LONDON (Alliance News) - Summit Corp PLC Thursday posted a widened pretax loss in the half year to end-July, as it took its Duchenne Muscular Dystrophy and C. difficile infection programmes through clinical trials.
The company posted a pretax loss of GBP6.3 million, widened from GBP2.4 million in the previous year, as revenue rose slightly to GBP574,000 from GBP504,000, although this was offset by a jump in administrative expenses.
Summit had a cash position of GBP17.4 million as at July 31, compared to GBP2.0 million at end-January, after it raised GBP22.0 million in March.
During the half year the company completed its Phase 1b clinical trial for Duchenne Muscular Dystrophy treatment SMT C11000, and has begun planning its next patient trial, which it expects to begin by the end of the year. Data from the trial was encouraging, and the trial achieved its primary endpoint.
Next it will undertake a trial to establish the optimal diet to improve the uptake of the treatment in patients, and if this is successful, it will enrol the patients into a Phase 2 open-label study to generate long-term efficacy and safety data.
During the period it began a Phase 2 clinical trial for its C. difficile bacteria treatment SMT19969. C. difficile bacteria infects the colon, causing serious illness, and is typically contracted by patients being treated with antibiotics which disrupt the normal gut flora.
In March the company's investigation new drug application for the compound was cleared by the US Food and Drug Administration, which allows it to begin a Phase 2 proof of concept study.
In July, the FDA also designated the compound as a Qualified Infectious Disease Product, which means it is eligible for priority review and fast track status. If it is granted marketing approval from the FDA, this designation will also allow for a five year extension to market exclusivity.
A GBP4.0 million translation award from British medical research foundation the Wellcome Trust has provided funding to develop the compound through to the completion of the ongoing phase 2 trial.
"We look forward to an exciting period as we generate more data from clinical trials that we hope will provide a fuller understanding about the potential of these life-changing treatments for two serious diseases," said Chief Executive Glyn Edwards in a statement.
Shares in Summit were trading down 0.7% at 168.25 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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