On 19 December 2011, UK drug discovery company, Summit plc announced that it had entered into agreements collectively worth $1.5 million with several US-based organisations for its utrophin upregulation drug candidate SMT C1100 for the treatment of the fatal neuromuscular disease Duchenne Muscular Dystrophy ('DMD').
The funding comprises of $750,000 from the Muscular Dystrophy Association ('MDA'), $250,000 from Parent Project Muscular Dystrophy ('PPMD') and $500,000 from a group of four independent Duchenne foundations spanning the US: Charley's Fund, Cure Duchenne, Foundation to Eradicate Duchenne and the Nash Avery Foundation. Under the terms of the agreements, Summit retains full ownership of this asset.
The funding provided by these agreements will enable Summit to manufacture a new formulation of SMT C1100 and conduct a Phase I clinical trial in healthy volunteers.
Summit was advised on this transaction by Allistair Booth.