Earlier this week, Summit reported that Phase II trials showed that antibiotic Ridinilazole can kill C.difficile infections while preserving healthy microorganisms in the gastrointestinal tract.
After an £11mln loss before tax in the six months to end July, the biotech had total cash of £20.9mln, enough to fund operations “through to at least 31 January 2020” when added to anticipated payments from the US Biomedical Advanced Research and Development Authority for Ridinilazole and CARB-X for Summit’s gonorrhoea drug.
Financial losses this year are due to the ending of license of Sarepta’s muscular dystrophy drug Ezutromid in June 2018, with discontinuation of the drug resulting in a 99% drop in revenues to £0.4mln from £41.8mln last year.
“It has been a quarter of strong progress across the clinical, scientific and commercial functions as we focus on our key mission of bringing to market our precision antibiotic, Ridinilazole, as a potential new front-line treatment for patients with CDI," said Glyn Edwards, Summit’s chief executive.
Edwards said that with key hires made in US to help commercialise Ridinilazole once approved, the drug seems “well positioned to become the treatment of choice for patients with C. difficile infection".
Shares dipped 6.7% to 24.5p in Friday afternoon trading.