Biotech bil­lion­aire Bob Dug­gan flies the white flag as Sum­mit hunts a new own­er, or part­ner, for sole clin­i­cal-stage ef­fort

Bob Dug­gan’s Sum­mit Ther­a­peu­tics $SMMT is run­ning out of moves for its sole clin­i­cal-stage can­di­date.

The biotech is­sued a terse state­ment in an SEC fil­ing that it’s pulling the plug on the on­ly ac­tive clin­i­cal tri­al for ri­dini­la­zole, which has been through a failed late-stage tri­al for C. dif­fi­cile. A pe­di­atric study is be­ing cur­tailed as Sum­mit says it de­cid­ed a few days ago to ei­ther part­ner out the ther­a­py or get a buy­er — if they can find one.

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