Tip update: Disappointing Destiny still has potential

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Antimicrobial treatmentsdeveloper Destiny Pharma (LON: DEST) has been a very poor recommendation. The share price has slumped by more than two-thirds from 159.5p. The need for new antibiotics remains enormous and if any of the company’s treatments do gain approval, they will be highly valuable.  

Getting to that point is important and that is why more cash is being raised. It is not the best time to do this, though. Destiny Pharma has raised £6m, with a possible £1m more to come from an open offer, at 50p a share. That was well below the 69p that the share price was on the day before ...

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