- Summit Therapeutics posted a deeper third-quarter loss underpinned by higher R&D spending and expenses related to payments to executives.

Pre-tax losses for the three months through September amounted to £9.4m, compared to losses of £2.3m on-year.

The quarter was impacted by a non-cash charge related to 'the acceleration of share-based payment expenses resulting from the surrender of share option awards', the company said.

'As we continue to build out our antibiotics portfolio, we are focusing on the development of differentiated new mechanism antibiotics, which we have the potential to demonstrate clear advantages over current standards of care,' chief executive Glyn Edwards said.

At 1:43pm: [LON:SUMM] Summit Therapeutics PLC share price was -0.75p at 17.5p

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