Summit Therapeutics (SMMT) announced that its investigational lung cancer drug, ivonescimab, has been granted Fast Track designation by the U.S. Food and Drug Administration (FDA). This designation aims to expedite the development and review of drugs intended to treat serious conditions and address unmet medical needs.
Phase 3 Trial Enrollment Completed
In addition to the Fast Track designation, Summit Therapeutics has completed enrollment for its Phase 3 clinical trial of ivonescimab. This trial encompasses patients from North America, Europe, and China, representing the company's first global study of the drug. Ivonescimab has been administered to over 1,800 patients in prior trials, demonstrating its potential in treating lung cancer.
CEO's Perspective
"As our belief in the potential for ivonescimab to make a meaningful, positive difference continues to grow, we are pleased that the FDA has granted Fast Track designation for ivonescimab," said Summit Chief Executive Officer (CEO) Robert Duggan.
Impact of Previous Trial Results
Positive results from a previous trial in China caused Summit's stock to more than double in value over five trading sessions last month, reaching a record close of $31.93. While the stock has since retreated, the Fast Track designation has provided another boost, with shares up 13% to $21.05 soon after markets opened Friday.
