Research Update

 
TIDMSUMM 
 
Summit Corporation plc 
("Summit" or "the Company") 
 
 
RESEARCH UPDATE: 
  * Exciting New Progress in Key R&D Programmes 
 
 
Oxford, UK, 30 March 2010,Summit (AIM: SUMM), a UK drug discovery Company with 
partner funded programmes and its innovative SeglinTM (second generation 
iminosugar) technology platform for the discovery of new medicines, is today 
pleased to report exciting new progress is being made across its key research 
and development programmes. 
 
Partner Funded Programmes 
  * Progression of DMD programme by BioMarin Pharmaceuticals into a Phase I 
    clinical trial with results expected in Q3 2010 
  * SMT 19969 selected as lead compound having displayed high levels of activity 
    againstC. difficile pathogen in Wellcome Trust funded programme 
 
 
SeglinTM Technology: Identifying medicines from new chemistry space 
  * Advances in development of SeglinTM technology platform with active 
    compounds identified against a range of major disease areas 
  * Positive results generated in diabetes programme with lead candidate SMT 
    14224 demonstrating proof of concept in acute and chronicin vivo models 
  * Major breakthrough in hepatitis C programme following identification of hits 
    against previously intractable NS3 helicase protein target 
 
 
 
Steven Lee, PhD, Chief Executive Officer of Summit commented: 
"Following our trading update released on 24 February that outlined our two 
years of funding, the progress announced today provides a solid base to deliver 
value growth for investors within this timeframe." 
 
"The entry of BMN-195 for DMD into clinical trials brings closer the potential 
of a vital treatment option for patients as well as being an important milestone 
for the Company.  In addition, the SeglinTM technology platform is delivering 
significant scientific results, including hits against NS3 helicase, a validated 
target that has remained intractable despite major efforts by industry over the 
last decade.  This exemplifies the potential of SeglinsTM as a source of new 
medicines." 
 
"I look forward to our assets achieving key value junctures over the next 12 
months." 
 
 
PARTNER FUNDED PROGRAMMES 
 
Duchenne Muscular Dystrophy programme 
Summit's programme targeting the fatal genetic disorder Duchenne Muscular 
Dystrophy ('DMD') could provide major benefits to patients.  The programme was 
exclusively licensed to BioMarin Pharmaceutical Inc. ('BioMarin') in July 2008 
and Summit is eligible to receive significant development and regulatory 
milestone payments and tiered royalties on net sales rising to a low teen 
percentage.  In January 2010, BioMarin announced it had initiated a Phase I 
clinical trial of the compound, SMT C1100, which is today re-designated BMN-195. 
 BioMarin indicated that top-line results are anticipated by Q3 2010, and if 
successful, a Phase II patient trial is scheduled for Q12011 which would trigger 
a $3 million milestone payment to Summit.  Summit incurs no further costs for 
the DMD programme. 
 
DMD is caused by lack of a protein called dystrophin that is essential in 
maintaining the correct function of all muscles in the human body.  BMN-195 was 
discovered by scientists at Summit and is an oral small molecule upregulator of 
utrophin, a protein similar to dystrophin.  Summit's preclinical studies have 
shown pharmacological upregulation of utrophin has the potential to compensate 
for the missing dystrophin.  Significantly, this potential first-in-class 
disease modifying therapy could treat the entire spectrum of DMD patients. 
 
C. difficile programme 
Summit is developing a new class of antibiotics targetingC. difficile, a life 
threatening pathogen for which current therapy options are limited.  In 2008 in 
the UK, C. difficile was responsible for over three times more deaths than the 
MRSA superbug, while the annual cost of care in the US is estimated at $1.1 
billion and rising. 
 
Summit has identified a novel class of small molecules with an attractive 
activity profile.  The lead compound in the series, SMT 19969: 
  * Selectively killsC. difficile, a key property for any new drug treating this 
    pathogen; 
  * Displays high levels of activity against all clinically relevantC. difficile 
    strains including the endemic, hyper-virulent 027 strain that represents a 
    major healthcare threat due to higher mortality rates. 
 
 
The award in December 2009 of a  GBP2.2 million grant by the Wellcome Trust is 
expected to fund the programme through until the start of human clinical trials. 
SMT 19969 has advanced into proof of concept studies in the gold standardin vivo 
model.  In addition, in depth bacterial resistance and mechanism of action 
studies are on-going, while an extensive back-up chemistry programme has 
commenced. 
 
The results from these non-clinical efficacy studies are expected in the second 
half of this year. 
 
 
SEGLINTM TECHNOLOGY: Identifying medicines from new chemistry space 
 
Summit's second generation lead iminosugar (SeglinTM) technology is using new 
chemistry to access biological targets that have not been exploited by 
conventional drug discovery approaches. 
 
