Benzinga | May 18, 2021 09:02AM EDT

Summit Therapeutics Unveils Preclinical Candidate For Multidrug-Resistant Infections

* Summit Therapeutics Inc (NASDAQ: 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.