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.
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.