Summit Plans Cost Cuts, Stock Falls 80%, after DMD Candidate Ezutromid Fails Phase II Trial

Summit Therapeutics said today it will take as-yet-unspecified measures to cut costs and halt development of its Duchenne muscular dystrophy (DMD) candidate ezutromid after it failed a Phase II trial—triggering a stock selloff that caused shares to lose 80% of their value.Shares fell to £38.50 ($50.65) from yesterday’s close of £159.00 ($209.20) on the London Stock Exchange in trading as of 1:30 p.m. BST (8:30 a.m.), after the company announced that ezutromid missed its p