Drug developer Summit (LON:SUMM) has received further financial support for its quest to find a treatment for Duchenne Muscular Dystrophy, the rare muscle wasting disease that affects boys.
A total of A$1.25mln has been pledged by the Australian DMD foundation, Save Our Sons (SOS).
Summit will receive A$500,000 to support the manufacture of SMT C1100, which is what’s called a utrophin modulator that reduces muscle weakness.
A further A$750,000 will be paid if there is an Australian site for patient clinical trials.
"Summit is delighted to enter this funding agreement with Save Our Sons whose generous support will help advance the clinical development of our lead utrophin modulator SMT C1100," said chief executive Glyn Edwards.
The drug is expected to enter patient clinical trials later in 2013 and has the potential to become a life-changing treatment for all DMD.
Elie Eid, founder of Save Our Sons and a DMD parent, said: "The goal of Save Our Sons is to support scientific research that aims to develop effective treatments for DMD.
“Summit's utrophin modulator SMT C1100 offers hope to all DMD boys and their families and we are delighted to be able to provide this funding to support its clinical development."