Diamonds and Dogs
Rising to the Summit. Summit Therapeutics (SMMT) is surging 66% after the company said it has entered an exclusive license and collaboration agreement with Sarepta Therapeutics (SRPT) for the European rights to Summit's utrophin modulator pipeline for the treatment of Duchenne Muscular Dystrophy. As part of the deal, Sarepta and Summit will share research and development costs and Sarepta will also get an option to license Latin American rights. Summit will receive $40 million upfront and up to $522 million plus royalties if certain milestones are achieved. Utrophin modulation is a possible treatment for patients with the muscle-wasting disease, DMD.
The tribe has spoken. Trinity Biotech PLC (TRIB) is down 50% to a 52 week low after the company announced that it would withdraw one of its submissions to the U.S. Food and Drug Administration. Specifically, the company said that it is withdrawing its 510(k) pre-market notification submission for the Meritas Troponin-I Test and Meritas Point-of-Care Analyzer. Essentially, the company held a meeting with the FDA last week, in order to obtain an update on the company's Meritas Troponin submission. At this meeting the FDA asked Trinity to consider withdrawing their submission, due to some concerns the agency had about the submission.