11:43 AM EDT, 05/24/2024 (MT Newswires) -- Summit Therapeutics ( SMMT ) shares fell 16% in recent Friday trading after the company reported topline data associated with a phase 3 clinical trial comparing ivonescimab plus chemotherapy with placebo plus chemotherapy in patients with epidermal growth factor receptor mutated, locally advanced or metastatic non-squamous non-small cell lung cancer.

Treatment emergent adverse events that were grade 3 or higher happened in about 62% of patients receiving ivonescimab plus chemotherapy compared with about 49% of patients receiving chemotherapy, the company said Friday in a regulatory filing.

Patients receiving the combination experienced a median progression free survival of 7.06 months compared with 4.80 months for those receiving chemotherapy alone, Summit Therapeutics ( SMMT ) said.

The company said the topline figures were included in abstracts that the American Society of Clinical Oncology released on Thursday for presentations during its annual meeting on May 31.

Summit Therapeutics ( SMMT ) also said China's National Medical Products Administration approved the ivonescimab combination based on the trial conducted in China and sponsored by partner Akeso.

Ivonescimab isn't approved by any regulatory authority in Summit's license territories, including the US, Canada, Europe, and Japan, and the approval in China doesn't change the current clinical development plan, the company said.

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Price: 3.65, Change: -0.68, Percent Change: -15.63