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So-voice your concerns here-but don't bother with contacting company! Suggest you sell if you hold-invest where you have confidence.

Has been enthusiastic about all the products of his last two companies-until he is not. We now only believe it when phase 3 trial is declared successful in over 2 years time. Reckon that if market likes the cliff drug will be taken out soon.
If not, will need a major cash raise with probable massive dilution plus yet more share options at giveaway exercise level plus 100% cash bonus for unspecified corporate objectives e.g. closing down utrophin modulation with minimum explanation.

If this sounds negative-so be it-wasted to much of my time visiting Abingdon and London listening to upbeat stuff-including the last AGM held, conveniently, one month earlier than normal. Still holding-but buzzing round conferences no longer impresses- would prefer to see time spent getting c diff drug ready to take so that trial could have started on time.

Slim or none (slim's left town) for some years. See previous post about fundamentals-3 years ish before trial results/dilution/big pharma take out soon etc

Listened to recent telephone conference again. CEO said that they don't yet have an opinion on what this means for utrophin modulation as an approach-also that the new pre-clinical compounds are further back in the pipeline than other drugs. Then in answer to same question about utrophin modulation pipeline talked about c diff etc. Sounded as if they do have an opinion about moving forward with utrophin modulation!

I have to say that I am very wary about these people. Pulled the AGM forward by over a month, Chairman at AGM clearly dis-interested in Q and A session. A month since statement and no news from Prof Davies or Summit about pipeline. 3 more years of drawing salaries plus bonuses. Best bet for LTH's is big pharma to step and buy us out for circa £100m-if they do not what does that say about what the industry thinks about our pipeline.

Pity-I wanted to believe!

IF big pharma think that c diff drug has good chance of being a winner then nowish may be time to strike. Market cap circa £30m-could buy it for less than £100m. Straw in wind is chairman's share purchase-his hand is generally a long way from his pocket as Waterloo noted on other board. Clearly he could not have dealt if he knew that offer was forthcoming but he is savvy enough to judge that one might be-hence a possible short term punt.

Agree TH2 about our respective decisions-takes all sorts!

GLA

This is just day traders stuff. Will they be taken over, what is happening to DMD pipeline, how long before we get phase 3 results, will there be any competitors, will we need to raise more cash-will that be through grants or dilution-these are the strategic issues.

FFS- we need these to break back over 40p-WFC.

TH2. What is happening to utrophin modulation? Is it dead in the water? What is happening to the pipeline? Nothing-just a complete withdrawal?

The rest of my post is a matter of fact.

I've been at several AGM,s but yet to see the chair of the remuneration c'tee. A 100% cash bonus for unspecified corporate objectives. Share options awarded after last ones expired. No success in getting a drug to market in over a decade.

C diff Phase 2 results known year ago-slippage already on phase 3.

Yes -of course-at the end of the enthusiasm for DMD was always the disclaimer-it may not work. Any idea why 2018 AGM was a month earlier than normal? Just a coincidence that this meant the announcement came after the AGM than before it was held at the normal time?

I am still holding the majority of my shares-but with much more misgiving.

Agree with pomander-a first! This is nothing to do with the DMD boys. What may have do with the boys is what is happening to the pipeline being developed by Prof Davies team about which there has been a massive silence. Is utrophin modulation dead in the water? Let's hear from somebody.

Quote about GE's last company.

Antisoma said the package for chief executive Glyn Edwards - £398,000 in salary, bonuses and expenses - is in line with the median remuneration of chiefs in FTSE Small Cap companies.

Both these firms lost money last year. Neither has brought a product to market.

Last year GE trousered over £500,000 including a 100% cash bonus for achieving unspecified corporate objectives. The chair of the executive compensation c'tee never attends AGM's to defend or explain the rationale behind their decisions. Every time share options timelines are missed more are granted,

Summit need a fresh approach.

Rant over.

Cadbury-It's not kicking anybody. There are strings attached. If, for any reason, Barda pulled out Summit would need to raise a very large sum and that would almost cerainly be a massive dilution. I consider that there will be a dilution anyway-Summit will not have enough cash to fund it's operations for the next 2 to 3 years.

