Summit nabs $4.5M grant to support development of new antibiotics; shares up 11% premarket


Thinly traded nano cap Summit Therapeutics (NASDAQ:SMMT) is up 11% premarket on increased volume in response to its announcement that it has been award a $4.5M grant from a public/private partnership called CARB-X to support the development of new antibiotics to treat gonorrhoea.

$2M in initial funding will used to support the selection of a preclinical candidate, expected in H2. The remaining $2.5M will be awarded upon the achievement of certain development milestones.

The total amount should be sufficient to fund development through Phase 1.

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