StockMarketWire.com - Summit Therapeutics swung to an annual profit as it continued to develop its antibiotic portfolio.

Pre-tax profit for the year through amounted to £5.0m, compared to a loss of £24.0m on-year.

Revenue more than tripled to £43.0m, with the rise primarily related to the company's licence and collaboration agreement with Sarepta Therapeutics.

The increase in revenue was driven by the recognition of all remaining deferred revenue related to the Sarepta agreement following the Summit's decision to discontinue development of ezutromid in June 2018.

The company's main development candidates include ridinilazole, for the treatment of C. difficile infection and SMT-571 for gonorrhoea.

'The initiation of our global Phase 3 clinical trials of ridinilazole brings us closer to becoming a fully-integrated antibiotics company,' chief executive Glyn Edwards said.


At 1:22pm: [LON:SUMM] Summit Therapeutics PLC share price was 0p at 26p



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