Shares in drug developer Summit Corporation rocketed on Wednesday after it announced positive results in tests for its new Duchenne Muscular Dystrophy (DMD) drug.
DMD is a fatal muscle wasting disease for which there is currently no cure.
The firm announced positive top-line results from a Phase 1 clinical trial of 'SMT C1100', a potential disease modifying drug that works to increase the amount of a naturally occurring protein called atropin.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It now hopes to progress to trials on patients.
Summit said the first phase of trials had met primary objectives, with results showing the formulation to be safe and well tolerated at all doses.
"Importantly, the new formulation also demonstrated improved levels of absorption of the drug that were above those anticipated to be needed to achieve clinical efficacy," the firm said.
"These results are strongly supportive for the progression of SMT C1100 into patient clinical trials.
The company's shares were up 23.3% to 4.62p by 0900 following the announcement.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
