UPDATE: Summit Therapeutics shares plummet 77% after trial of DMD treatment fails to meet main goals
Summit Therapeutics plc shares plunged 77% in premarket trade Wednesday, after the biotech said a trial of a treatment for the serious disease Duchenne muscular dystrophy (DMD) failed to meet its main goals. The Phase 2 clinical trial, called PhaseOut DMD, sought to evaluate the company’s utrophin modulator, ezutromid, in 40 patients with DMD, but failed to meet its primary endpoint after 48 weeks. “These data come as a great disappointment to us and to all those living with DMD,” said Glyn Edwards, Chief Executive Officer of Summit. “While we believe utrophin modulation could still have a place in the treatment of DMD, it is clear that ezutromid is not providing a benefit for patients. We therefore feel that our resources are better focused on the development of our promising pipeline of new mechanism antibiotics.” Utrophin is a protein naturally produced by the human body when muscle first forms or when it’s repairing. As muscle matures, it is replaced by dystrophin, but for DMD patients, dystrophin does not function properly. The company will stop development of ezutromid and take cost-cutting measures. Shares have gained 14.2% in 2018 through Tuesday, while the S&P 500 has gained 1.9%.