Summit Therapeutics tumbles as muscular dystrophy treatment fails to meet expectations
Summit Therapeutics' shares crashed on Wednesday after the firm announced that its phase two clinical trial of ezutromid had failed to meet its primary or secondary endpoints.
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16:55 21/02/20
PhaseOut DMD, Summit's utrophin modulator, fell short of its targets after 48 weeks of ezutromid treatment to patients with Duchenne muscular dystrophy.
Based on the outcome, Summit has chosen to discontinue its development of ezutromid and as a result, will implement cost reduction measures as it turns its focus towards the development of its pipeline of new mechanism antibiotics.
The AIM-quoted firm's lead product candidate, ridinilazole, is expected to enter phase three clinical trials for the treatment of difficile infection in the first quarter of next year.
Chief executive Glyn Edwards said the data came as a "great disappointment to us and to all those living with DMD".
"While we believe utrophin modulation could still have a place in the treatment of DMD, it is clear that ezutromid is not providing a benefit for patients. We, therefore, feel that our resources are better focussed on the development of our promising pipeline of new mechanism antibiotics," added Edwards.
As of 1350 BST, Summit shares had tanked 79.80% to 39.90p.