Date: 2011-12-19
Type of information: Establishment of a new subsidiary in the EU
Compound: SMT C1100
Company: Summit (UK) Muscular Dystrophy Association (USA) Parent Project Muscular Dystrophy (USA) Charley’s Fund (USA) Cure Duchenne (USA) Foundation to Eradicate Duchenne (USA) Nash Avery Foundation (USA)
Therapeutic area: Genetic diseases - Neuromuscular diseases - Rare diseases
Type agreement:
Action mechanism:
Disease: Duchenne muscular dystrophy
Details: Summit has entered into agreements collectively worth $1.5 million (€1.15 million) with several US-based organisations for its utrophin upregulation drug candidate SMT C1100 for the treatment of Duchenne Muscular Dystrophy. The funding provided by these agreements will enable Summit to manufacture a new formulation of SMT C1100 and conduct a Phase I clinical trial in healthy volunteers. The trial will evaluate if the new formulation can provide consistent levels of the drug in the blood that non-clinical efficacy studies predicted would be required to confer therapeutic benefit in DMD Patients. Upregulation (increasing) of utrophin protein levels has the potential to treat all DMD patients and Summit has ensured the formulation selected will be appropriate for use by all patient age-groups. The work will be conducted by Summit.
Financial terms: The funding comprises of $750,000 from the Muscular Dystrophy Association (‘MDA’), $250,000 from Parent Project Muscular Dystrophy and $500,000 from a group of four independent Duchenne foundations spanning the US: Charley’s Fund, Cure Duchenne, Foundation to Eradicate Duchenne and the Nash Avery Foundation. Under the terms of the agreements, Summit retains full ownership of this asset.
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