Losses widen at Summit Therapeutics

(ShareCast News) - Drug discovery and development company Summit Therapeutics reported an increase in cash and activities in its full-year results on Tuesday, though its losses widened as it carried its projects towards commercialisation.The AIM-traded firm had cash and cash equivalents of £16.3m on 31 January, compared with £11.3m at the end of January last year.Its losses widened, however, to £17.1m for the year against £11.3m in 2015.During the period, Summit completed the initial public offering of American Depositary on the NASDAQ Global Market, raising gross proceeds of $39.3m."Summit's substantial clinical accomplishments over the past year have contributed to great momentum in both our Duchenne muscular dystrophy and C. difficile infection programmes," said Summit CEO Glyn Edwards."Notably, the successful completion of a Phase 1b trial in DMD will enable ezutromid to advance into a Phase 2 proof of concept trial and a Phase 2 trial in CDI demonstrated statistical superiority of ridinilazole over standard of care, positioning ridinilazole as a highly promising asset in the treatment of CDI."We now look forward to what could be a pivotal year ahead with the first look at potential proof of mechanism for ezutromid in DMD boys, and exploring a potential partnership for ridinilazole."