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Summit Therapeutics boss hails "landmark year"; investors look to next milestone

The next big news is likely to come in the third-quarter
child crying
The company is working on a treatment for Duchenne Muscular Dystrophy, a fatal muscle-wasting disease that affects boys

Summit Therapeutics PLC (LON:SUMM, NASDAQ:SMMT) chief executive Glyn Edwards described 2017 as a “landmark year”, though investors are already looking to the third-quarter of this year for the next major milestone.

Eagerly anticipated by the investing public are the top-line results for ezutromid, a potential breakthrough treatment for sufferers of Duchenne Muscular Dystrophy (DMD), a fatal wasting disease that affects boys.

The read-out from the Phase II proof-of-concept study is expected from September onwards; however, interim data has already revealed a statistically significant reduction in muscle damage and inflammation in patients after just 24-weeks.

Preparations accelerated

“Strongly encouraged by these findings, we are accelerating preparatory activities for a placebo-controlled trial of ezutromid and also preparing for a potential regulatory filing of ezutromid based on top-line data from the full 48-week results,” said Edwards.

Summit also had success with its precision antibiotic, which received backing from the Biomedical Advanced Research and Development Authority in the US – a package that’s potentially worth £44mln (US$62mln).

Researchers currently are preparing to take C.difficile combatant ridinilazole into Phase III clinical trials in the States and here in Europe.

Finally, the acquisition in December for £10mln in cash and paper has brought in an earlier stage antibiotic pipeline.

Financially strong

Financially, Summit is in a strong position, ending the year with just over £20mln in the bank, which was supplemented last month with a £15mln fundraiser.

The loss for the 12 months to January 31 shrank to £7.1mln from £21.4mln.

READ: Summit Therapeutics raises around £15mln from placing to advance its treatment for Duchenne Muscular Dystrophy

“We enter this next year in a position of strength with great opportunities for our products,” said chairman Frank Armstrong.

“Our progress brought us one step closer to realising the significant value of ezutromid and ridinilazole for the company, shareholders and most importantly, patients.

“Our growth over the past year ensures we have a strong team and a pipeline for the future.

“We now look to an exciting year ahead with the full results from PhaseOut DMD expected in the third quarter of this year.”

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