LONDON (Alliance News) -Drug development company Summit Corporation PLC Monday announced plans to list on the NASDAQ Global Market, as it posted a widened pretax loss for its first nine months.
The company said it expects the NASDAQ listing to complement its current listing on AIM, and the funds raised will be used to support the on-going development of its treatments for Duchenne Muscular Dystrophy and c. difficile infection.
It said the listing its intended to provide it access to a wider set of investors, to generate greater liquidity in its shares, and increase awareness of the company outside of the UK and particularly in the US.
Summit is also proposing to change its name to Summit Therapeutics, to mirror the name of its US subsidiary.
In the nine months to end-October 2014 Summit posted a pretax loss of GBP9.1 million, widened from a pretax loss of GBP4.3 million a year before, due to higher research and development costs of GBP7.6 million, compared to GBP4.4 million.
The company expects to post top-line data from its phase 1b trial of its potential Duchenne Muscular Dystrophy treatment SMT C1100 in mid-2015. If the trial is successful it plans to launch a Phase 2 open label clinical trial in the second half of 2015, and a placebo controlled phase 2 trial in early 2016.
A phase 2 proof of concept trial of its c.difficile infection treatment is underway in the Us and Canada, and top-line data from this trial is expected in the second half of 2015.
Shares in Summit are trading up 13.3% at 144.40 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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