Summit Therapeutics Unveils Preclinical Candidate For Multidrug-Resistant Infections

Summit Therapeutics Inc SMMT has selected a new preclinical candidate, SMT026738 (SMT-738), for development against multidrug-resistant infections, specifically carbapenem-resistant Enterobacteriaceae (CRE) infections.
Simultaneously, Summit has received an award from CARB-X to progress this candidate through preclinical development and Phase 1a clinical trials.
The award commits initial funding of up to $4.1 million, with the possibility of up to another $3.7 million in milestone payments.
Phase 1 studies will begin in 2023.
SMT-738 is the first of a novel class of precision antibiotics with a new mechanism of action that acts via the bacterial target, LolCDE.
Price Action: SMMT shares are down 0.58% at $6.81 in the premarket session on the last check Tuesday.