TIDMSUMM
Summit Corporation plc
('Summit' or 'the Company')
ANNUAL GENERAL MEETING STATEMENT
Oxford, UK, 18 July 2012 - Summit (AIM: SUMM), a UK drug discovery company, is
today holding its Annual General Meeting ('AGM') at 10:00am at the Milton Park
Innovation Centre, 99 Milton Park, Abingdon, Oxfordshire, OX14 4RY. The
Company's Chief Executive Officer, Glyn Edwards, will make the following
comments as part of a short presentation (a copy of the presentation slides will
be available from this afternoon on the Company's website, www.summitplc.com):
"Summit's immediate objective is the development of our three leading drug
programmes through to important technical milestones. These, if achieved, have
the potential to add considerable value to the respective programmes and will
increase the opportunity of Summit being able to secure a partnership deal that
will generate value for shareholders. As a consequence, all of our resources
are currently prioritised on activities that will provide the Company with the
best opportunity of being able to successfully achieve this objective.
"In May SMT C1100, our potential disease modifying drug for the treatment of the
fatal genetic disease Duchenne Muscular Dystrophy ('DMD'), entered a Phase I
clinical trial in healthy volunteers. SMT C1100 is a small molecule utrophin
upregulator that has the potential to become a first-in-class universal
treatment for DMD, regardless of the underlying cause of the disease. The Phase
I trial is supported by a $1.5 million agreement with a group of US DMD
organisations and we expect to report the results from this trial by the end of
2012.
"Our novel antibiotic candidate for the treatment of Clostridium difficile
infections ('CDI') is set to enter human clinical trials during H2 2012. Our
clinical candidate, SMT 19969 has the potential to become the front-line
treatment for CDI with non-clinical efficacy studies showing that it has an
excellent profile in all key differentiating areas. Work is on-going to prepare
a clinical trial application to commence a healthy volunteer study.
"Our OGA inhibition programme is a potential disease modifying approach for the
treatment of a group of neurodegenerative diseases known as tauopathies. The
tauopathies include a number of rare disorders like Progressive Supranuclear
Palsy and Frontotemporal Dementia that represent high-value areas of unmet
medical need, as well the most common form of dementia, Alzheimer's disease.
Data that provide support for our scientific approach were recently presented
at an international scientific conference and current research is concentrating
on evaluation of the Seglin OGA inhibitors in in vivo disease models.
"The Company announced in April its intention to make changes to the Board of
Directors and work towards accomplishing this is progressing well.
"Finally I would like to thank all shareholders for their continuing interest
and support as the Company enters an important period in its development and I
look forward to reporting on our future progress."
- END -
For more information, please contact:
Summit
Glyn Edwards / Richard Pye Tel: +44 (0)1235 443 939
Singer Capital Markets
(Nominated Adviser and Joint broker)
Shaun Dobson / Claes Spång Tel: +44 (0)203 205 7500
Hybridan LLP
(Joint broker)
Claire Louise Noyce / Deepak Reddy Tel: +44 (0)207 947 4350
Peckwater PR
(Financial public relations, UK) Tel: +44 (0)7879 458 364
Tarquin Edwards tarquin.edwards@peckwaterpr.co.uk
Notes to Editors
About Summit
Summit is an Oxford, UK based drug discovery Company with a portfolio of drug
programme assets and a drug discovery platform called Seglin(TM) technology.
Summit's programme portfolio consists of a number of drug programmes targeting
high-value areas of unmet medical need including Duchenne Muscular Dystrophy, C.
difficile infection and a group of neurodegenerative diseases called
tauopathies. 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.
Forward Looking Statements
This document contains "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as "anticipates", "intends", "plans",
"seeks", "believes", "estimates", "expects" and similar references to future
periods, or by the inclusion of forecasts or projections. Forward-looking
statements are based on the Company's current expectations and assumptions
regarding our business, the economy and other future conditions. Because
forward-looking statements relate to the future, by their nature, they are
subject to inherent uncertainties, risks and changes in circumstances that are
difficult to predict. The Company's actual results may differ materially from
those contemplated by the forward-looking statements. The Company cautions you
therefore that you should not rely on any of these forward-looking statements as
statements of historical fact or as guarantees or assurances of future
performance. Important factors that could cause actual results to differ
materially from those in the forward-looking statements and regional, national,
global political, economic, business, competitive, market and regulatory
conditions.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Summit Corporation PLC via Thomson Reuters ONE
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