Summit has validated the platform by identifying a number of orally available 
advanced Seglin compounds in a range of therapy areas: 
  * SMT 14224 for type II diabetes 
  * SMT 14400 for inflammation and cancer 
  * SMT 15000 as a biodefence countermeasure 
 
 
In addition, Summit has generated Seglin hits against viral infections, 
including hepatitis C, and a range of other diseases. 
 
Collectively, these data exemplify the potential power of the platform in being 
able to identify new drugs in a wide range of major therapy areas and this 
innovative technology is generating increasing interest from the pharmaceutical 
and biotechnology industry.  Summit aims to exploit the technology's potential 
by developing programmes in its current focus therapy areas of type II diabetes 
and infectious diseases and establishing strategic alliances in other diseases. 
 
Diabetes (SMT 14224) 
Summit's type II diabetes programme focuses on its lead compound, SMT 14224, as 
a potential treatment for this metabolic disorder that affects over 18 million 
patients in the US alone, and has a global market worth in excess of $30 billion 
per annum. 
 
SMT 14224 has demonstrated proof of concept in well validated acute and 
chronicin vivo models.  Importantly, the positive results from this Seglin 
indicate it may operate via a new mechanism of action.  In summary, the results 
show SMT 14224: 
  * Increases insulin levelsin vivo models via a glucose dependent mechanism. In 
    vitro studies provide further support by showing the compound increases 
    insulin release to levels associated with a market leading GLP-1 agonist; 
  * Reduces HbA1c (blood glucose) levels in a chronicin vivo study, an important 
    measurement of disease control in patients; 
  * Lowers serum glucose levels, a measure of insulin response and sensitivity, 
    after an oral glucose tolerance test ('OGTT') 
  * Lowers triglyceride levels with no weight gain being observed in a chronicin 
    vivo study. 
 
 
Furthermore, a set of additional compounds have been identified fromin vitro 
screening and are now undergoing optimisation work. 
 
These data have generated interest from potential pharmaceutical and 
biotechnology partners and Summit is undertaking additional studies to add 
further value to this programme.  These studies will seek to reinforce data 
already generated to confirm the potential unique clinical position of SMT 
14224 and also provide further insight into the compounds underlying mechanism 
of action.  Results are expected in the second half of 2010. 
 
Infectious diseases: Hepatitis C 
Summit is making good progress with its research activities in its second 
therapy focus area, infectious diseases, and specifically viral diseases. 
 
As part of Summit's Hepatitis C ('HCV') programme, the Company is using its 
SeglinTM technology against a set of HCV targets including the NS3 helicase 
protein, an enzyme that unwinds the double-stranded RNA complex allowing the 
virus to replicate. HCV Helicase is a validated target that has so far proved 
intractable, despite the major efforts made over the last ten years by the 
pharmaceutical industry.  From preliminary studies, Summit has identified a 
number of active Seglins against this enzyme.  This represents a major 
breakthrough towards finding new drugs against HCV, and importantly, exemplifies 
the wider potential of Seglins to access intractable targets.  Further results 
from on-going studies are expected in the second half of 2010. 
 
                                    - END - 
 
For more information, please contact: 
 
 
 Summit 
 
 Steven Lee, PhD 
 
 Richard Pye, PhD                        Tel: [phone] 
 
 
 
 Singer   Capital   Markets   (Nominated 
 Adviser) 
 
 Shaun Dobson / Claes Spång              Tel: [phone] 
 
 
 
 Peckwater PR 
 
 Tarquin  Edwards                        Tel: [phone] 
                                         [e-mail] 
                                         <mailto:[e-mail] 
                                         .uk> 
 
About Summit 
 
Summit is an Oxford, UK based drug discovery company with a portfolio of partner 
funded drug programmes and an innovative technology platform called SeglinsTM 
for the discovery of new medicines. 
 
Summit's partnered drug programmes require no further investment from the 
Company but have contractual, success-based milestones potentially worth in 
excess of $160 million and sales royalties rising to a low teen percentage. 
 Partners include leading orphan drug specialist BioMarin Pharmaceuticals 
(Duchenne Muscular Dystrophy programme) and the Wellcome Trust (C. difficile 
programme). 
 
SeglinTM technology is using new chemistry to access biological drug targets 
that cannot be exploited by conventional drug discovery approaches.  Summit's 
internal research is currently focussed in the high value therapy areas of type 
II diabetes and infectious diseases and the Company will further exploit the 
technology's wider potential through strategic alliances. 
 
Summit is listed on the AIM market of the London Stock Exchange and trades under 
the ticker symbol SUMM.  Further information is available atwww.summitplc.com 
<http://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. 
 
 
 
 
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