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Summit Corporation Awarded £2.4 Million From the UK Biomedical Catalyst Fund to Support the Development of DMD Therapy


7/31/2013 10:52:28 AM

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Oxford, UK, 31 July 2013 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy ('DMD') and C. difficile infection, announces that it has been awarded a grant of £2.4 million from the UK Biomedical Catalyst Fund. The grant will support the clinical development of Summit's utrophin modulator drug SMT C1100 for the treatment of the fatal muscle wasting disease DMD.

The Biomedical Catalyst funding programme is designed to deliver growth to the UK life sciences sector by supporting those opportunities that demonstrate the highest scientific and commercial potential. It is awarded in a competitive process. The Biomedical Catalyst was formed in 2011 as part of the UK Government's Life Sciences Strategy and is managed jointly by the UK's innovation agency, the Technology Strategy Board and the Medical Research Council.

"This award recognises the promise of SMT C1100 as a life-changing drug for boys with this devastating disease," commented Glyn Edwards, Chief Executive Officer of Summit. "We are delighted to receive this prestigious grant from the UK Biomedical Catalyst Fund that will support the clinical development of our DMD programme. This represents a significant endorsement for the concept of utrophin modulation as a treatment approach for all DMD patients."

The grant will support the future development of SMT C1100 by contributing towards the Phase 1b and Phase 2 clinical trials in DMD patients, long-term toxicology studies and the development of novel biomarkers for use in the Phase 2 clinical trial. The aim of this clinical programme is to establish the safety and efficacy of SMT C1100 and validate utrophin modulation as a viable therapy with the potential to treat all DMD patients.

About DMD and Utrophin Modulation

DMD is a progressive muscle wasting disease that affects around 1,500 boys and young men in the UK. It is caused by different genetic faults in the gene that encodes dystrophin, a protein that is essential for the healthy function of muscles. There is no cure and life expectancy is around the mid-twenties. Utrophin protein is the functional equivalent of dystrophin and non-clinical studies have shown it can substitute for dystrophin to maintain the healthy function of skeletal and cardiac muscle. Utrophin modulation has the potential to slow down or even stop the progression of DMD regardless of the dystrophin mutation. It is also expected to be complementary to other DMD therapeutic approaches in development.

About the Biomedical Catalyst

The Biomedical Catalyst, announced by Prime Minister David Cameron in December 2011, is a programme of public funding designed to deliver growth to the UK life sciences sector. Delivered jointly by the Medical Research Council and the Technology Strategy Board, the Biomedical Catalyst provides responsive and effective support for the best life science opportunities arising in the UK. The programme is open to UK academics and SMEs and seeks to support those opportunities which demonstrate the highest scientific and commercial potential, irrespective of medical area. For further information please visit: www.innovateuk.org/content/competition/biomedical-catalyst.ashx.

The Technology Strategy Board is the UK's innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills, the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle societal challenges and help build the future economy, For more information please visit www.innovateuk.org.

About Summit

Summit is an Oxford, UK based drug discovery and development Company targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection. Summit is listed on the AIM market of the London Stock Exchange and trades under the ticker symbol SUMM. Further information is available at www.summitplc.com and follow Summit on Twitter (@summitplc).

For more information, please contact:

Summit

Glyn Edwards / Richard Pye Tel: +44 (0)1235 443 939

Nomura Code Securities

(Nominated Adviser and Joint broker)

Chris Collins / Jonathan Senior / Giles Balleny

Tel: +44 (0)20 7776 1200

Hybridan LLP

(Joint broker)

Claire Louise Noyce / William Lynne

Tel: +44 (0)207 947 4350 / 4361

Peckwater PR

(Financial public relations, UK)

Tarquin Edwards

Tel: +44 (0)7879 458 364

tarquin.edwards@peckwaterpr.co.uk

MacDougall Biomedical Communications

(US media contact)

Michelle Avery

Tel: +1 781-235-3060

Forward Looking Statements

This announcement contains "forward-looking statements", including, but not limited to, statements about the discovery, development and commercialisation of programme assets. These forward-looking statements are statements based on the Company's current intentions, beliefs and expectations, which include, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. No forward-looking statement is a guarantee of future performance and actual results could differ materially from those expressed or implied in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements or information. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These include but are not limited to: adverse results in clinical or preclinical development studies; delays in obtaining regulatory approval; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; being unable to secure partnership agreements to develop and commercialise programme assets; being unable to secure the necessary funding to conduct any proposed research and development studies; and the ability to retain and recruit key personnel. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this announcement to reflect any changes in expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based, except as required by applicable law.

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