Destiny Pharma

LN: DEST

£18.2m market cap

41.5p last close

Destiny Pharma is dedicated to the discovery, development and commercialisation of new antimicrobial agents that have unique properties to improve outcomes for patients. Destiny’s first product, XF-73, is about to start a US Phase IIb clinical study.

Investment summary

With the US Phase IIb study results now expected around mid-2020, we have examined the study design and our expectations for the results. Separately, we have looked beyond the current study and indication to the application of Destiny Pharma’s products in infections associated with biofilms. Our valuation is £70.2m, or 160p per share.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2017A 0.0 (2.5) (3.2) (8.45) N/A N/A
2018A 0.0 (5.3) (6.0) (11.86) N/A N/A
2019E 0.3 (5.5) (5.6) (11.05) N/A N/A
2020E 0.0 (6.7) (6.7) (12.91) N/A N/A
Industry outlook

While there are valid commercial criticisms of antibiotic development, the growing problem of antimicrobial resistance is making non-dilutive and alternative funding methods available to make antimicrobial drug development easier on companies. In addition, resistance has not been observed against Destiny’s agents and their new preventative indications make antibiotic stewardship less of an issue.

Last updated on 29/11/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 5.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 0.0 0.0 (41.1)
Relative* 1.2 (0.3) (46.0)
52-week high/low 84.0p/36.5p
*% relative to local index
Key management
Neil Clark CEO
Shaun Claydon CFO
Dr. William Love Founder and Chief Scientific Officer

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