Proactive Investors - Run By Investors For Investors

Summit Therapeutics awarded additional US$12mln under contract with US BARDA

The AIM-listed group said the US Biomedical Advanced Research and Development Authority funds will support the Phase 3 development programme for ridinilazole, the company's precision new mechanism antibiotic for the treatment of C. difficile infection
Funding sign
Summit said the latest award brings the total committed BARDA funding to US$44mln

Summit Therapeutics PLC (LON:SUMM) (NASDAQ:SMMT) announced that it has been awarded an additional US$12mln under its contract with the US Biomedical Advanced Research and Development Authority (BARDA).

The AIM-listed group said the funds from BARDA - a division of the US Department of Health and Human Services, Office of the Assistant Secretary for Preparedness and Response - will support the Phase 3 development programme for ridinilazole, the company's precision new mechanism antibiotic for the treatment of C. difficile infection.

READ: Summit Therapeutics encouraged by performance of C.diff treatment in latest trial

Glyn Edwards, Summit’s chief executive officer commented: "BARDA's continued support underlines the promise ridinilazole has as a potential front-line CDI treatment option which can treat the initial infection and address the key clinical issue of recurrent disease.”

He added: "We look forward to the planned initiation of the Phase 3 clinical trials which remains on track for the first quarter of 2019."

Summit said the latest award represents the first of three optional awards to be exercised under the BARDA contract, and brings the total committed BARDA funding to US$44mln, which includes the base package of US$32mln announced in September 2017.

The group pointed out that if BARDA exercises its remaining options in full, the total funding under the contract would increase up to US$62mln.

The company said the US$12mln funding will be drawn down to specifically support drug manufacturing activities required for the submission of marketing approval applications and other regulatory activities.

View full SUMM profile View Profile

Summit Therapeutics PLC Timeline

Related Articles

copd radiograph
April 02 2019
City broker Peel Hunt reckons the recent approvals “support the top-line forecasts in our model that should see Circassia achieve EBITDA positivity in 2020”
Lung X-Ray
October 22 2018
In its recent half-year results, the medical research investor recorded a loss after tax of £4.6mln in the six months ended June 30, less than the £5.2mln loss a year ago
Hep C
November 22 2018
The company made positive operational progress in the year to June 30.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use