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  • 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

  • 25 Feb 19
Destiny Pharma - Prevention is commercially cost effective

XF-73, Destiny Pharma’s new antimicrobial, is in Phase IIb for the prevention of staphylococcal surgical infections and seems to be in the right place at the right time. Recent press reports suggest that in most developed markets, cutting screening for nasal staphylococcal carriage before surgery was associated with patient deaths. Another recent paper highlighted the mortality benefit of nasal decolonisation.

Companies: Destiny Pharma
  • 28 Jan 19
Small Cap Feast

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. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb

Companies: TENG DEST KMK PCA ABC EUA NUC AVCT SBIZ RBD

  • 28 Jan 19
Positive safety data. Phase IIb study good to go….

The announcement of positive Phase I safety data further de-risks Destiny’s lead asset, XF-73, which will now enter a Phase IIb study in the US for the prevention of post-surgical bacterial infections, with data readout from this study still expected in H2 2019. The Phase I study achieved the primary objective of a low cumulative irritancy score with high statistical significance when compared with a placebo of distilled water, and can now be classified as a non-irritant. The company remains 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, given that we had assumed a clean safety profile in our probability-adjusted DCF calculation.

Companies: Destiny Pharma

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Destiny Pharma. We currently have 41 research reports from 4 professional analysts.

Open
N/A
Range Today
N/A
52 Week
36.5/84.0p
Daily Volume
N/A
# Shares
43.9m
Daily Liquidity
(0.00%)
Pension Liability
£0m
Enterprise Value
£11.4m
Market Cap
£18.2m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
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
16Oct19 07:00 RNS-R Positive phase 1 results published in journal
23Sep19 07:00 RNS Directorate Change
23Sep19 07:00 RNS Interim Results for 6 months ended 30 June 2019
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  • 10 Dec 19
Are these unprecedented results a major opportunity?

Futura Medical has reported the results of the pivotal Phase III study (FM57) for its lead compound, MED2005. Whilst all doses achieved all primary endpoints against baseline (p<0.001) at 12 weeks, there was no differentiation between any active arms and placebo. The placebo arm consisted of the DermaSys formulation and these results suggest that this proprietary gel has an effect comparable to the active arms at all three glyceryl trinitrate doses (0.2%, 0.4%, and 0.6%). This data is clinically relevant and suggests that DermaSys alone may be effective in treating Erectile Dysfunction (ED). Clearly the data needs to be digested before licensing discussions with possible partners continue. Equally, the commercial opportunity, especially the OTC potential, will need to be assessed. Until we have greater visibility, we suspend our valuation and forecasts; for context our model valued Futura Medical at £127m (62p a share).

Companies: Futura Medical
  • 11 Dec 19
On the road towards mainstream adoption

Rarely has Britain ever invented such world-beating technology as that developed by Kromek. Indeed its next generation radiation detectors are disrupting 3 major verticals - Medical Imaging (eg BMD & SPECT), Nuclear Detection (D3S) and Security Screening (Airport baggage/bottles) – each worth >$100m pa.

Companies: Kromek Group
  • 10 Dec 19
LIBERUM: Futura Medical* - Unexpected P3 result means shift in strategy but potential approval timelines likely unchanged

Futura announced P3 results from its FM57 study testing MED2005 in 3 doses (0.2%, 0.4% and 0.6%). None of the doses showed superiority in improving erectile dysfunction outcomes vs. placebo.

Companies: Futura Medical
  • 11 Dec 19
Cenkos: Kromek Group Plc -- Major increase in output expected

Recent investment in capital equipment has increased Kromek's CZT production capability seven-fold. Contracted medical imaging output will ramp up in H2E and revenue visibility for FY20E stands at over 90%. Kromek is on track for organic growth of +27% this year. We adjust our working capital assumptions to reflect a slightly slower cash recovery but momentum in the business and all time low share price support a Buy.

Companies: Kromek 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 ESRE 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

  • 06 Dec 19
H1 results: adjustments to clinical programmes

ReNeuron has announced its H1 2020 results; financials are slightly ahead of our expectations related to the identified slower recruitment of the Phase III PISCES trial. ReNeuron has made a number of positive clinical trial protocol changes to both the CTX and hRPC programmes to boost enrolment and accelerate clinical development, respectively, and we have included these changes into our forecasts.

Companies: Reneuron Group
  • 09 Dec 19
ImmuPharma Quick Reference Sheet following new Lupuzor licence

Following the recent announcement that Avion Pharmaceuticals has entered into a licence to pay up to $25m to develop (through the second phase III trial) and commercialise its major drug Lupuzor ™, ImmuPharma presents a very different opportunity compared to even a few weeks ago.

