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.
Destiny’s interim financials demonstrate its continued prudent financial management that underpins these achievements against the backdrop of Covid-19. We leave our FY 2020 financial estimates largely unchanged.
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.
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