Of course, we make get more grants, Barda may not pull out etc, etc. Incidentally what is happening to Summit's collaboration with Oxford Uni-have they pulled out of that? Remember Summit held their AGM one month earlier than normal. This avoided a Q and A session which would have been searching. We have had the bare minimum of communication from them about this failure. Is this DMD approach dead or is it just that Summit have pulled out?

They are going to burn this cash and more on these programs. So-it is dependent on one or other of the drugs working and getting it to market profitably-who know what the competition will be in 3 to 5 years time. They have taken ages to get C Diff to phase 3. Personally I am fed up with the CEO's 'excitement' and putting all delays down to 'that's drug development for you' and getting massive cash bonuses-which do not go into share purchases-for achieving unspecified corporate objectives-and a Chair of the remuneration c'tee who never attends AGM to be questioned..

I have sold a portion of my shares-so my average is much higher-because, for me, the credibility of the top management is shot to pieces. I hope that there is some residue of value in the new potential DMD drugs that Oxford Uni are working on. I do not see that before this announcement that there was much implied value in the non DMD programs and this has been borne out by the drop in share price. Maybe it is over done-maybe not.

I imagine that morale must be low-big redundancies on the cards. Is having operations in the US and UK viable? Do we really need a CEO and COO with a reduced size operation. Fund raising will have to be via grants-otherwise the dilution will be massive-will the management have the credibility to get grants after this failure?

Sorry to sound negative. This is not sour grapes. Trying to be realistic. Obviously those entering now can a adopt 'a clean sheet of paper' approach. Good luck to them-and beware.

That's all.

Don't think this will re-rate until we get a positive RNS-partner/accelerated approval sought etc etc. AGM was all what ifs. They were bound to positive and they were. So all talk of way to cheap etc is just ramping. GLA

Rman. Thanks. Still would like to know about the Oxford Uni tie-up and where they are with the new formulations. What is Prof Davies take on all of this? Of course drugs fail all the time-but does this mean the whole approach is deemed to be a failure. I am still holding 60% of what I held before this news. But am very wary-there have been long delays getting C Diff drug in to phase 3-and cash won't be in the tills for around 3 years. Discuva stuff is years down the road. In the meantime CEO gets in excess of £250k a year plus 100% cash bonuses for achieving corporate objectives!!

Summit have strategic alliance with Oxford Uni lasting to Novemeber 2019 with option to extend for a further 12 months. Extract from RNS announcement below. Letter from CEO to DMD participants implies Summit withdrawal from this field. New generation of drug quite different from failed version. What is happening to this alliance? We should be told.

Two new drugs years from producing revenues. More cash will be needed to get them through trials. Posts such as 'nice early rise' are trivial to long term investors. We need much more clarity from the BOD about how this operation is going to be organised including a statement about the collaboration with Oxford, the viability of running operations in the US and UK, the long term funding necessary and the management.

I am quite sceptical about why the AGM was held much earlier than other years. If it had been at the same time as other years then we would have been discussing this disaster at the AGM!

"Summit's strategic alliance with the University of Oxford is an important part of our DMD programme that seeks to discover and develop a strong pipeline of utrophin-based therapies for the treatment of all patients with DMD behind our lead clinical candidate SMT C1100," commented Glyn Edwards, Chief Executive Officer of Summit. "This is an incredibly exciting time for the field of utrophin modulation with SMT C1100 poised to enter a Phase 2 proof of concept trial and the recent publication of positive preclinical efficacy data on our second generation candidates. The extension of our alliance will allow us to invest further in utrophin modulation in partnership with the world-leading academic research groups at Oxford. This will help to accelerate the development of future generation molecules towards clinical trials, as we seek to maintain our leadership position in this field and potentially allow DMD boys to live longer and more fulfilled lives."

