(SUMM) Summit Corporation
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| 19-12-11 | HUG |
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Summit Corporation plc SUMMIT SECURES $1.5M AGREEMENT WITH US DMD ORGANISATIONS
Oxford, UK, 19 December 2011, Summit (AIM: SUMM), a UK drug discovery company, announces that it has entered into agreements collectively worth $1.5 million with several US-based organisations for its utrophin upregulation drug candidate SMT C1100 for the treatment of the fatal neuromuscular disease Duchenne Muscular Dystrophy ('DMD'). The funding comprises of $750,000 from the Muscular Dystrophy Association ('MDA'), $250,000 from Parent Project Muscular Dystrophy ('PPMD') and $500,000 from a group of four independent Duchenne foundations spanning the US: Charley's Fund, Cure Duchenne, Foundation to Eradicate Duchenne and the Nash Avery Foundation. Under the terms of the agreements, Summit retains full ownership of this asset. The funding provided by these agreements will enable Summit to manufacture a new formulation of SMT C1100 and conduct a Phase I clinical trial in healthy volunteers. The trial will evaluate if the new formulation can provide consistent levels of the drug in the blood that non-clinical efficacy studies predicted would be required to confer therapeutic benefit in DMD Patients. Upregulation (increasing) of utrophin protein levels has the potential to treat all DMD patients and Summit has ensured the formulation selected will be appropriate for use by all patient age-groups. The work will be conducted by Summit. "A long-time champion for utrophin upregulation as a promising therapeutic strategy for treating Duchenne Muscular Dystrophy, MDA is pleased Summit soon will begin testing a new formulation of SMT C1100 in a human clinical trial," saidValerie Cwik, M.D. Executive Vice President Research and Medical Director for the Muscular Dystrophy Association. "This is a vital step toward determining whether this strategy will have a beneficial effect in individuals with DMD." Barry Price, PhD, Executive Chairman of Summit commented: "Summit is delighted to receive broad support from the community of foundations focused on DMD. Their generous funding will allow a new clinical study to be conducted on SMT C1100, a drug discovered and developed by our scientists, which we believe has the potential to treat all DMD patients and provide benefit for them and their families. These agreements ensure that one of Summit's core assets will advance through to a key development milestone that has the potential to add considerable value to the programme in the near-term." He added: "Summit is especially pleased to conclude this deal when set against the uncertainties of an increasingly austere and challenging global environment for a number of sectors including the life sciences industry. The Board remains confident about signing further agreements, but recognises that global and market uncertainties reduce its ability to be precise on the timing of deals from on-going confidential discussions with third parties." For more information, please contact:
Notes to Editors About Duchenne Muscular Dystrophy About Utrophin Upregulation About Summit 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. About Muscular Dystrophy Association Long the world's leading non-governmental funder of muscular dystrophy research and health care services to affected individuals, MDA has played a pioneering role in utrophin-related research since 1996 (investing nearly $16 million to help develop this promising therapeutic pathway). Presently, MDA active grants include 102 focused on Duchenne Muscular Dystrophy, representing a multi-year investment of close to $35 million. In addition to annually funding some 300 research teams worldwide, MDA maintains a national network of some 200 hospital-affiliated clinics; facilitates hundreds of support groups for families affected by neuromuscular diseases; and provides extraordinary local summer camp opportunities for thousands of youngsters fighting progressive muscle diseases. Known globally for its Labor Day Telethon, MDA is the first non-profit to receive a Lifetime Achievement Award from the American Medical Association "for significant and lasting contributions to the health and welfare of humanity." To learn more visit www.mda.org. About Parent Project Muscular Dystrophy We invest deeply in treatments for this generation of young men affected by Duchenne and in research that will benefit future generations. We advocate in Washington, DC, and have secured hundreds of millions of dollars in funding. We demand optimal care, and we strengthen, unite, and educate the global Duchenne community. Everything we do-and everything we have done since our founding in 1994-helps boys with Duchenne live longer, stronger lives. We will not rest until every young man has a treatment to end Duchenne. Go to www.ParentProjectMD.org for more information or to learn how you can support our efforts and help families affected by Duchenne. About Charley's Fund, Cure Duchenne, Foundation to Eradicate Duchenne, www.charleysfund.org Forward Looking Statements 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 HUG#1572207 More |
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| 24-11-11 | HUG |
