Destiny Pharma has started the year with two important clinical development updates on its lead products which enhance both their profiles.
The clinical development update on XF-73 Dermal, which is a variation on Destiny’s XF-73 Nasal product included a preclinical study of an XF-73 Dermal formulation demonstrating that like XF-73 Nasal, it is also safe and applications to wounds results in negligible systemic levels.
On the non-toxigenic Clostridioides difficile strain M3, Destiny and partner Sebela Pharmaceuticals improved M3’s chemistry, manufacturing and controls program to incorporate a solid dose, rather than liquid formulation – which should improve patient compliance, manufacturing and storage costs – and changed the product’s contract manufacturer. While these changes may necessitate a bridging study between the two dosage forms, the costs all future M3 studies will be met by Destiny’s partner.
Our fair value remains unchanged at £245.7m, or 279 pence per share.
