Last checked at 28 Jun 2018 07:00
27 June 2018
Port Erin Biopharma Investments Limited
("PEBI")
Investee Company Update
Summit Therapeutics plc: Ezutromid Trial Fails Primary and Secondary Endpoints
The Board notes that investee company and NASDAQ listed, Summit Therapeutics plc ("Summit") has announced today that their PhaseOut DMD trial has not met its primary or secondary endpoints after 48 weeks of treatment of ezutromid in patients with Duchenne muscular dystrophy ('DMD') and it will therefore discontinue the development of ezutromid. PhaseOut DMD was a multi-centre, open-label Phase 2 clinical trial of the utrophin modulator, ezutromid. As a result, the market capitalisation of Summit has fallen considerably.
PEBI, however, took the decision in mid-May this year to substantially reduce its exposure to Summit by selling 60,975 shares at an average price of £1.95 per share, generating £118,701.87 net cash now sitting on the balance sheet, thereby realising a profit, based on the original cost of investment, of £75,599.08.
PEBI still holds 60,966 shares in Summit at a cost of £43,081.22. This holding will form part of the quarterly Net Asset Valuation due to be released at the beginning of July, 2018.
For further information, please contact:
Port Erin Biopharma Investments Limited | Beaumont Cornish Limited | Optiva Securities Limited |
The Company | Nomad | Broker |
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Denham Eke +44 (0) 1624 639396 | Roland Cornish/James Biddle +44 (0) 207 628 3396 | Jeremy King/Ed McDermott +44 (0) 203 137 1904 |