Oxford, UK, 22 October 2012 – Summit (AIM: SUMM), a UK drug discovery company, is pleased to
announce that it has extended its partnership with the Wellcome Trust through a translational research
award worth up to £4.0 million ($6.5 million) to support the development of SMT 19969 to clinical proof
of concept studies. SMT 19969 is a novel, oral small molecule being developed as a specific antibiotic
for the treatment of infections caused by C. difficile.
“Summit is delighted to extend its partnership with the Wellcome Trust to support the development of
one of our core programmes,” commented Glyn Edwards, Chief Executive Officer of Summit.
“This Wellcome Trust award endorses the potential of SMT 19969, our promising antibiotic for the
treatment of serious infections caused by C. difficile bacteria, and will provide non-dilutive funding to
de-risk its development as it advances through important clinical milestones.”
“C. difficile infection represent a serious healthcare threat and this £4.0 million translational award
underlines the Wellcome Trust’s commitment to supporting the development of new and effective
antibiotic treatments,” commented Ted Bianco, Director of Technology Transfer at the Wellcome
Trust. “We are pleased to be extending our successful partnership with Summit and look forward to
testing in the clinic the potential of the SMT 19969 drug.”
Under the terms of the award, Summit will be eligible for up to £4.0 million in staged, success-based
payments. Summit will immediately receive £1.26 million that will support a Phase 1 clinical trial in
healthy volunteers and additional non-clinical studies designed to enhance the clinical data package.
The Phase 1 trial is expected to commence by the end of 2012 with results expected in H1 2013. A
successful outcome would trigger a further three payments from the Wellcome Trust with these
contributing significantly towards undertaking a Phase 2 proof of concept trial in patients.
The award is being made as part of the Wellcome Trust’s Translation Award programme. This
represents the second funding award the Wellcome Trust has made to support Summit’s C. difficile
antibiotic programme and follows an award made under the Seeding Drug Discovery Initiative in 2009.
A new funding agreement has been signed under which the Wellcome Trust share in net revenues
generated by commercialisation of the programme.
About C. difficile Infection
C. difficile infection (‘CDI’) is a serious healthcare threat in hospitals, long-term care homes and the
wider community. It is a serious illness that is caused by infection of the colon by the bacteria C.
difficile which produces toxins that cause inflammation, severe diarrhoea and in the most serious
cases can be fatal. Patients typically develop CDI following the use of broad-spectrum antibiotics that
disrupt the normal gastrointestinal (gut) flora and so allow the C. difficile bacteria to flourish. Existing
CDI antibiotics cause further damage to the gut flora and are associated with recurrent disease. This
is the key clinical issue as repeat episodes are typically more severe and associated with an increase
in mortality rates and healthcare costs.
About SMT 19969
SMT 19969 is a novel, oral small molecule antibiotic that is being specifically developed for the
treatment of CDI. Results from non-clinical efficacy studies show that SMT 19969 combines potent
activity against C. difficile with exceptionally high levels of antibacterial selectivity. This narrow
spectrum antibiotic has displayed efficacy in two key disease models while showing complete
protection against recurrent disease. SMT 19969 is targeted to the GI tract; the site of infection, and
has exceptionally low levels of resistance development coupled with an excellent safety profile.
Translational Award Terms
The translational award will be drawn-down in staged-payments as follows:
Payment Released on
£1.26 million Start of translational award
£0.74 million Completion of Phase 1 clinical trial
£1.9 million Submission of Phase 2 IND/CTA
£0.1 million Completion of Translational Award
The total cost of completing the Phase 1 and Phase 2 trials is estimated at £6.5 million. The
Wellcome Trust Translational Award will contribute £4.0 million towards this with the remainder to be
contributed by Summit. At the end of the translational award, the Wellcome Trust is eligible to receive
a share of net revenues Summit generates related to the C. difficile programme upon its
Conditions exist within the funding agreement for the full or partial repayment of the award that are
commercially reasonable to Summit. These include a sale of the business, fraudulent behaviour or
wilfully withholding material information from the Wellcome Trust.
About The Wellcome Trust
The Wellcome Trust is a global charitable foundation dedicated to achieving extraordinary
improvements in human and animal health. It supports the brightest minds in biomedical research and
the medical humanities. The Trust’s breadth of support includes public engagement, education and
the application of research to improve health. It is independent of both political and commercial
Summit is an Oxford, UK based drug discovery 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:
Glyn Edwards / Richard Pye
Tel: +44 (0)1235 443 951
Singer Capital Markets
(Nominated Adviser and Joint broker)
Shaun Dobson / Jenny Wyllie
Tel: +44 (0)203 205 7500
Claire Louise Noyce / Deepak Reddy
Tel: +44 (0)207 947 4350
(Financial public relations, UK)
Tel: +44 (0)7879 458 364
MacDougall Biomedical Communications
(U.S. media contact)
Tel: +1 781-235-3060
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