Destiny Pharma. Share Price (DEST)

I'm still on the side lines, but agree it was a informative presentation, in marked contrast to the rns's under Tovey's stewardship. One wonders why, particularly as some of the information could have been drip fed to the market, with a probable positive effect on the sp.

You previously mentioned the $19m staged payments from Sebela, but hard as I try, I cannot find a calendar for the trigger points and amounts.

And that's the crux of my major concern. Neither M3 or XF73 are going to get through phase 3 trials before 2026/7.

Where does the money come to sustain the business from 2025 onwards.

There's no doubt that the business side of Destiny was poor prior to Tovey's arrival, and save for his reticence to publish news on a regular basis, he has clearly put the Company onto a more professional footing.

The products, particularly the XF platform, appear to be ground breaking but we live in tough times and are dealing with hard nosed pharma.

Perhaps they have asked themselves the same question as me and are playing very hard ball.

I certainly don't see how the Company can conjure up £25-30 million, given the current valuation and the state of the markets, to fund the phase 3 trial of XF 73 and keep the business going for 2-3 years.

We were given the impression that news of the revised phase 3 trial and the associated reduced costs, if accepted by the regulators, is hot off the press and has yet to be presented to "interested parties".

I wonder if having watched YouTube, they will now be beating a path to CT's door.

As an aside, what's happened to Dr. Yuri Martina , the CMO ?

I would need to look closer at the Ondine data but I know it's not approved yet in the US because it also hasn't yet commenced phase 3.

In addition, a successful product does not remove the market for other follow-on ones. There are many factors that decide market share including price, effectiveness etc.

Personally I don't see Ondine Bio as a direct competitor to DEST. Although they are both attacking the same issue - AMR - they are completely different methodologies. XF-73 stops infection through medication, whereas OBI uses a device for Photodisinfection. Given that AMR is one of WHO's top 10 issues, there is plenty of room for more than one methodology to tackle the same problem.

Can I ask, if one direct competitor OBI which is already in US market is a concern to you?

I will rephrase that. Where is my added risk compared to late last year given the cash run that is still available?