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  • 03 Mar 20
Morning Note – 3 March 2020

ANGLE (AGL): Corp | Braemar (BMS): Corp | Destiny Pharma (DEST): Corp | Gooch & Housego (GHH): Corp | President Energy (PPC): Corp | 4imprint (FOUR): Corp | DX (DX): Corp | Xeros (XSG): Corp

Companies: FOUR GHH AGL PPC DEST 8086 XSG BMS

  • 18 Dec 19
Differentiated anti-infectives

Following the set of largely established US and EU guidelines which recommend the decolonisation of patients’ noses of Staphylococcus aureus before surgery to prevent subsequent surgical site infections, Destiny recently reported the new Asia Pacific Society of Infection Control (APSIC) guidelines that are now harmonised with the US and EU positions. This is important for Destiny’s first product – XF-73 which is currently in a US Phase IIb study for the prevention of post-surgical staphylococcal infections.

Companies: Destiny Pharma
  • 17 Dec 19
Morning Note – 17 December 2019

City of London Group (CIN): Corp Ready steady go | ClearStar (CLSU): Corp Trading update | Destiny Pharma (DEST): Corp Asian Pacific guidelines support XF-73 future use | Evgen Pharma (EVG): Corp Interims – cash to Q3 2021 | SDI Group (SDI): Corp Interims on track for strong FY 2020 | Tristel (TSTL): Corp AGM and trading update

Companies: 9537 SDI TSTL DEST EVG CIN

  • 10 Dec 19
Destiny Pharma - Eyes on the Phase IIb prize

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.

Companies: Destiny Pharma
  • 16 Oct 19
Morning Note – 16 October 2019

Destiny Pharma (DEST): Corp Reinforcing the value of XF-73 | Tristel (TSTL): Corp FY 2019 results: new three-year financial plan

Companies: Tristel Destiny Pharma

  • 16 Oct 19
Small Cap Feast

Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected 18 Oct 2019. African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE.

Companies: DEST BOKU BOKU BOKU GTC RRL AUG ARK ARBB LGRS GOOD ASC

  • 24 Sep 19
Destiny Pharma - Careful resourcing, supportive environment

Results for the US Phase IIb clinical study have been delayed by a quarter to mid-2020, so investors’ attention will now turn to the YE19 study update. However, Destiny’s H119 results showed continuing prudent management and targeted resourcing of the clinical programme, with grant income and a regulatory backdrop that supports novel antimicrobial development.

Companies: Destiny Pharma
  • 23 Sep 19
Morning Note – 23 September 2019


Companies: IOF ODX DEST EVG

  • 23 Sep 19
Interims – extended cash runway into 2021

Interim results reflected the increase in R&D expenses given that enrolment into its Phase IIb trial started in April. A statutory pre-tax loss of £2.4m (vs.£2.6m) was reported (adjusted loss of £2.3m vs. £2.0m), driven by £1.7m (+31%) of R&D. Period-end cash was £9.1m (vs. £12.1m at 31 December 2018). The company reported that the slower-than-expected clinical trial site set up would push completion of recruitment of its 200-subject Phase IIb study into early 2020, with final results now expected later in H1 2020. This is not atypical of many clinical trials and does not detract from the potential value of XF-73, given that it could potentially be the first approved antimicrobial for the prevention of S. aureus infections in high risk surgery patients. However, grant income and prudent cash management is expected to extend the cash runway into H1 2021, at which point it will have a valuable Phase III-ready package with FDA Fast Track designation and a Phase II-ready package for XF-73 dermal formulation for the treatment of infections associated with diabetic foot ulcers. Target price unchanged at 250p.

Companies: Destiny Pharma
  • 10 Sep 19
Morning Note – 10 September 2019

ANGLE (AGL): Corp Third-party breakthrough prostate cancer research | Destiny Pharma (DEST): Corp Research grant award | Omega Diagnostics (ODX): Corp £0.4m Chinese purchase order | STM (STM): Corp Reported EBITDA in line amidst investment for the future | Telit (TCM): Corp Telit enjoys strong growth in continuing business

Companies: ODX STM AGL DEST TCM

  • 16 Apr 19
Bucking the Big Pharma trend

Destiny Pharma (DEST) is focused on developing innovative drugs with the potential to prevent or treat prevalent forms of drug resistant infection. Lead asset XF-73 has potential to be first to a $1.2bn core market. We think that its low propensity to trigger Antimicrobial Resistance (AMR) seen in testing todate means the strong commercial rationale for XF-73 bucks the trend which has caused a steady retraction in Big Pharma antimicrobials pipelines.

