Port Erin Biopharma Investments Ltd Investee Company Update: Summit Therapeutics plc (8262S)
June 28 2018 - 2:00AM
UK Regulatory
TIDMPEBI
RNS Number : 8262S
Port Erin Biopharma Investments Ltd
27 June 2018
27 June 2018
Port Erin Biopharma Investments Limited
("PEBI")
Investee Company Update
Summit Therapeutics plc: Ezutromid Trial Fails Primary and
Secondary Endpoints
The Board notes that investee company and NASDAQ listed, Summit
Therapeutics plc ("Summit") has announced today that their PhaseOut
DMD trial has not met its primary or secondary endpoints after 48
weeks of treatment of ezutromid in patients with Duchenne muscular
dystrophy ('DMD') and it will therefore discontinue the development
of ezutromid. PhaseOut DMD was a multi-centre, open-label Phase 2
clinical trial of the utrophin modulator, ezutromid. As a result,
the market capitalisation of Summit has fallen considerably.
PEBI, however, took the decision in mid-May this year to
substantially reduce its exposure to Summit by selling 60,975
shares at an average price of GBP1.95 per share, generating
GBP118,701.87 net cash now sitting on the balance sheet, thereby
realising a profit, based on the original cost of investment, of
GBP75,599.08.
PEBI still holds 60,966 shares in Summit at a cost of
GBP43,081.22. This holding will form part of the quarterly Net
Asset Valuation due to be released at the beginning of July,
2018.
For further information, please contact:
Port Erin Biopharma Beaumont Cornish Limited Optiva Securities
Investments Limited Limited
The Company Nomad Broker
Denham Eke Roland Cornish/James Jeremy King/Ed McDermott
+44 (0) 1624 639396 Biddle +44 (0) 203 137 1904
+44 (0) 207 628 3396
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END
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