The strategic alliance is a collaboration between Summit and the research teams of Professor Kay Davies, an internationally acclaimed expert in DMD at the University of Oxford, Professor Stephen Davies, Waynflete Professor of Chemistry at the University of Oxford and a director of Summit, and Professor Angela Russell, an expert in medicinal chemistry and pharmacology at the University of Oxford. To date, the collaboration has identified a number of new series of utrophin modulator compounds that are structurally distinct from the clinical candidate SMT C1100. Work is on-going towards selection of one or more of these differentiated series for progression into lead optimisation studies.

RNS 8/11/2017

So-what is happening to this new pre-clinical data? What does Professor Davies and Oxford Uni think of Summit abandoning this project? She is the brains behind this-surely we should have some sort of explanation. having attended many AGM's and listened to many conference calls I have lost count of the number of times that the CEO has been 'excited' about developments. To regain credibility there needs to be a change-the COO is impressive and not given to hyperbole-just a considered thought.

"These new preclinical data from Professor Davies' team at the University of Oxford provide another piece of evidence highlighting the potential of utrophin modulation in being able to treat this devastating muscle wasting disease," said Dr David Roblin, Chief Operating Officer and Medical Officer at Summit. "We remain on-track to report the first results of ezutromid treatment in boys with DMD in PhaseOut DMD in the first quarter of 2018, and if results provide evidence of the mechanism of utrophin modulation in patients, we believe it would represent a major advancement for ezutromid. It would bring closer to all patients a therapy that has the potential to be disease modifying in DMD."

I am sure that Chris meant no mention of other DMD drugs in the pipeline. There are supposed to be new drugs still in the lab which herald a new improved approach. These have not really been mentioned. Would have thought that instead of letting go/cutting staff on this early stage stuff at would make more sense to ask if we really need a CEO and COO at vast expense. The credibility is shot to pieces-time for a change-tap on the shoulder!

Should have mentioned that Lupzor patents extende to middle 2030's in both USA and Europe. So plenty of time IF it works.

Went. Lasted 90 minutes. Over an hour Q and A session. Chairman made it clear that what their thinking had to be off limits-however grey area in middle of actual plans and possibilities was explored. Couple of guys incredibly well briefed on the science interrogated Zimmer and CEO on the science, the failure of phase 3, lessons which might have been learnt etc,etc. If they contribute to a BB you may learn more. Most of it way above my head. More interested in possible share value. Over 60 recruited to Open label trial. Results H2 (perhaps Q1) next year. 4 or 5 people in Phase 3 in complete remission at end of trial. Still getting trial data-expect all by end July. They were asked which of 2 alternatives they prefer. Doing phase 3 alone, with fund raising along the way (about 30 months from now ish to complete-cost £10/11m) or do do phase 3 in partnership. CEO said both were rational paths but he preferred an unspecified 3rd way. Which my guess is accelerated approval with concurrent phase 3 trial. They will be able to present to regulatory authorities without open label results-hoping for some time later this year. There are somewhere between about 4 and 8 parties they are talking to (not teens or low single figures!) They are possibly looking at Lupozor for other areas of unmet need. They say they are convinced that they have a drug to take to market which will meet high unmet need, is safe and cost effective.

Pleased I went. However, was at Summit AGM recently-contrast their mood/attitude with that now! However, I am holding. If it comes off-could be a reasonable bagger from now. WFDIK. GLA.

FM Did touch on it-to early to say etc-but no enthusiasm for it at all. Impression is that that are battening down the hatches and concentrating on other stuff. I can think of one immediate very large cost saving with the advent of the new COO, whose hand I detect behind this announcement (he is medically qualified and been at the sharp end of product development) who had a prominent part in answering technical questions. Whole call lasted only 20 minutes. Mentioned some delay in getting product for C Diff trials-expect start early next year -then over 2 years before outcome.

To paraphrase Waterloo on ADVFN-Sarepta has a drug which is creating revenue and Summit does not. CEO presents well, gets grants, raises capital etc, new COO is very impressive etc etc-but we need real prospect of money in the till-which can only come from actually attempting to get regulatory approval. Not long now before first inflection point, hopefully-then watch Sarepta make their move-almost inevitable IMHO>

Could this be fast tracked-hi unmet need-good safety etc?