Summit awarded Barda contract worth up to $62m
StockMarketWire.com - Summit Therapeutics has announced that the Biomedical Advanced Research and Development Authority (BARDA) has awarded the Company a contract worth up to $62m.
It said the funds will support the clinical and regulatory development of ridinilazole for the treatment of CDI, including Summit's planned Phase 3 development program.
Glyn Edwards, Chief Executive Officer, commented:
"CDI is a serious public health threat that is a significant burden on the US population, and BARDA has committed to the development of innovative treatments capable of addressing all aspects of this serious illness, including recurrent disease. BARDA's selection of ridinilazole for an award is testament to ridinilazole's promising clinical and preclinical data package that indicate its potential as a front-line treatment of CDI that could reduce recurrent disease."
"This non-dilutive funding award begins to deliver on our strategy of maximizing the value of ridinilazole for patients with CDI, Summit and our shareholders, and we look forward to initiating the Phase 3 clinical program of ridinilazole."
At 1:34pm: (LON:SUMM) Summit Therapeutics PLC share price was +32.5p at 245p
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