Summit Therapeutics has reported a loss for the three months ended 30 April 2017 of £4.8m, compared to a loss of £5.4m for the same period last year.
The Company also confirmed a $22m milestone payment, triggered in May 2017, under the terms of the licence and collaboration agreement with Sarepta Therapeutics.
Cash and cash equivalents at 30 April 2017 were £19.4m compared to £28.1m at 31 January 2017.
Mr Glyn Edwards, Chief Executive Officer of Summit, commented: "Over the past quarter and in recent months, we have made meaningful advances in both our DMD and CDI programmes to bring these programmes closer to the patients in need. We continue to progress our PhaseOut DMD clinical trial of our lead utrophin modulator, ezutromid, in the treatment of DMD. We achieved a major milestone in the programme with the completion of enrolment into PhaseOut DMD, triggering a $22 million payment from Sarepta. In addition, we have made provisions for patients in the trial to remain on ezutromid beyond the initial 48-weeks of the trial, which will allow us to monitor safety and efficacy data related to longer-term dosing. We look forward to reporting 24-week biopsy, MRI and functional data in the first quarter of 2018 for what could be the first disease modifying treatment for all patients with DMD.
"As we continue to prepare our other lead product candidate, ridinilazole, for Phase 3 clinical development, a recent Lancet Infectious Diseases publication highlighted the novel antibiotic's differentiation and promise as a potential treatment for CDI, as evidenced by the Phase 2 CoDIFy clinical data. We believe the robust design of the Phase 3 clinical programme, which has received input from the US Food and Drug Administration and European Medicines Agency, has the potential to underpin ridinilazole as a potential front-line treatment for CDI."
At 1:28pm: (LON:SUMM) Summit Therapeutics PLC share price was 0p at 172.5p