Companies: Destiny Pharma
  • 11 Apr 19
Destiny Pharma - Well-funded with clinical results in a year

Destiny Pharma’s imminent Phase IIb study start dominated the FY18 results announcement. The US Phase IIb study of XF-73 is open and recruiting with results expected around YE19. Destiny’s operating loss increased to £6.1m (vs £3.2m in FY17) with R&D costs of £3.5m (vs £0.4m in FY17) comprising the majority of operational expense. Cash at the end of FY18 was £12.1m, which gives Destiny a runway well into 2020.

Companies: Destiny Pharma
  • 09 Apr 19
FY 2018 results – Phase IIb to start this month

Destiny Pharma reported a statutory pre-tax loss of £6.1m (adjusted loss of £5.3m) driven by £3.5m of R&D and an 8% increase in administrative costs to £1.98m. Period-end cash was £12.1m (vs. £16.7m at 31 December 2017), which was £2.0m higher than forecast and largely due to later phasing of R&D expenses. Confirmation that the Phase IIb study for the prevention of post- surgical infections will start this month is a positive, with data readout still targeted by year-end 2019. It remains well funded through to H2 2020, at which point it will have a valuable Phase III-ready package with Fast Track designation awarded by the FDA. Our target price remains unchanged at 250p.

Companies: Destiny Pharma
  • 09 Apr 19
Morning Note – 9 April 2019

Avacta (AVCT): Corp Interims – a transformatory first half | Destiny Pharma (DEST): Corp FY 2018 results – Phase IIb to start this month | Gooch & Housego (GHH): Corp Half-year trading update

Companies: AVCT GHH DEST

  • 27 Mar 19
Small Cap Feast

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.

Companies: INSE CPP GOAL SLN DEST CHRT BMV UKOG GTC GHT

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Destiny Pharma. We currently have 45 research reports from 4 professional analysts.

Open
N/A
Range Today
N/A
52 Week
31.0/84.0p
Daily Volume
N/A
# Shares
43.9m
Daily Liquidity
(0.02%)
Pension Liability
£0m
Enterprise Value
£11.4m
Market Cap
£14.0m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
03Mar20 07:00 RNS Clinical and Business Update
20Jan20 07:00 RNS-R Update on the development of XF drug formulations
17Dec19 07:00 RNS-R APSIC guidelines recommend decolonising S. aureus
02Dec19 07:00 RNS Directorate Change
02Dec19 07:00 RNS Destiny to present at UK-China AMR Workshop
15Nov19 07:30 RNS-R Presentation at the Investival Showcase
06Nov19 07:00 RNS-R Destiny Pharma to present at World AMR Congress
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  • 30 Mar 20
Interims – pre-COVID growth

Bioventix delivered a strong set of interims, with revenues up 21%. Given the 9% decline in operating expenses, this resulted in a 31% increase in adjusted EBITDA, with adjusted pre-tax profit also rising 31% to £4.4m (52% of full-year forecasts) and adjusted EPS up 29% to 69.4p. An interim dividend of 36p was declared (+20%) with net cash at period end of £5.5m. Growth was driven by both Vitamin D antibody sales/royalties (+c.25%), its portfolio of other antibodies (+c.12%) and a more meaningful contribution from troponin. Given the inevitable disruption that COVID-19 will have to some testing volumes (although tests such as NTproBNP are likely to benefit from high risk COVID patients), we leave forecasts unchanged, confident that the strong H1 and weaker sterling in H2 should offset any potential H2 trading shortfall. We leave our forecasts unchanged and reiterate our 3750p target price. At this level, the stock would trade on a 30x FY 2020 P/E with a free cashflow yield of 3.1x

Companies: Bioventix
  • 03 Apr 20
Company update: New Covid-19 project but flags likely trial delays

