Jan. 31 (Bloomberg) -- Summit Corp., the U.K. drug developer backed by hedge fund Lansdowne Partners Ltd., is seeking $20 million to complete a planned mid-stage trial of its treatment for a form of muscular dystrophy.
“We do need to do a fundraising at some point in the not-too-distant future,” Chief Executive Officer Glyn Edwards said today in a telephone interview. “It may not be through equity.”
The Abingdon, England-based company is talking to charities and pharmaceutical companies first and was awarded a 2.4 million-pound ($4.1 million) grant for the project by the Biomedical Catalyst fund of the Technology Strategy Board, a U.K. agency, he said.
Summit has enough cash to last until “around summer time” and to fund a separate mid-stage study of its antibiotic for Clostridium difficile infection, Edwards said. It needs the additional money to further test its SMT C1100 therapy for Duchenne muscular dystrophy, he said. The condition is a muscle-wasting disease that occurs mostly in boys and affects about 50,000 people in the developed world.
Summit’s market value is 51.9 million pounds. It raised 4.6 million pounds in a share issue in July, Edwards said. It had 6 million pounds in cash as of July 31, according to a statement on Aug. 22.
Shares of Summit fell 3.4 percent to close at 10.75 pence in London. The stock has more than doubled in the past year.
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