10th May 2016 11:20
LONDON (Alliance News) - Summit Therapeutics PLC Tuesday reported a widened pretax loss for its most recently ended financial year as it continued to develop its key treatments for Duchenne muscular dystrophy and c. difficile infection towards approval.
For the year to end-January the company reported a pretax loss of GBP20.1 million, widened from a GBP12.7 million pretax loss the year before, predominantly as a result of higher research and development costs related to progressing its key drug development programmes.
It reported operating income of GBP1.5 million, down from GBP2.2 million.
Research and development costs rose by GBP6.4 million in the year, mostly due to Summit investing in its DMD programme, as well as to a lesser extent its c. difficile programme, and increased headcount for project teams for both programmes.
"Summit's substantial clinical accomplishments over the past year have contributed to great momentum in both our DMD and CDI programmes. Notably, the successful completion of a Phase 1b trial in DMD will enable ezutromid to advance into a Phase 2 proof of concept trial and a Phase 2 trial in CDI demonstrated statistical superiority of ridinilazole over standard of care, positioning ridinilazole as a highly promising asset in the treatment of CDI," said Chief Executive Officer Glyn Edwards in a statement.
"We now look forward to what could be a pivotal year ahead with the first look at potential proof of mechanism for ezutromid in DMD boys, and exploring a potential partnership for ridinilazole," Edwards added.
Shares in Summit Therapeutics were down 1.9% at 115.25 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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