Shares in drug developer Summit Corporation rocketed on Wednesday after it announced positive results in tests for its new Duchenne Muscular Dystrophy (DMD) drug.

DMD is a fatal muscle wasting disease for which there is currently no cure.

The firm announced positive top-line results from a Phase 1 clinical trial of 'SMT C1100', a potential disease modifying drug that works to increase the amount of a naturally occurring protein called atropin.

It now hopes to progress to trials on patients.

Summit said the first phase of trials had met primary objectives, with results showing the formulation to be safe and well tolerated at all doses.

"Importantly, the new formulation also demonstrated improved levels of absorption of the drug that were above those anticipated to be needed to achieve clinical efficacy," the firm said.

"These results are strongly supportive for the progression of SMT C1100 into patient clinical trials.

The company's shares were up 23.3% to 4.62p by 0900 following the announcement.

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