RE: UNIVERSAL Update from Prof Tom Wilkinson 12/01/2323 Mar 2023 20:15
oj17 - Destiny Pharma (which I’m no expert on, so please correct if wrong) recently had knockout P2 results. They have JV’d with a bit of a lesser known US pharma who are I understand funding the entire P3 (about £30m). However, they insisted Destiny do a raise to secure funding for the coming years and it was done at a considerable discount, annoying the hopeful shareholders. The market hasn’t looked too favourably on it and the shares have drifted lower than the raise price.
In summary, it’s not beyond the realms of possibility that even in a JV we might still be required to pay our way, as it were, albeit for now our cash position is better than Destiny’s was.
Re the cash position and our share price, it does seem that we are being valued at basically nothing. Unless of course the market is also concerned that a cash raise might be coming.
I once said just prior to P3 results that this would be £10 or 10p on a pass or fail. I now see this as 0p or a few pounds.