ReNeuron has provided an update in light of the Covid-19 pandemic. Current day-to-day disruption has been minimised. However, ReNeuron did flag likely delays to its two ongoing clinical studies for Stroke Disability and Retinitis Pigmentosa (RP) and when top-line data will be made available. We believe this delay risk is more pertinent in the Stroke programme, given the RP trial is not enrolling patients at this point awaiting the approval of clinical trial protocol adjustments (including approval to enrol an additional 9 patients). We previously expected additional Phase I/IIa data for RP in H2 2020 and interim results of the Phase IIb Stroke trial in mid-2021, and the company will provide further guidance on the timing of interim data from the studies in due course. The Fosun Pharma collaboration remains on track with initial focus on the Stroke programme, for which clinical trial applications have been filed to open clinical sites in China. This may help offset any possible disruption to the Stroke programme patient enrolment at US and UK clinical sites. Lastly, in an intriguing development, ReNeuron has initiated a research project exploring the use of its exosomes as a delivery vehicle for viral vaccines to increase the potency of Covid-19 vaccines in development. The project is understood to be at an early stage but could accelerate quickly in the current regulatory climate, and possibly lead to commercial partnering opportunities and upside not reflected in our forecasts.

Companies: Reneuron Group
  • 01 Apr 20
LIBERUM: Futura Medical* - Approval timelines and cash runway remain on-track

Futura has released its 2019 preliminary results this morning, updating the market after a very busy 12 months with its all important FM57 study delivering exciting and commercially relevant data in December. On this front management is hosting a webcast presentation that will be available on the company website later this morning to provide more colour on the study.

Companies: Futura Medical
  • 02 Apr 20
Subscription raising £2m

Avacta announced that it is raising £2m by way of a subscription for 11.1m ordinary shares at 18p (follows £9m raise in October 2019 at 15p per share), subject to a general meeting. Given the current economic uncertainty and disruption caused by the coronavirus outbreak, we think this is prudent as it extends the cash runway further into 2021. Not only does this create a cash buffer for any unseen disruption, but it also provides additional time to advance its immunotherapy pipeline with partners (fully funded by the partners), as well as delivering further commercial progress for both therapeutics and diagnostics. Avacta confirmed that it will file a CTA application as soon as possible, seeking the UK regulator’s permission to commence a Phase I safety study for its lead drug candidate (AVA6000 – pro-doxorubicin). This is on track to start in late 2020, having made good progress in manufacturing drug product. We retain a target price of 76p.

Companies: Avacta Group
  • 30 Mar 20
SP Angel Healthcare Conditions

Novacyt S.A* (NCYT.L): COVID-19 test update | Redx Pharma (REDX.L): Short term loan agreement

Companies: Novacyt Redx Pharma

  • 01 Apr 20
THE MONTHLY April 2020


Companies: AVO AGY ARBB ARIX BUR CMH CLIG DNL GDR HAYD PCA PIN PHP RE/ RECI RMDL STX SHED VTA

  • 31 Mar 20
FY19 prelims & Covid-19 update

Revenue growth of 10% in H2 brought FY results in line and the company was looking well set for strong progress in FY20. However, Covid-19 presents a significant short term challenge, given SUN’s focus on elective surgeries. The Board has moved quickly to enact cash preserving and cost saving measures, whilst continuing to supply essential products. Cash on the balance sheet and support from the group’s bankers provides short term liquidity and other indications of financial support are being actively considered.

Companies: Surgical Innovations Group
  • 01 Apr 20
PTAN number a step closer to Medicare coverage

In an important step for Medicare coverage determination, Renalytix has been granted a Medicare Provider Transaction Access Number (PTAN) for its Salt Lake City Utah clinical laboratory. This effectively means Renalytix is now qualified as a billable provider and can initiate a ‘Local Coverage Determination’ process to establish US national Medicare coverage and reimbursement for KidneyIntelX testing. Medicare and Medicaid insurance programmes are estimated to represent 50-60% of chronic kidney disease patients likely to benefit from KidneyIntelX. Medicare coverage determination expected by calendar H1 2021 is not presently reflected in our current forecasts and remains a substantial value creation event if achieved. Over the last week we also saw impressive healthcare economic data published by Boston Healthcare supporting KidneyIntelX use in large healthcare systems, and Renalytix AI also featured in N+1 Singer’s Stocks in Unprecedented Times – Part 2 handbook.

