Destiny have announced a conditional fundraising at 50p per share that includes a placing, subscription and Open Offer that could in total raise up to £7.0m. With the raised level of uncertainty in the markets and the ongoing partnering of Destiny’s two Phase 3-ready assets, the Board decided to proceed with the fundraising so as not to delay the activities on its two lead assets. Just as importantly, reinforcing its balance sheet should strengthen its negotiating position with potential partners. With the ongoing ‘risk-off’ reaction to the war in Ukraine, and the potential for equity markets to suffer further, Destiny’s Board have sensibly decided to proceed with a fundraising to finalise the regulatory plans and secure the continuation of the preparation for the partnering of its two Phase 3-ready assets – NTCD-M3 for the prevention of Clostridioides difficile infections, and XF-73 for the prevention of post-surgical staphylococcal infections. Our fair value of Destiny Pharma stood at £187.9m or 314p per share, but the dilution of the full conditional fundraising and the final amount raised net of costs will undoubtedly have an effect. We plan to publish revised numbers after the General Meeting on March 28.