SUMM.L Share News (SUMM)

Sausage casings manufacturer Devro reported a sharp rise in interim profit and a 40% increase in its interim dividend to 2p a share. Pre-exceptional profit was 86% ahead at £17.1m as sales increased 11% to £116.1m in the six months to June 2010. The market for collagen casings is growing at 5% a year. Devro has increased higher margin sales, and benefited from improved operating efficiencies. Energy costs have fallen. The merger between AIM-quoted Catalytic Solutions Inc and former AIM company Clean Diesel Technologies is still awaiting the go ahead from the SEC in the US. The SEC has to review the registration statement in order for the combined group to join Nasdaq. Shareholders will vote on the merger after the SEC gives its approval so the completion of the merger is still some way off. The delays mean that Catalytic needs to extend its existing loan agreement with Fifth Third Bank and discussions are continuing. CSI is also talking to the holders of its loan notes which are repayable by 17 August. Summit Corporation says its partner BioMarin Pharmaceuticals is discontinuing development of BMN-195 for the treatment of Duchenne muscular dystrophy. Summit licensed this small molecule to BioMarin in 2008. Summit's main focus remains its Seglin technology platform. It has enough cash to last it until the end of 2011. Shares in Ormonde Mining climbed 10% after it said a report on its gold properties in Salamanca, Spain, outlined 'significant gold potential' and recommended 'priority drilling targets on the main prospects identified to-date.'Ormonde is now looking at third party funding through a joint venture to get work on the projects underway.