SUMM.L Share News (SUMM)

(Alliance News) - Summit Therapeutics PLC said Tuesday its revenue decreased for the three months ended October 31.

The antibiotic developer said its revenue was GBP124,000 for the three months ended October 31, compared to GBP675,000 a year earlier.

"The decreases in revenue recognized are principally due to the reduction in revenue related to the Sarepta license and collaboration agreement for the treatment of Duchenne muscular dystrophy," the company said.

"The agreement with Sarepta was terminated, effective August 2019, with no material ongoing obligations for either party," the company said.

Loss before income tax for the three months ended October 31 was GBP7.8 million compared to a loss of GBP9.4 million a year ago, as operating expenses were cut to GBP11.6 million from GBP12.8 million.

At the beginning of December the company announced a USD50 million fundraising through a subscription and placing of new ordinary shares and warrants to existing investors.

"We were also pleased to announce recently the proposed USD50 million investment into Summit that will primarily be used to support the ongoing Phase 3 clinical programme and commercial preparatory activities for ridinilazole. We look forward to continuing to advance ridinilazole through our landmark Phase 3 clinical trials that remain on track to report results in the second half of 2021."

Summit shares were down 2.8% in London at 20.42 pence each on Tuesday.

By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com

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