SUMM.L Share News (SUMM)

AIM-quoted Summit Corporation has revealed positive non-clinical efficacy results for SMT C1100, a treatment for Duchenne muscular dystrophy (DMD).The Summit share price rose by nearly one-fifth following the announcement. DMD is caused by the loss of a protein called dystrophin which results in the degeneration of all skeletal muscles and causes damage to the heart. There is no cure for the disease but orally administered SMT C1100 appears it could be of therapeutic benefit. It is early days, though. The tests were made on muscle cells harvested from DMD patients. Summit needs to raise cash in order to finance phase I clinical trials. Broker Singer estimates that Summit has net cash of £2.3m. Summit had cash of £4.55m at the end of July 2010.