Companies: Renalytix AI
  • 06 Feb 20
Running the Slide Rule over SDI

SDI was selected in finnCap’s Slide Rule QVGM+ top 30 stocks in Q1 2020, reflecting the projected strong sales and EPS growth over the next two financial years of 30% and 31% respectively, buoyed by recent acquisitions but more importantly the rising ROCE. The prospect of sustainable organic growth is considered likely for this buy-and-build model given ongoing investment to support portfolio companies’ ambitions. These quality metrics are also seen in Judges Scientific (a larger buy-and build investment story), which despite three-year 9% EPS CAGR, trades on a FY 2020 P/E of c.25x and FCF yield of 4.2%. Given the successful acquisition and integration of 11 businesses over the past six years, and mindful of opportunities that still exist for SDI, we are raising our target price to 105p, which brings the valuation into line with Judges. This implies FY 2021 EV/EBIT and P/E multiples of 19.6x and 24.5x, respectively.

Companies: Scientific Digital Imaging
  • 02 Mar 20
THE MONTHLY March 2020

Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.

Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA

  • 02 Apr 20
China approval and trading update

Omega Diagnostics provided a trading update for FY 2020 that is broadly in line with expectations, confirming also that it had received Chinese approval for the laboratory version of the Food Detective Test that we had expected in January. Under the current circumstances of an almost global lockdown due to coronavirus, we consider this to be a positive outcome. First shipments of VISITECT CD4 (both 350 and Advanced Disease tests) were also confirmed (albeit lower than forecast due to delays in Nigeria and as a result of the coronavirus outbreak), but are expected to be deferred into FY 2021. We have made minor forecasts changes to FY 2020 but leave FY 2021 and our target price unchanged.

Companies: Omega Diagnostics Group
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 04 Dec 19
Cenkos: IXICO Plc -- Revenues growing and profitable

IXICO has reported a strong financial performance for FY19A built on continued commercial focus and a strengthened organisation. Revenues of £7.6m were up 40% and gross margin was up 600bps versus FY18A and the company delivered its first year of profitability since IPO. EBITDA of £0.5m was strongly ahead of our forecast (+£0.1m) and delivered an EBITDA margin of 6%. We have maintained our revenue growth expectations of 20% for FY20E and FY21E but have upgraded our profit expectations given the strong reported performance. We maintain our Buy recommendation.

Companies: IXICO
  • 27 Jan 20
Product launches indicate growing momentum for year ahead

OptiBiotix ("OPTI") has had a strong start to 2020, with partners Agropur (US), Holland & Barrett (UK) and most recently Alfasigma (Italy) launching new products containing the company's microbiome-modulating functional ingredients. As an increasing number of products move to market, we remain positive as to the commercial potential of OPTI's functional ingredients as consumer awareness grows. The recent launches indicate growing momentum into 2020, when we expect existing agreements to start delivering substantial revenue streams and further demand for OPTI's products. We reiterate both our OUTPERFORM recommendation and 97p target price, based on our view that OPTI is at the beginning of a long-term revenue growth cycle.

Companies: Optibiotix Health
  • 31 Mar 20
Strong MDI data highlights triple modality of ensifentrine

Today’s Phase II single-dose (Part A) data on the metered dose inhaler (MDI) formulation of ensifentrine in COPD patients are strong, demonstrating a statistically significant and clinically meaningful, dose-response improvement in lung function vs. placebo. This improvement was statistically significant in all doses vs. placebo, except at the lowest strength. Furthermore, this lung function improvement showed statistically significant dose-response durability over 4 hours and 12 hours. Whilst it is too early to predict the leading MDI dose strength, the general dose-response and placebo-like safety profile of the MDI formulation, which will be seen favourably by potential commercial partners. However, the initiation of the multi-dose (Part B) stage trial has been postponed for the time being due to the ongoing Covid-19 pandemic. Nevertheless, today’s result means ensifentrine has shown clinically meaningful lung improvements across three widely used inhaled modes: nebuliser, dry powder inhaler and MDI. This underpins Verona’s partnering/licensing efforts for ensifentrine, which represents substantial blue-sky upside to our valuation.

Companies: Verona Pharma