Summit deal

Summit received a $250,000 milestone payment from not-for-profits, including the Muscular Dystrophy Association, under a December 2011 deal providing $1.5 million in funding for a dose-escalation Phase I trial of SMT C1100 to treat Duchenne muscular dystrophy (DMD). The payment was triggered by the trial entering the multiple-dose stage. The trial is evaluating an aqueous, oral reformulation of SMT C1100 in healthy volunteers. SMT C1100 (formerly BMN 195) is a small molecule utrophin up-regulator. This was the final milestone under the deal. The not-for-profits are eligible for commercial milestones. Details were not disclosed (see BioCentury, June 4). ...