LONDON (Alliance News) - Summit Corporation PLC Tuesday said the US Food and Drug Administration has approved its Investigational New Drug application to initiate a Phase 2 proof of concept study for its novel antibiotic SMT19969 for the treatment of C. difficile infection.
In a statement, the drug company said the submission of the application had resulted in a GBP1.9 million milestone payment to Summit by the Wellcome Trust, proceeds of which will support the study. The payment is part of a GBP4.0 million award from the Wellcome Trust for the development of SMT19969.
Summit Corp shares were up 1.4% at 9 pence Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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