delivering the product to good manufacturing practice (GMP) standards. The announcement of positive preclinical prophylaxis results for the prevention of COVID-19 and influenza infections elevates SPOR-COV closer to ...
- Andy Smith
No surprises in results
While the costs and preparations for the Phase 3 studies on NTCD-M3 and XF-73 will continue over the next year, we expect a transition to a lower cash burn after the first Phase 3 starts in 2024. Before then, we forecast another licensing deal (and modest cash in-flows) for Destiny’s second Phase 3-ready product, XF-73. Destiny’s cash at the end of FY 2022 was £4.9m and it estimates that its cash reach extends to H2 2024. Our own forecasts include another $1m upfront payment for the licensing ...
Hybridan Small Cap Feast - 04 Apr 23
4 April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
Hybridan Small Cap Feast - 24 Mar 23
24 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Andy Smith
Onwards and upwards
Now that all the resolutions for Destiny’s fundraising that needed shareholder approval have been passed at its general meeting, we have taken the opportunity to update both our valuation and financials. Our valuation of the business increases marginally because, while we had lower milestone payment and royalty totals, they are partly offset by a launch a year later than we originally forecast. Our financials now reflect the milestone payment received, the cash raised and the higher share coun...
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