11th Jun 2015 11:25
LONDON (Alliance News) - Summit Therapeutics PLC Thursday posted a widened pretax loss for the first quarter of its financial year as a result of higher costs related to the development of its pipeline and the costs of its listing on NASDAQ.
Summit Therapeutics is a drug discovery company and its two lead compounds are for Duchenne muscular dystrophy and c. difficile infection.
For the first quarter to end-April the company posted a pretax loss of USD5.8 million, compared with a pretax loss of USD3.8 million, as a result of higher research and development and general and administrative costs. Revenue rose to USD625,000 from USD408,000.
During the quarter it completed enrollment in its phase Ib trial for its DMD treatment SMT C1100. It plans to begin a phase II open label clinical trial of the drug in the second half, and a randomised placebo-controlled phase II trial in early 2016.
Enrolment and dosing of patients in its phase II proof of concept trial for its c. difficile infection treatment is on-going, with top-line data from this trial expects in the second half of 2015.
It raised USD39.3 million in its listing on NASDAQ in March.
"During the first quarter, we substantially expanded our shareholder base with a successful NASDAQ listing, which has provided significant support for the on-going patient clinical trials of our lead product candidates for the treatment of DMD and CDI. We look forward to reporting data from these studies as we seek to establish the potential of our two programmes as life-changing treatments," said Chief Executive Officer Glyn Edwards in a statement.
Shares in Summit are trading down 0.2% at 135.75 pence in London Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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