** Shares of drug developer Summit Therapeutics SMMT.O fall 9.7% to $23.66 premarket
** Co says its experimental lung cancer therapy ivonescimab in combination with chemotherapy showed a positive trend in overall survival, but "without achieving a statistically significant benefit" in a global late-stage trial
** However, co says the therapy showed meaningful improvement in progression free survival or the time patients live without their disease progressing
** Co plans to file for marketing approval for ivonescimab, but says the "FDA noted that a statistically significant overall survival benefit is necessary to support marketing authorization," which will weigh into its considerations regarding the timing of filing its US application
** SMMT is testing ivonescimab to treat patients with a type of lung cancer who have progressed after prior treatment
** There were no new safety signals noted in the late-stage study, co says
** Up to last close, stock up 46.9% YTD
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com))
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