OXFORD, United Kingdom, May 6, 2015 (GLOBE NEWSWIRE) -- Summit Therapeutics plc (AIM:SUMM) (Nasdaq:SMMT), the drug discovery and development company advancing therapies for Duchenne muscular dystrophy (‘DMD’) and C. difficile infection (‘CDI’), today reports its financial results for the year ended 31 January 2015.
Dr Frank Armstrong, Non-Executive Chairman of Summit commented: “It has been a year of substantial progress that has seen Summit’s lead product candidates for the treatment of DMD and CDI progress into clinical trials in patients, expansion of our operations into the United States and receipt of strong financial backing from new and existing investors that culminated in the successful offering on NASDAQ. It is my belief that Summit is well placed to achieve a number of key clinical milestones in the coming year as we seek to establish the potential of our two programmes as potential life-changing treatments.”
HIGHLIGHTS
DUCHENNE MUSCULAR DYSTROPHY PROGRAMME
- Completion of first DMD patient Phase 1b clinical trial of a utrophin modulator therapy with SMT C1100 shown to be well tolerated at all doses tested.
- Potential SMT C1100 activity in Phase 1b clinical trial with statistically significant reduction observed in the levels of three enzymes associated with muscle damage.
- Initiation of new Phase 1b clinical trial of SMT C1100 to evaluate impact of modified diet in DMD patients; all patients enrolled and dosing on-going with top-line data expected to be reported in Q3 2015.
- Plan to initiate Phase 2 open label clinical trial of SMT C1100 in H2 2015 and randomised placebo controlled Phase 2 clinical trial of SMT C1100 in early 2016.
C. DIFFICILE INFECTION PROGRAMME
- Phase 2 proof of concept clinical trial on-going in US and Canada with enrolment and dosing of patients underway; top line data expected in H2 2015.
- SMT19969 designated as a Qualified Infectious Disease Product (‘QIDP’) by the US Food and Drug Administration.
- £1.9 million milestone payment received as part of the Wellcome Trust Translational Award.
OPERATIONAL HIGHLIGHTS
- Strengthening of Board of Directors and Executive Management, including the appointment of Mr Erik Ostrowski as Chief Financial Officer.
- US operations established through opening of Cambridge, Massachusetts office.
- Change of registered name to Summit Therapeutics plc in February 2015.
FINANCIAL HIGHLIGHTS
- Cash and cash equivalents at 31 January 2015 of £11.3 million compared to £2.0 million at 31 January 2014.
- £22.0 million (£20.5 million net of costs) financing through issue of new Ordinary Shares completed in March 2014.
- Loss for the year ended 31 January 2015 of £11.3 million compared to £6.1 million for the year ended 31 January 2014.
NASDAQ INITIAL PUBLIC OFFERING
- Initial public offering of American Depositary Shares in the United States and listing on the NASDAQ Global Market completed in March 2015 (post period end).
- Gross proceeds of $39.3 million (£25.8 million) raised.
Conference Call and Webcast Information
Summit will host a conference call and webcast to review the financial results for the fiscal year ended 31 January 2015 today at 1:00pm BST / 8:00am EDT. To participate in the conference call, please dial +44 (0)20 7136 2055 (UK and international participants) or +1 718 354 1158 (US local number) and use the conference confirmation code 5108710. Investors may also access a live audio webcast of the call via the investors section of the Company’s website www.summitplc.com. A replay of the webcast will be available shortly after the presentation finishes.
About Summit Therapeutics
Summit is a biopharmaceutical company focused on the discovery, development and commercialization of novel medicines for indications for which there are no existing or only inadequate therapies. Summit is conducting clinical programs focused on the genetic disease Duchenne muscular dystrophy and the infectious disease C. difficile infection. Further information is available at www.summitplc.com and Summit can be followed on Twitter (@summitplc).
For full article, please click here.
Help employers find you! Check out all the jobs and post your resume.
