Summit Therapeutics Trial of Ridinilazole Misses Primary Endpoint; Shares Tumble in Premarket Trading

Summit Therapeutics (SMMT) shares fell nearly 42% in premarket trading after the biopharmaceutical company reported that its phase 3 trial of ridinilazole to treat C. difficile infection missed its primary endpoint.

The company also said its expects to launch a rights offering in January and that CEO Robert Duggan, who owns about 71% of Summit's outstanding common stock, has indicated he will participate and subscribe for the full amount of his basic subscription rights, but has not made any formal binding commitment.

Price: 2.7, Change: -2.28, Percent Change: -45.78