Companies: ImmuPharma
  • 09 Dec 19
Encouragement from interims

After a momentous year for ReNeuron catalysed by the clinical results from their hRPC program for retinitis pigmentosa (RP), the H1’20 financial results brought the year to a positive close. A strong cash position enables the expansion of both of its clinical programs and notably the scale of the hRPC program has been expanded in order to accelerate the product’s regulatory approval. Further clinical data on the hRPC program is expected in 2020 before the first pivotal study on the CTX program in chronic stroke reads-out in H1’21.

Companies: Reneuron Group
  • 04 Nov 19
THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN ESRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

  • 05 Dec 19
US licensing deal: Major Opportunity Within LupuzorTM Unlocked

ImmuPharma announced a major US licensing deal on 28 November 2019 with Avion Pharmaceuticals (“Avion”), a US specialty business that has a focus on Rheumatology, Women’s health (Lupus afflicts women more) Dermatology and other therapeutic areas. Avion have a strong marketing and commercialisation operation (with over 100 specialist sales reps). Avion has exclusively in-licensed LupuzorTM for the US market for Lupus (SLE) and other indications and agreed to fund an international Phase III clinical trial for up to US$25m. In addition, Avion will pay up to US$70m in milestones and a royalty stream tiered to 17% has been agreed. We have always believed that ImmuPharma could deliver such a successful deal for the US market (given the track record of the previous deal executed with Cephalon). This deal with Avion was aided by the strength of the clinical data (and safety profile) from the Phase III trial announced last year. Our detailed analysis of the respective cohort data, driven by the performance of the peptide in the auto ds-DNA antibody positive patients validated our assumptions of the value of LupuzorTM. We now see LupuzorTM as having the ability to generate blockbuster sales in the US (US$1bn+) alone (previously US and EU combined) – which when coupled with a royalty stream of up to 17% on revenues, could see an annual royalty to ImmuPharma’s bottom line of US$170m per year. What is particularly impressive about this deal is not only ImmuPharma’s ability to identify and execute a new licensing partner for LupuzorTM but also the opportunity available for ImmuPharma to find new distribution and marketing partners outside the US for LupuzorTM, for e.g. in Europe, where a new trial would not even be required given Avion’s funding commitment. This means that there is a distinct possibility that further licensing deals could follow bringing in an attractive additional royalty stream, and additional upfront and milestone payments. Outside of LupuzorTM, we believe that ImmuPharma has the potential to generate news-flow on its other pipeline assets including Nucant and UreKa. Based on the financial assumptions for this deal, and a lower risk profile (reduction in risk premium in our DCF model) we increase our target price (which is 50% discounted) from 76p to 100p / share. BUY.

Companies: ImmuPharma
  • 05 Dec 19
Avacta Group - Executive interview

In this video, Alastair Smith, CEO of Avacta Group, discusses the progress the company has made this year. This includes new and expanded partnerships, operational and financial achievements, and the advancement of AVA6000 towards the clinic.

Companies: Avacta Group
  • 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
  • 09 Dec 19
SP Angel Healthcare Conditions

Open Orphan (ORPH.L): All-share offer for hVIVO

Companies: Open Orphan
  • 02 Dec 19
Acquisition – 7% accretive in first full year

SDI has announced the acquisition of Chell Instruments; paying c.£4.3m for the business (FY 2018 EV/Sales and EV/EBIT of 0.9x and 5.5x) funded from cash and a new debt facility with net debt at year-end now expected to be c.£5.0m. SDI has shown that it can source and execute another accretive acquisition in what was a competitive tender bid process. We expect the acquisition to be c.7% accretive to EPS in FY 2021 and raise our target price by 25% to 75p to reflect the accretion as well as rolling forward our target year, implying an EV/EBITDA of 11.9x and adjusted P/E of 17.3x.

Companies: Scientific Digital Imaging
  • 04 Dec 19
Proving the accuracy and superiority of minibeams

The goal of Advanced Oncotherapy (AVO) is to deliver an affordable and more effective proton beam therapy (PBT) system, based on state-of-the-art technology developed originally at the world-renowned CERN. In the past 18 months, the project has been de-risked through important technical milestones. AVO is now working on the verification and validation phase, prior to CE marking and LIGHT being used on the first patients. Meanwhile, AVO has entered into a research collaboration with the Cleveland Clinic aimed at proving the accuracy of targeting cancerous tissue, and sparing normal tissue, with proton minibeams in comparison with other methodologies.

Companies: Advanced Oncotherapy