Summit Corporation's Annual General Meeting Statement
“Summit’s immediate objective is the development of our three leading drug programmes through to important technical milestones. These, if achieved, have the potential to add considerable value to the respective programmes and will increase the opportunity of Summit being able to secure a partnership deal that will generate value for shareholders. As a consequence, all of our resources are currently prioritised on activities that will provide the Company with the best opportunity of being able to successfully achieve this objective.
“In May SMT C1100, our potential disease modifying drug for the treatment of the fatal genetic disease Duchenne Muscular Dystrophy (‘DMD’), entered a Phase I clinical trial in healthy volunteers. SMT C1100 is a small molecule utrophin upregulator that has the potential to become a first-in-class universal treatment for DMD, regardless of the underlying cause of the disease. The Phase I trial is supported by a $1.5 million agreement with a group of US DMD organisations and we expect to report the results from this trial by the end of 2012.
“Our novel antibiotic candidate for the treatment of Clostridium difficile infections (‘CDI’) is set to enter human clinical trials during H2 2012. Our clinical candidate, SMT 19969 has the potential to become the front-line treatment for CDI with non-clinical efficacy studies showing that it has an excellent profile in all key differentiating areas. Work is on-going to prepare a clinical trial application to commence a healthy volunteer study.
“Our OGA inhibition programme is a potential disease modifying approach for the treatment of a group of neurodegenerative diseases known as tauopathies. The tauopathies include a number of rare disorders like Progressive Supranuclear Palsy and Frontotemporal Dementia that represent high- value areas of unmet medical need, as well the most common form of dementia, Alzheimer’s disease. Data that provide support for our scientific approach were recently presented at an international scientific conference and current research is concentrating on evaluation of the Seglin OGA inhibitors in in vivo disease models.
“The Company announced in April its intention to make changes to the Board of Directors and work towards accomplishing this is progressing well.
“Finally I would like to thank all shareholders for their continuing interest and support as the Company enters an important period in its development and I look forward to reporting on our future progress.”
For more information, please contact:
Summit
Glyn Edwards / Richard Pye
Tel: +44 (0)1235 443 939
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
About Summit
Summit is an Oxford, UK based drug discovery Company with a portfolio of drug programme assets and a drug discovery platform called Seglin™ 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.
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 be identified 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.