Summit Therapeutics widens loss as drug development continues
Summit Therapeutics
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16:55 21/02/20
Drug discovery and development company Summit Therapeutics reported its financial results for the fourth quarter and fiscal year ended 31 January on Wednesday, with revenue rising to $2.9m from $2.3m a year earlier.
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The AIM-traded firm said total operating expenses widened to $31.28m from $27.23m, resulting in a wider operating loss of $31.28m, compared to $24.85m.
Its loss before income tax was $32.35m, from $25.71m, and its loss for the year totalled $26.9m, compared to $21.37m.
“We believe the progress made over the past year in our DMD and CDI programmes, combined with our strengthened financial position following the signing of the Sarepta licensing agreement has placed us in a strong position to deliver value for our patients and shareholders,” commented CEO Glyn Edwards.
“Our Phase 2 proof of concept trial, PhaseOut DMD is well underway with enrolment expected to be completed in the second quarter of 2017.
“We now look forward to providing the full analysis of 24-week biopsies from the approximately 20 patients dosed with the F3 or F6 formulation of ezutromid, plus 24-week MRI and functional measures from all patients in the trial, in the first quarter of 2018.”
Edwards said that approach was in lieu of reporting interim analysis from a smaller group in 2017, and was expected to provide a more complete picture of the potential benefits of ezutromid at this time point on utrophin expression, muscle health and muscle function.
“In CDI, our Phase 2 clinical data supports the potential front-line use of ridinilazole to treat the initial infection and provide patients with a sustained clinical response.
“This sustained clinical response is the focus of our planned Phase 3 programme that is designed, with input from the FDA and EMA, to evaluate superiority of ridinilazole over the current standard of care antibiotic vancomycin.
“With the Phase 3 trials planned to start in the first half of 2018, we look forward to an exciting and important time ahead as we seek to bring these two potentially important treatment options one step closer to patients.”