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Summit Corporation Inks Breakthrough Seglin Deal With Bristol-Myers Squibb Company (BMY)


9/11/2012 7:25:56 AM

Oxford, UK, 11 September 2012 – Summit (AIM: SUMM), a UK drug discovery company, today announces that it has entered a technology license agreement with Bristol-Myers Squibb Company (NYSE: BMY) under which Bristol-Myers Squibb will use Summit’s proprietary Seglin™ technology to identify and develop drug candidates for up to ten targets across multiple therapeutic areas.

“Summit is pleased to be partnering with one of the world’s premier biopharmaceutical companies,” commented Glyn Edwards, Chief Executive Officer of Summit. “This agreement with Bristol-Myers Squibb further reinforces our strategy as we seek alternative ways to realise the value of our Seglin technology while we concentrate our resources on advancing our core Duchenne Muscular Dystrophy and C. difficile programmes.”

Under the terms of the agreement, Bristol-Myers Squibb will be responsible for the discovery stage research and will have the exclusive right to develop and commercialise any Seglin products that are identified. Summit will receive a $100,000 technology access fee and is eligible for research, development and regulatory milestones of up to $30 million per product, plus royalties on worldwide sales of products arising from the technology.

About Seglin™ Technology

In human biology, the function of cells, tissues, pathways and physiological systems is fundamentally dependent on proteins, nucleic acids, carbohydrates and lipids. The importance of proteins and nucleic acids is well established in drug discovery but thetargeting of carbohydrate biology remains largely underexploited. Seglin™ technology is an innovative drug discovery platform that aims to address this by using appropriate new chemistry space to access these carbohydrate drug targets. Seglins are orally available small molecules that act as carbohydrate mimics meaning they are ideally placed to exploit new carbohydrate related drug targets.

About Summit

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.

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 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.


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