TIDMPEBI

RNS Number : 8262S

Port Erin Biopharma Investments Ltd

27 June 2018

27 June 2018

Port Erin Biopharma Investments Limited

("PEBI")

Investee Company Update

Summit Therapeutics plc: Ezutromid Trial Fails Primary and Secondary Endpoints

The Board notes that investee company and NASDAQ listed, Summit Therapeutics plc ("Summit") has announced today that their PhaseOut DMD trial has not met its primary or secondary endpoints after 48 weeks of treatment of ezutromid in patients with Duchenne muscular dystrophy ('DMD') and it will therefore discontinue the development of ezutromid. PhaseOut DMD was a multi-centre, open-label Phase 2 clinical trial of the utrophin modulator, ezutromid. As a result, the market capitalisation of Summit has fallen considerably.

PEBI, however, took the decision in mid-May this year to substantially reduce its exposure to Summit by selling 60,975 shares at an average price of GBP1.95 per share, generating GBP118,701.87 net cash now sitting on the balance sheet, thereby realising a profit, based on the original cost of investment, of GBP75,599.08.

PEBI still holds 60,966 shares in Summit at a cost of GBP43,081.22. This holding will form part of the quarterly Net Asset Valuation due to be released at the beginning of July, 2018.

For further information, please contact:

 
Port Erin Biopharma   Beaumont Cornish Limited  Optiva Securities 
 Investments Limited                             Limited 
The Company           Nomad                     Broker 
 
Denham Eke            Roland Cornish/James      Jeremy King/Ed McDermott 
 +44 (0) 1624 639396   Biddle                    +44 (0) 203 137 1904 
                       +44 (0) 207 628 3396

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END

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