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Summit Corporation plc SMT C1100 RECEIVES ORPHAN DRUG STATUS FROM THE US FDA FOR THE TREATMENT OF DUCHENNE MUSCULAR DYSTROPHY Oxford, UK, 24 November 2011, Summit (AIM: SUMM), a UK drug discovery company, is pleased to announce that the United States Food & Drug Administration ('the US FDA') has granted orphan drug status to the clinical candidate SMT C1100 for the treatment of Duchenne Muscular Dystrophy ('DMD'), a fatal genetic neuromuscular disorder for which there is currently no cure. The European Medicines Agency had granted SMT C1100 orphan drug status in December 2008. Commenting on the news, Barry Price, PhD, Executive Chairman of Summit said: "Summit believes that SMT C1100 can become a first-in-class treatment for DMD and it is our intention to commence a clinical study that will evaluate a new formulation of this drug that will benefit all patients with this fatal disease." About Orphan Drug Designation About DMD and SMT C1100 SMT C1100 is a small molecule drug that works by increasing (upregulating) production of a similar, naturally occurring protein called utrophin to replace the missing dystrophin. Summit recently published compelling preclinical data showing SMT C1100 can increase utrophin production to restore and maintain healthy muscle function. A major advantage of utrophin upregulation is it will benefit all patients with DMD regardless of their specific genetic mutation and is expected to be complementary with other therapeutic approaches currently in development. - END - For more information, please contact:
Notes to Editors About Summit Seglin(TM) 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 high-value therapy areas and the Company will further exploit the technology's wider potential through strategic alliances. Summit's programme portfolio consists of a number of drug programmes targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection. Summit's commercial strategy focuses on signing multiple early-stage drug programme and technology platform deals that generate upfront cash, transfer development costs from the Company, and retain valuable upside potential. 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 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 HUG#1566245 More |
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| 01-11-11 | HUG |
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Summit Corporation plc ("Summit" or "the Company") APPOINTMENT OF HYBRIDAN AS JOINT BROKER Oxford, UK, 1 November 2011, Summit (AIM: SUMM), a UK drug discovery company, is pleased to announce the appointment of Hybridan LLP as joint broker alongside its existing nominated adviser and broker, Singer Capital Markets Limited. The appointment is with immediate effect. - END - For more information, please contact: Summit Barry Price, PhD, Richard Pye, PhD Tel: +44 (0)1235 443 951 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 Tel: +44 (0)207 947 4004 Peckwater PR (Financial public relations) 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 an innovative technology platform called Seglins for the discovery of new medicines, a portfolio of drug programme assets and a commercial strategy of signing multiple early-stage deals. Seglin(TM) 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 high-value therapy areas and the Company will further exploit the technology's wider potential through strategic alliances. Summit's programme portfolio consists of a number of drug programmes targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection. Summit's commercial strategy focuses on signing multiple early-stage drug programme and technology platform deals that generate upfront cash, transfer development costs from the Company, and retain valuable upside potential. 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 [HUG#1559603] More |
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| 27-09-11 | HUG |
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Summit Corporation plc ("Summit" or "the Company") EXERCISE OF WARRANTS Oxford, UK, 27 September 2011, Summit (AIM: SUMM), a UK drug discovery company, announces that it has issued 2,324,996 new Ordinary shares of 1.0 pence after receiving payment of £116,249.80 following the partial exercise of Warrants held by Singer Capital Markets ('Singer'), the Company's NOMAD and broker. The Warrants were issued when Singer acted as lead broker on a Placing and Open Offer ('the Fundraising'), which completed on 30 December 2009 following approval from shareholders at a General Meeting of the Company. The terms of the Warrants entitled Singer to subscribe for 3,324,996 Ordinary shares of 1.0 pence at an exercise price of 5.0 pence per share at any time up until 31 December 2013, the fourth anniversary of admission to trading of the Fundraising shares. This represented 2% of the Company's enlarged issued share capital post completion of the Fundraising. Following this exercise, Warrants over 1,000,000 Ordinary shares remain outstanding. Summit has applied for admission of the new Ordinary shares to trading on the Alternative Investment Market of the London Stock Exchange ('Admission') and it is expected that Admission will become effective on or around 30 September 2011. The new Ordinary shares will rank pari passu with existing Ordinary shares. Following Admission, the Company will have 187,421,780 Ordinary shares in issue. - END - For more information, please contact: Summit Barry Price, PhD, Richard Pye, PhD Tel: +44 (0)1235 443 951 Singer Capital Markets (Nominated Adviser) Shaun Dobson / Claes Spång Tel: +44 (0)20 3205 7500 Peckwater PR Tarquin Edwards Tel: +44 (0)7879 458 364 tarquin.edwards@peckwaterpr.co.uk Notes to Editors About Summit Summit is an Oxford, UK based drug discovery company with an innovative technology platform called Seglins for the discovery of new medicines, a portfolio of drug programme assets and a commercial strategy of signing multiple early-stage deals. Seglin(TM) 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 high-value therapy areas and the Company will further exploit the technology's wider potential through strategic alliances. Summit's programme portfolio consists of a number of drug programmes targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection. Summit's commercial strategy focuses on signing multiple early-stage drug programme and technology platform deals that generate upfront cash, transfer development costs from the Company, and retain valuable upside potential. 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 [HUG#1550027] More |
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