11th Dec 2018 14:31
LONDON (Alliance News) - Summit Therapeutics PLC said Tuesday its third-quarter loss widened sharply due to one-off charges.
For the three months ended October 31, the company reported pretax loss of GBP9.4 million compared to GBP2.3 million a year prior. The loss was ballooned by a non-cash charge related to share-based payment expense, resulting from the surrender of share option awards.
However, for the nine months to October, the company swung to a GBP12.7 million profit from a GBP8.9 million loss.
Revenue for the three-month period fell to GBP675,000 from GBP2.6 million a year prior. For the nine months to the end of October, revenue was GBP42.5 million, significantly higher compared to GBP9.1 million a year ago.
"As we continue to build out our antibiotics portfolio, we are focusing on the development of differentiated new mechanism antibiotics which we have the potential to demonstrate clear advantages over current standards of care," Chief Executive Officer Glyn Edwards said.
Looking ahead, the company said it believes that its existing cash and equivalents will be sufficient to cover the costs of its activities until the end of September 2019.
Summit shares were trading down 1.9% at 17.90 pence each.
Related Shares:
SUMM.L