- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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