Business
Investee Company Update: Summit Therapeutics plc
Investee Company Update: Summit Therapeutics plc.
About this update from Agronomics Limited
[{"type":"text","content":"\n \nRNS Number : 8262S Port Erin Biopharma Investments Ltd 27 June 2018 \n\n27 June 2018\nPort Erin Biopharma Investments Limited\n(\"PEBI\")\nInvestee Company Update\nSummit Therapeutics plc: Ezutromid Trial Fails Primary and Secondary Endpoints\n \nThe 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.\nPEBI, 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 £1.95 per share, generating £118,701.87 net cash now sitting on the balance sheet, thereby realising a profit, based on the original cost of investment, of £75,599.08. \nPEBI still holds 60,966 shares in Summit at a cost of £43,081.22. This holding will form part of the quarterly Net Asset Valuation due to be released at the beginning of July, 2018.\n \nFor further information, please contact:\n \n\n\n\n\nPort Erin Biopharma\nInvestments Limited\n\n\nBeaumont Cornish Limited\n\n\nOptiva Securities Limited\n\n\n\n\nThe Company\n\n\nNomad \n\n\nBroker\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nDenham Eke\n+44 (0) 1624 639396\n\n\nRoland Cornish/James Biddle\n+44 (0) 207 628 3396\n\n\nJeremy King/Ed McDermott\n+44 (0) 203 137 1904\n\n\n\n\n \n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com. END UPDEAPKXAEFPEFF\n ","length":4323,"tagName":"div"}]