Summit Therapeutics First Half Loss Widens As It Develops Pipeline

LONDON (Alliance News) - Summit Therapeutics PLC Thursday posted a widened pretax loss for its first half as it stepped up costs in the development of its drug pipeline.

For the half year to end-July the company posted a pretax loss of GBP13.4 million, widened from a loss of GBP8.6 million a year before, as a step up in operating costs to GBP11.5 million from GBP7.4 million offset a small rise in operating income to GBP1.3 million from GBP835,000.

It is currently focused on two development programmes, for SMT C1100 in Duchenne muscular dystrophy, and for SMT19969 in C.difficile infection, or CDI.

During the period SMT C1100 achieved its primary objective in a phase Ib clinical trial. This drug will now be moved into a phase 2 trial, which is expected to start in the fourth quarter of 2015.

With SMT19969 the company undertook a phase II proof of concept trial, which it expects to report data from in the fourth quarter of 2015, and was granted a fast track designation by the US Food and Drug Administration.

"With top-line data from our ongoing Phase 2 proof of concept trial in CDI expected to report in the fourth quarter of 2015, we continue to be excited about progress in both of our clinical programmes," said Chief Executive Officer Glyn Edwards in a statement.

In March the company also listed in the US, raising USD39.3 million.

Shares in Summit Therapeutics were down 0.2% at 148.25 pence Thursday afternoon.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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