With the recently announced fundraising approved at Destiny’s GM, and the competition to Destiny’s Phase 3-ready NTCD-M3 product flailing, everything seems to be in place for a partnering transaction. Destiny has successfully raised £6.45m in a Placing, Subscription, and Open Offer which, apart from funding the further preparation of its two lead assets for the Phase 3 studies, puts Destiny in a stronger position in licensing negotiations.
Pfizer’s C.difficile toxin vaccine to prevent CDIs failed this primary endpoint in Phase 3. This shows that the prevention of not every infection is tractable by traditional vaccines. For novel and more difficult indications like CDIs, new approaches like a microbiome-directed approach are needed; but unfortunately for Destiny’s microbiome competitor Finch, safety concerns meant the FDA placed their Phase 3 study on clinical hold.
The fundraising, dilution and model changes have resulted in our fair valuation changing from £187.9m or 314p per share to £210.3m or 289p per share. Once any transaction has been announced, our risk-adjustment changes and together with the value of the transaction, means further changes to our valuation are likely.
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