Summit Therapeutics PLC (LON:SUMM) shares jumped almost 7% higher on Tuesday after the biopharma firm said its Infectious Diseases Technology Platform has discovered a series of antibiotic compounds that kill gonorrhoea bacteria.
The AIM-listed company said that in early testing the new compounds had been shown to have high potency against strains of gonorrhoea with no development of resistance to date.
The firm added that it intended to select a candidate from the programme for Investigational New Drug (IND) enabling studies in the second half of 2018.
Dr David Roblin, president of R&D at Summit, said: "Without truly novel mechanism antibacterial drugs we cannot address the issue of antimicrobial resistance. Nowhere is this need more obvious than in gonorrhoea, where increasing resistance and a lack of innovation means we are now nearing an era of untreatable disease."
"Tackling this disease therefore fits squarely within Summit's strategic vision: the development of new mechanism therapies designed to treat specific diseases. This approach aims to demonstrate clear advantages over existing standards of care combined with a compelling value proposition for patients, payors and healthcare providers", he added.
In afternoon trading, Summit Therapeutics' shares were 6.7% higher at 200p.