Summit Therapeutics PLC (LON:SUMM; NASDAQ:SMMT) reported a jump in third quarter revenue and continued to see progress in clinical trials for its therapies for Duchenne muscular dystrophy (DMD) and Clostridium difficile infection (CDI).
In the three months ended 31 October, revenue rose to £1.7mln from £0.6mln the same period a year earlier, boosted by Summit’s exclusive licence and collaboration agreement with Sarepta Therapeutics.
The agreement grants Sarepta rights to Summit’s utrophin modulator pipeline, including its lead clinical candidate, ezutromid, for the treatment of DMD.
Summit recognised £1.7mln of the upfront payment of £32.8mln made by Sarepta in October last year.
The total comprehensive loss for the third quarter was £1.8mln as Summit continue to invest in advancing its therapies.
Phase 2 trial of ezutromid on track
Summit chief executive Glyn Edwards said the group remains on track to report 24-week data from its Phase 2 clinical trial of ezutromid for the treatment of DMD – a severe type of muscular dystrophy- in the first quarter of 2018.
DMD is one of the most common, fatal genetic disorders diagnosed in children around the world. It predominantly affects boys and it results in the progressive wasting of muscles throughout the body.
“Ezutromid is a potentially disease-modifying treatment for all patients with DMD and we look forward to reporting these initial data from this proof of concept trial,” Edwards said.
Positive results from ridinilazole trial
During the third quarter, the company also achieved another positive Phase 2 clinical trial result for ridinilazole, an antibiotic for the treatment of CDI - a bacterium that can infect the bowel and cause diarrhoea.
The company was awarded a contract worth up to US$62mln from the Biomedical Advanced Research and Development Authority (BARDA) in early September, which will help fund the Phase 3 clinical trial and regulatory development of ridinilazole.
“We are looking forward to initiating the Phase 3 clinical programme for ridinilazole in the first half of 2018 as we seek to bring this urgently needed treatment to patients,” said Edwards.
"The ongoing support of our shareholders is allowing us to continue to advance these two therapies that have the potential to enhance the quality of life of patients and families living with the burden of DMD and CDI."
Summit hosts DMD awareness day
The third quarter results were released alongside the group's announcement that it was teaming up with several other biopharmaceutical companies and charities to host a Duchenne Muscular Dystrophy awareness day in London today (Wednesday).
The half-day event was to feature presentations and speeches by key opinion leaders, industry professionals and patients.
The sponsoring companies - which include Santhera Pharmaceuticals and Catabasis Pharmaceuticals (NASDAQ:CATB) as well as Summit - were to update on their respective development programmes for new therapeutics options and the future outlook for patients.