LONDON (Alliance News) - Summit Therapeutics PLC on Thursday said it secured additional USD12 million from Biomedical Advanced Research & Development Authority, a division of the US Department of Health & Human Services.
Shares in Summit were trading 15% higher on Thursday at 39.50 pence each.
The antibiotics developer said it will use funds to support the Phase 3 development programme for ridinilazole, which is used to treat C difficile infection. The proceeds will also go towards the submission of marketing approval applications and other regulatory activities.
Under the contract, Summit said it can exercise up to three optional awards. Following the first exercise, total Biomedical Advanced Research & Development Authority funding grew to USD44 million. The contract was signed in September last year and included the USD32 million "base package".
"Biomedical Advanced Research & Development Authority's continued support underlines the promise ridinilazole has as a potential front-line C difficile infection treatment option which can treat the initial infection and address the key clinical issue of recurrent disease," said Chief Executive Glyn Edwards.
"We look forward to the planned initiation of the Phase 3 clinical trials which remains on track for the first quarter of 2019," added Edwards.
