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Summit Corporation Notified of Grant Award From UK Technology Strategy Board


8/2/2012 10:17:42 AM

Oxford, UK, 2 August 2012 – Summit (AIM: SUMM), a UK drug discovery company, has received notification from the Technology Strategy Board (‘TSB’) that it has been offered a grant worth up to £150,000 from the Biomedical Catalyst. The grant will provide additional support for the development of the Company’s OGA inhibitor programme for the treatment of a group of neurodegenerative diseases called tauopathies. Receipt of the grant is conditional on a compliance review by the TSB and agreement of terms between both parties.

The Biomedical Catalyst was announced by the Prime Minister David Cameron in December 2011 as part of the UK Government’s Life Sciences Strategy. David Bott, Director of Innovation Programmes at the Technology Strategy Board, commented: “We are delighted to make these first funding awards through the Biomedical Catalyst, which will help bridge the funding gap between the development of a new idea and investment by the market in a newdrug or technology, and provide effective support for the best life scienceopportunities arising in the UK.”

Glyn Edwards, Chief Executive Officer of Summit, added: “Summit’s OGA inhibitor programme has the potential to treat patients suffering from tauopathies, a group of serious neurological disorders that includes Alzheimer’s disease. We are pleased to have been offered this financial support from the UK Government’s Biomedical Catalyst to further support the development of this programme.”

About Tauopathies

The tauopathies are a group of neurodegenerative diseases which includes Alzheimer’s disease and a number of rare disorders such as Progressive Supranuclear Palsy and Frontotemporal Dementia.

The tauopathies are characterised by the formation in the brain of neurofibrillary tangles (‘NFTs’) which contribute to the death of nerve cells in the brains of patients and arise due to the aggregation of abnormal hyper-phosphorylated tau protein. The enzyme O-linked N-acetylglucosaminidase (‘OGA’) plays a role in the modulation of tau phosphorylation and its inhibition has the potential to prevent tau aggregation and thereby stop the NFTs from forming.

About the Technology Strategy Board

The Technology Strategy Board is the UK’s innovation agency. Its goal is to accelerate economic growth bystimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), 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 major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.

About Summit

Summit is an Oxford, UK based drugdiscovery Company with a portfolio of drug programme assets and a drug discovery platform called Seglins™ technology. Summit’s programme portfolio consists of a number of drug programmes targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy, C. difficile infection and a group of neurodegenerative diseases called tauopathies. 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

For more information, please contact:

Summit

Glyn Edwards / Richard Pye

Tel: +44 (0)1235 443 951

Singer Capital Markets

(Nominated Adviser and Joint broker)

Shaun Dobson / Claes Spång

Tel: +44 (0)203 205 7500

Hybridan LLP

(Joint broker)

Claire Louise Noyce / Deepak Reddy

Tel: +44 (0)207 947 4350

Peckwater PR

(Financial public relations, UK)

Tarquin Edwards

Tel: +44 (0)7879 458 364

tarquin.edwards@peckwaterpr.co.uk

MacDougall Biomedical Communications

(U.S. media contact)

Michelle Avery

Tel: +1 781-235-3060

Forward Looking Statements

This document contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can beidentified by words such as "anticipates", "intends", "plans", "seeks", "believes", "estimates", "expects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company's current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements and regional, national, global political, economic, business, competitive, market and regulatory conditions.


Read at BioSpace.com

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