Destiny have announced a new XF-73 research programme on the prevention of oral mucositis (OM) in cancer and other immunosuppressed patients. This new programme for an additional potential indication should enhance the product’s profile, as we know that XF-73 is an active topical antimicrobial that acts quickly for a defined time.
This news does not affect the priority and anticipation of a partnering deal for Destiny’s lead product – NTCD M3 for CDIs – which we continue to expect in 2022. Further regulatory news, along with the growing list of potential indications now expanded to include the prevention of OM, should help a licensing transaction for XF-73 which we anticipate in 2023.
We had recently updated our model and valuation after Destiny’s FY 2021 results and recent fundraising so the announcement of this new research collaboration does not yet change our estimates.
Our valuation remains at £209.6m or 288p per share.
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