Market Overview

Edison issues initiation on Destiny Pharma (DEST)


LONDON, Sept. 04, 2018 (GLOBE NEWSWIRE) -- Destiny Pharma is a virtual antimicrobial discovery company in Phase II clinical studies in the US. Destiny's XF series of antimicrobial agents are novel, rapidly bactericidal and not associated with bacterial resistance, which typically limits the use of other antimicrobial agents. This makes Destiny's lead product, XF-73, ideal for the prevention of post-operative infections, an indication in which no other drugs have been approved. We forecast Destiny's cash reach to at least 2020, with Phase IIb results for XF-73 available at the end of 2019.

We have analysed Destiny Pharma using a risk-adjusted NPV model resulting in a valuation of £89.1m or £2.04 per share, based only on the use of XF-73 in the prevention of Staphylococcal post-surgical infections in high-risk surgical patients. We have assumed the first launch will be in the US in 2022, although it has already partnered in China, and the results of the Phase IIb clinical study, which was fully funded by the IPO proceeds, could enable Destiny to enter into a global licensing transaction on XF-73 as soon as 2020.

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