Summit Therapeutics Inc. (NASDAQ: SMMT) announced its financial and operational developments before to the start of trading on Wednesday, which caused a significant spike in the company’s stock on the US stock charts. SMMT shares had a noteworthy 19.59% increase during normal trading hours, ending at $4.70.
Summit Therapeutics (SMMT) unveiled its financial outcomes and provided insights into its operational strides for the initial quarter concluded on March 31, 2024. The company’s operational journey persists with ivonescimab (SMT112), an investigative, potentially pioneering bispecific antibody that amalgamates immunotherapy’s PD-1 blockade effects with the anti-angiogenesis properties associated with VEGF inhibition into a single molecular entity.
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January 2024 marked the one-year milestone of Summit Therapeutics’ Collaboration and License Agreement closure with Akeso Inc. for ivonescimab (SMT112), which has seen over 1,600 subjects enrolled in clinical trials globally. Summit Therapeutics secured rights for ivonescimab’s development and commercialization in the United States, Canada, Europe, and Japan, while Akeso retains these rights for the rest of the globe, including China.
Following the acquisition of ivonescimab, SMMT initiated late-stage clinical endeavors in non-small cell lung cancer (NSCLC) and is actively enrolling participants in two pivotal Phase III trials. In January 2024, subsequent to a presentation at ELCC 2024 in March 2024, Akeso disclosed updates derived from its Phase II AK112-201 trial data.
In April 2024, an esteemed addition graced the boardroom of Summit Therapeutics as Mostafa Ronaghi, PhD, assumed a directorial role. Dr. Ronaghi, renowned as a co-founder of Cellanome and a stalwart member of its executive echelon, brings a wealth of expertise to the table.
His tenure as Chief Technology Officer at Illumina, Inc. spanning from 2008 to 2021 underscored his pivotal role in steering the company’s technological trajectory. Notably, Dr. Ronaghi’s visionary contributions in 2016 culminated in the inception of GRAIL, a groundbreaking innovation in cancer diagnostics via liquid biopsy.
