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Summit Therapeutics books first-quarter loss on higher R&D spend

Wednesday, 12th June 2019
Antibiotics developer Summit Therapeutics booked a first-quarter loss as it ramped up R&D spending.

Pre-tax losses for the three months through March amounted to $6.3m, compared to losses of $4.9m on-year.

The company initiated a phase three clinical trial program in February for a treatment for C. difficile infection.

It is also working on a treatment for resistant strains of gonorrhoea.

'As global leaders are sounding the alarm for new antibiotics, we are proud to be taking a leadership role in discovering and developing new classes of antibiotics with the potential to help combat the rising threat posed by antibiotic resistance,' chief executive Glyn Edwards said.

'We believe these new class antibiotics have the potential to transform patient lives and that it is possible to show clear advantages over standard of care treatments and cost effectiveness during development.'

At 1:09pm: (LON:SUMM) Summit Therapeutics PLC share price was 0p at 23p

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