Summit Therapeutics PLC (LON:SUMM, NASDAQ:SMMT) is ramping up funding and commercial preparations as it gears up for a Phase 3 trial of its lead product.
Summit’s chief executive Glyn Edwards said the company remains on track to deliver Phase 3 data for ridinilazole in the second half of 2021, having shown in Phase 2 trials that the drug could kill C.difficile infections while preserving healthy microorganisms in the gastrointestinal tract.
After making a third-quarter loss of £7mln compared to £8.1mln in the same period last year, the AIM-listed company had a cash balance of £13.6mln at 31 October, not including a proposed US$50mln fundraise from biotech billionaire Bob Duggan, which will go to a shareholder vote on 23 December.
The fundraise would give the company enough capital to take ridinilazole through phase III trials.
Summit’s income was boosted during the quarter by its funding contract with the US Biomedical Advanced Research and Development Authority (BARDA) for the development of ridinilazole, which awarded £3.6mln in the last quarter.
Shares were down almost 3% at 20.4p in early afternoon trading on Tuesday.