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Summit Therapeutics losses deepen on higher R&D spend

By BFN News | 01:52 PM | Friday 11 October, 2019


Pharmaceutical company Summit Therapeutics posted a deeper second-quarter loss amid a rise in R&D spending. Pre-tax losses for the three months through September amounted to $7.6m, compared to losses of $6.2m on-year. For the first half, pre-tax losses amounted to $13.6m, compared to losses of $11.1m on-year. The company recently had reported additional positive data for its Ridinilazole treatment for C. difficile infection, or CDI. '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 chief executive Glyn Edwards said. '?With our landmark designed Phase 3 clinical trials for ridinilazole continuing on schedule, we have taken steps to secure a bright future for Summit as a leader in antibiotic innovation through the appointment of key hires to support the potential commercialisation of this new class antibiotic.' 'Their experience in leading successful antibiotic launches, combined with the compelling clinical and microbiome data generated to date gives us confidence that, if approved, ridinilazole will be well positioned to become the treatment of choice for patients with C. difficile infection.' At 1:52pm: (LON:SUMM) Summit Therapeutics PLC share price was 0p at 26.25p Story provided by StockMarketWire.com

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