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A reverse takeover is, essentially, an acquisition by a listed company or its subsidiary of a business, company or assets (target) where the size of the target is larger than the listed company itself or which would result in a fundamental change in the business, the board or voting control of the listed company.
With us it has been, with Harbour and Seplat it hasn't.
All the selling ?
I make it just under 110,000 shares traded today - about £80 grands worth.
I've already made my thoughts known on the seller and take their share out of today's trades (and all the other days as well) and the sell column is negligible. It will not go on for ever and in any case, news could land anytime the market is open for business.
Danrh
Thanks for the links . It's interesting that both the FDA and the EMA are quite happy to model a phase 3 trial on the basis of the efficacy of XF-73 vs current standard of care and the presentation from Prof Wilcox strongly confirmed the medical communities belief that S.aureus can be eradicated, if the pathogens can be successfully treated pre op and as we all know XF-73 is vastly superior in this respect to Mupirocin.
It's worthwhile to re visit the EMA advice for the modelling of the phase 3 trial:
· A simple, microbiological primary endpoint is acceptable for European approval of the XF-73 nasal gel. It will measure the percentage of patients demonstrating decolonisation to a level of eradication. This is consistent with the primary endpoint used in the very successful Phase 2b clinical study that reported outstanding results in 2021.
· Agreement that the patient population to enroll in the Phase 3 trials will be those who are nasal carriers of S. aureus (approximately a third of all patients) undergoing surgeries that put them at risk of a post-surgical S. aureus or MRSA infection. This is consistent with the patient population enrolled in the successful Phase 2b.
· It has been agreed that in Europe XF-73 Nasal gel would be compared to a "standard of care" mupirocin treatment in the Phase 3 programme; mupirocin is the old dermal antibiotic widely used across the world for nasal decolonisation.
· Agreement with the proposed XF-73 Nasal gel product pack approach for Phase 3 and its commercial suitability for the European market.
Incidentally in the clinical trial data that you linked, I noted that number 7 in the "Outcome Measures" also showed 0 for the Measure type - Number/unit of measure events. Yet my understanding that XF-73 passed this control with flying colours ?
Without wishing to sound patronising, that's the sort of debate one likes to see on a bb. Your views are not de ramping in my view, but just providing food for thought. I like to uncover every stone to see what's lurking underneath.
My understanding is that there has been a major study in the US involving some 300,000 patients, evaluating the efficacy of Mupirocin against the antiseptic iodofor in the elimination of Staphylococcus aureus in the nasal cavity prior to surgery. It is recognised that S.aureus is the primary infection causing pathogen in surgery. The main conclusion of the study was that Mupirocin was superior in reducing S.aureus nasal cultures vs iodofor.
We should all be aware of the performance of XF-73 vs Mupirocin, with a 99.9% reduction of nasal colonisation of S.aureus in a clinical setting with additional important benefits over the current standard of care as shown at 1hr 33mins 22secs in this presentation :
https://www.youtube.com/watch?v=c7CQ6qPXvBI
I fully understand the need for a larger cohort to be studied in a phase 3 trial and the parameters of this trial have been agreed in consultation with the FDA. So, I fail to see where your claim " that clinical proof of concept is still to be demonstrated for XF-73." comes into play. Mupirocin is the current standard of care and XF-73 has been shown to be the superior product. Perhaps you could enlarge upon your thoughts on this point.
As an important aside, lets keep the board civil. Insults say more about the person using them than the poster to whom they are directed.
But surely Van 2000 the appeal of XF-73 to large pharma is that should it fulfil its potential, and thus far the portents are excellent, then it would become the standard of care for operations worldwide. I don't know how many millions of procedures are carried out each and every year but surely this would make XF-73 attractive to any global pharma. Little but often, so to speak.
On your second point it is clear that Destiny fell short on the business side of things. Mid year steps were taken to address this problem, with the appointment of Susan Koppy, the re appointment of Sir Nigel Rudd and the replacement of the ex CEO with Chris Tovey. I've every confidence in the new team and it was the reason I bought in.
I have any problem with the Company diversifying and the purchase of M3 gave us another string to our bow. It's planned to move into phase 3 trials next year and I'd rather have it in the portfolio, than not.
I personally do not believe anyone will put in an offer for Destiny before the results of the XF-73 phase 3 trials are known, but never say never.
After all AstraZenica recently acquired Icosavac for up to $1.1 billion, based upon the successful phase 2 trial results of their IVX -A12 vaccine.
It's phase 3 ready so in many ways, not dissimilar to our own situation .
Given the above and the strength of our science, my only surprise is that Destiny appears to be still under the radar of many investors.
And in the admiral spirit of not persuading people to blindly follow those that are over bullish on these boards (not just here) perhaps you could help them by explaining the risks as you see them for Destiny.
Who knows, it might even be the catalyst for a sensible debate. Cards on the table time :)
Whilst considering downsides, I don't believe we should lose sight of the drag on the current share price as a result of a constant seller, operating since around July of this year.
Speculative I know, but I believe it's the Wade Furniture Group who have been off loading their 1,250,000 shares. I regard them as a distressed friendly seller, if it is them, and certainly explains the orderly nature of proceedings.
Their last accounts for the period ended 2nd October 2022, published in March, were showing a loss of £1.5 million, so they certainly need the cash.
In the Investor Meets presentation in October, Bill Love said that the funding from NIAID has allowed Destiny to undertake a large clinically enabled study of XF-73 dermal, which is ongoing, and they look forward to presenting the results at the end of this year. The study is being run by NIAID.
He goes on to give an overview of where we are at with XF-73 dermal and its efficacy vs the present standard of care.
From around 1 hr 42 mins 05 secs on the link:
https://www.youtube.com/watch?v=c7CQ6qPXvBI
On the face of it one would think that perhaps 15th December would be the deal or no deal date, being a year from the PSA announcement but even that doesn't hold water as the rns was released on 12th December last year.
The mind boggles.
I agree this mid price nonsense where a sale or buy is determined at which side of the line a trade falls is a farce.
We are in the 21st century after all.
At present buys are 68.395p and sells are around 68p but because of the above, everything is showing as a sell.
The system needs changing but unfortunately it suits the market to continue as is.
Sajy
Hope you don't mind but I thought folk might like a re fresher of those results that you mention.
It's good info for newbies as well:
https://www.destinypharma.com/2023/07/31/publication-of-new-data-for-xf-73/
Buena - Cyber
Yes the reference to the paywall was the Telegraph, hence there was no point in posting the link as most will not presumably be subscribers.
And yes, I do appear to have mis read, that it only applies to applications for trials.