Oxford, UK, 25 November 2013 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy (‘DMD’) and C. difficile infection, announces the formation of a strategic alliance with the University of Oxford that will strengthen its utrophin modulator programme for the treatment of the fatal muscle wasting disease, DMD.
Summit will acquire exclusive commercial rights to a pipeline of novel, early-stage utrophin modulators and core biological screening technology, and an exclusive option to intellectual property (IP) that is related to the utrophin field generated during the alliance.
These assets have been developed at the University of Oxford by research teams led by Professor Kay Davies, an internationally acclaimed expert in DMD, Professor Stephen Davies, the Waynflete Professor of Chemistry and Dr Angela Russell, an expert in medicinal chemistry and pharmacology. As part of the collaboration, Summit will sponsor a drug discovery programme in the University research laboratories to identify and develop additional utrophin modulator drugs. Professor Stephen Davies will also re-join the Summit Board of Directors as a Non-Executive Director.
“This strategic alliance secures Summit’s position as the world-leader in the development of utrophin- based therapies for the treatment of DMD and enhances our opportunity of generating effective treatments for this devastating disease,” commented Glyn Edwards, Chief Executive Officer. “The alliance provides access to differentiated classes of utrophin modulators, potentially with new mechanisms, to complement our clinical candidate SMT C1100, while also establishing a strong drug pipeline for the future. Importantly, it will help to cement our long-term relationship with the scientific leaders in the field at the University of Oxford.”
Professor Kay Davies added, “Utrophin protein naturally occurs in all developing muscle fibres and performs a similar functional role as dystrophin. Utrophin modulation aims to maintain the production of this protein to compensate for the loss of dystrophin and it has the promise to slow or even stop the progression of DMD, regardless of the underlying genetic mutation.”
“This alliance will build on recent research funded by a number of bodies including the Medical Research Council, Muscular Dystrophy Campaign alongside the Duchenne Forum and US Muscular Dystrophy Association to develop new utrophin modulator drugs that could allow DMD boys to live longer and more fulfilled lives.”
Terms of the Deal
Under the terms of the deal, Summit will issue 35,408,845 new ordinary shares, credited as fully paid and to be issued at 9.38 pence per share, for the acquisition of MuOx Limited (‘MuOx’). MuOx is a University of Oxford spin-out company founded by Professors Stephen Davies and Kay Davies that holds the exclusive rights to the series of utrophin modulators and core screening technology described above. The significant shareholders of MuOx are the University of Oxford, Professor Kay Davies, Professor Stephen Davies and Dr Angela Russell. These shares represent 7.9% of Summit’s current issued share capital and have been issued subject to a two-year lock-in period.
The deal has been brokered by the University of Oxford’s technology commercialisation company, Isis Innovation Limited (‘Isis’). Isis has been issued with warrants to subscribe at 1 penny per share for up to a further 7,081,771 new ordinary shares subject to the research collaboration achieving certain key preclinical and clinical development milestones
About Professor Stephen Davies
Professor Davies (age 63), a co-founder of Summit and former Director, is a distinguished academic who has been professor at the University of Oxford for over 20 years and was elected to the Waynflete Chair of Chemistry in 2006, one of the most prestigious academic posts in UK science. His areas of expertise include medicinal and asymmetric chemistry and he has received numerous awards for his contribution to chemistry. Professor Davies also has broad executive experience having held Board positions on a number of public and private companies.
Professor Davies has notified the Company of the following:
As at the date of this announcement Professor Davies has an interest over 11,699,633 ordinary shares in the Company (this includes the shares received pursuant to the sale of MuOx to Summit) which represents 2.43% of the issued share capital post admission of the new ordinary shares.
There are no further matters that require disclosure in relation to Professor Davies pursuant to Schedule 2(g) of the AIM rules.
An application will be made to the London Stock Exchange for the 35,408,845 new ordinary shares to be admitted to trading on AIM. Trading in the new ordinary shares is expected to commence on or around 29 November 2013. The new ordinary shares will rank pari passu with the existing ordinary shares. Following admission, the Company will have 482,766,686 ordinary shares in issue.
Video Presentation
A video presentation by Glyn Edwards and Professor Kay Davies will be available from 10.30am today. To view, click on the following link: http://www.brrmedia.co.uk/event/preview/02qehvfdan/118623?popup=true
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).
About Isis Innovation
Isis Innovation is the research and technology commercialisation company of the University of Oxford. The Technology Transfer and Oxford University Consulting divisions provide access to technological developments and expertise from University of Oxford researchers, through intellectual property licensing, spin-out company formation, material sales and consulting. Isis is the highest University patent filer in the UK, has attracted investment into over 65 spin-out companies since 2000, and in the last financial year provided expertise to over 150 clients in 22 countries. Through the Isis Enterprise division, Isis offers innovation management to university, government and industrial clients around the world.
About The Duchenne Forum
The Duchenne Forum is a funding partnership of UK charities established by the Muscular Dystrophy Campaign with Alex’s Wish, Duchenne Children’s Trust, Duchenne Research Fund, Joining Jack and Harrison’s Fund, supporting a programme of world-class Duchenne research to find effective treatments and cures. This year, the partnership is supporting seven pioneering Duchenne research projects, with a total funding commitment of £840,000 over four years. For more information, please contact:
Summit
Glyn Edwards / Richard Pye Tel: +44 (0)1235 443 939
+44 (0)7825 313 476
Cairn Financial Advisers
(Nominated Adviser)
Tony Rawlinson / Liam Murray
Tel: +44 (0)20 7148 7900
Hybridan LLP
(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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