Date: 2013-07-18
Type of information: Fundraising
Company: Summit (UK)
Investors: Save Our Sons (Australia)
Amount: AUD 1.25 million (€0.87 million)
Funding type: funding agreement
Planned used: The non-dilutive funding will support the development of SMT C1100, Summit’s clinical-stage utrophin modulator drug that is a potential treatment for all forms of DMD.
Others: * On July 18, 2013, Summit, a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy (‘DMD’) and C. difficile infections, has announced that it has entered into a funding agreement with the Australian DMD foundation, Save Our Sons (‘SOS’), worth up to AUD 1.25 million (approximately £0.76 million - €0.87 million). This support will be used to advance the clinical development of Summit\'s utrophin modulator SMT C1100. This small molecule drug is expected to enter patient clinical trials later in 2013. The proposed proof of concept patient trial will include two components: a dose-finding study in DMD patients to confirm translation of safety, tolerability and pharmacokinetics from an adult to a paediatric population, followed by a Phase 2 trial that will include clinical markers of muscle health as well as levels of utrophin expression and other novel biomarkers.
Under the terms of the agreement, Summit will be eligible for up to AUD 1.25 million in staged payments. Summit will receive AUD 500,000 to support the drug manufacture of SMT C1100 payable in two tranches: AUD 200,000 on signing and a second payment of AUD 300,000 during H2 2013. A further AUD 750,000 will be payable if there is an Australian site in patient clinical trials. It is expected that an Australian site will be included as part of a Phase 3 trial.
Therapeutic area: Rare diseases - Neuromuscular diseases
