SUMM.L Regulatory News (SUMM)

31 Jan 2008 07:00

Summit Corporation PLC31 January 2008 Summit Corporation plc ("Summit plc" or "the Company") SUMMIT PLC REPORTS SIGNIFICANT PROGRESS IN PRE-CLOSE TRADING UPDATE Oxford, UK, 31 January 2008 - Summit Corporation plc (AIM: SUMM), a leading UKbiotechnology company, today issues the following pre-close trading update aheadof the release of its preliminary results scheduled for 13 May 2008. Key highlights: • Full year revenues (unaudited) trebled to £3.0 million (FY 06/07: £1.0m) • Signed first early stage programme co-development deal: o $10 million collaboration deal for SMT 14400 in infectious diseases with Swiss biotechnology company Evolva • Good progress made within the drug pipeline: o Initiation of two clinical trials targeting the symptoms of Parkinson's disease: • SMT D001 entered Phase II clinical trials for treatment of sialorrhoea (excessive drooling) • SMT D002 entered Phase I clinical trial for treatment of seborrhoea (excessive sebum production) o Advancement of three preclinical development programmes: • Good progress made in Duchenne muscular dystrophy development programme • Acquisition of DanioLabs Ltd and Dextra Laboratories Ltd for £16.5 million in shares to strengthen drug pipeline and become world leaders in zebrafish and carbohydrate technologies Steven Lee, PhD, Chief Executive Officer of Summit commented: "The past 12months have seen Summit make significant progress, with all areas of thebusiness being strengthened. Our drug pipeline and technology platforms havebeen enhanced through organic growth and targeted acquisitions. We have alsosigned our first programme collaboration deal and entered our two programmes inParkinson's disease into clinical trials. "Summit anticipates that the coming year will prove to be a transforming periodfor the business. Progress will continue to be made in all our drug programmeswhilst we simultaneously seek to sign attractive licensing deals from within ourpipeline. We expect that revenues from our technology platforms will alsocontinue to grow as the value our technology can bring to the drug discovery anddevelopment process is further recognised by the wider industry." Board Changes Separately, Summit announces that Sir Brian Richards, David Norwood and JamesTaylor have today stepped down from their respective positions on the Company'sBoard of Directors. Barry Price, PhD, Chairman of Summit commented: "The changes reduce the size ofthe Board in line with a commitment given by the Company at the last AnnualGeneral Meeting to form a well-balanced team with the expertise and experienceto oversee the next phase of Summit's development. On behalf of the Board, Iwould like to thank Sir Brian, David and James for their contributions to theCompany and we wish them every success for the future." - ENDS - For more information, please contact: Summit plcSteven Lee, PhD, Chief Executive Officer Tel: +44 (0)1235 443951Darren Millington, ACMA, Chief Financial Officer + 44 (0)7825 313476Richard Pye, PhD, Investor Relations Citigate Dewe RogersonMark Swallow, PhD / David Dible Tel: +44 (0)207 638 9571 Panmure GordonAndrew Burnett / Rakesh Sharma Tel: +44 (0)207 459 3600 About Summit plc Summit plc is a leading UK biotechnology company that discovers and developsproprietary new drugs. The Company's internal drug development programmes areunderpinned by its advanced carbohydrate chemistry and zebrafish drug screeningtechnology platforms, which it also provides on a collaborative orfee-for-service basis to the pharmaceutical industry. Summit plc has a broad range of drug discovery programmes in the clinical,pre-clinical and discovery stages of development, which target serious diseaseswith a high unmet medical need. These therapeutic areas include neurologicaldisorders, anti-infectives, ophthalmic diseases and oncology. Summit plc's in-house drug development capabilities combine world-classexpertise in both carbohydrate chemistry with high-volume, high-contentscreening using its proprietary zebrafish technologies. These whole organismscreens have the potential to dramatically decrease the time and cost of drugdiscovery and development by delivering data that are highly predictive of theefficacy and toxicity of potential drug compounds in humans. The company listed on the AIM market of the London Stock Exchange in October2004 - symbol: SUMM Further information about the company is available at www.summitplc.com This information is provided by RNS The company news service from the London Stock Exchange