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Summit Corporation PLC (SUMM)

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Wednesday 24 September, 2008

Summit Corporation PLC


Summit Corporation plc
("Summit plc" or "the Company")


Oxford, UK, 24 September 2008 - Summit Corporation plc (AIM: SUMM),
the leading UK biotechnology company, announces it has entered into a
co-development agreement for its clinical candidate SMT D001 with
Orient Pharma ("Orient"), the R&D and manufacturing subsidiary of
Taiwan-based Orient Europharma Co. Ltd.  SMT D001 is in a Phase II
clinical development programme as a treatment for sialorrhoea or
excessive drooling, a non-motor symptom of Parkinson's disease (PD)
and other neurological disorders.  A Phase I study indicated that SMT
D001 reduces saliva production by up to 40%.

Under the terms of the agreement, Orient will fund the development of
a novel buccal formulation of SMT D001 using its proprietary drug
delivery technology at a new FDA-approved manufacturing plant in

Summit retains exclusive development and commercialisation rights to
the new formulation of SMT D001 in North America, Europe and the rest
of the world, where it will continue seek partners to continue the
development and commercialisation of SMT D001. Orient gains exclusive
clinical development and commercialisation rights to the product in
Asia Pacific and Australasia with Summit having access to the
formulation and clinical trial data produced by Orient.  In addition,
Orient will only be responsible for the costs associated with the
development, manufacture and distribution of SMT D001 within its
respective territories.

Importantly, the buccal formulation will help deliver SMT D001
directly to the affected areas in patients with the aim of increasing
its efficacy in reducing excessive drooling and improving patient
compliance.  In addition, the development work will extend the
intellectual property protection around this programme to further
enhance its commercial value.  It is expected that the novel
formulation will be used in all future clinical trials which will
conform to FDA guidelines and as a result, Summit has suspended
recruitment in its on-going oral Phase II clinical trial.

Steven Lee, PhD, Chief Executive Officer of Summit said, "We are
pleased to be working with Orient in the development of SMT D001, a
company with a proven track record of developing approved drugs and
an expertise in the field of drug delivery technology and
formulation. This co-development deal with Orient enables us to
retain valuable commercial rights to this product for major world
territories, and to exploit the FDA-standard clinical results
generated by Orient in future licensing opportunities, ensuring no
future costs to Summit.

"For Summit, this agreement highlights the continued progress we are
making in fulfilling our strategy of signing early stage deals from
our pipeline of clinical and preclinical assets and I expect further
developments in the coming months."

                              - ENDS -

For more information, please contact:
Summit plc
Steven Lee, PhD, Chief Executive Officer
Richard Pye, PhD, Investor Relations
Tel: +44 (0)1235 443951; +44 (0)7825 313476
Citigate Dewe Rogerson
Mark Swallow, PhD / David Dible / Emma Palmer Foster
Tel: +44 (0)207 638 9571
Panmure Gordon
Andrew Burnett / Rakesh Sharma (Corporate Finance)
Ashton Clanfield (Corporate Broking)
Tel: +44 (0)207 459 3600

About Summit plc
Summit plc is a leading UK biotechnology company with a broad
preclinical and clinical pipeline, two world-leading technology
platforms and an innovative business model that is expected to
generate sustainable value for investors.
Summit is developing many drug programmes that target unmet medical
needs from which it intends to generate value by out-licensing
attractive late preclinical or early clinical stage programmes in
return for upfront, milestone and royalty payments. Summit uses its
scientific expertise to target orphan indications, neuro-disorders
and infectious diseases.
Summit's drug pipeline is supported by its world leadership in two
innovative technology platforms: carbohydrate chemistry and zebrafish
biology. These platforms support existing programmes and also will be
the source of future programmes to refuel Summit's drug pipeline.
These platform technologies also form the basis of the Company's
revenue generating service business.
The company listed on the alternative investment market (AIM) of the
London Stock Exchange in October 2004 - symbol: SUMM.  Further
information about the company is available at

About Orient Europharma

Founded in 1982, Orient Europharma (OEP) has five divisions: Pharma,
Nutricare, Dermo-Cosmetics, Oncology and Consumer Healthcare. The
company's leading products include hyaluronic acid injections and
Karihome Goat's Milk for infants and toddlers. Beginning in 1993, OEP
established subsidiaries in Hong Kong, Malaysia, Singapore and the
Philippines. It is now expanding into mainland China. In 2003, the
company listed on Taiwan's OTC market (stock code: 4120). For more
information, please visit
In 2007, OEP's net sales grew by 17.7 percent to NT$2.6 billion,
while after-tax net profits increased over 20 percent to NT$160
million with an EPS of NT$3.15. Total net sales reached NT$3.8
billion - an increase of 21.7 percent compared with NT$2.53 billion
in 2006. Total sales in the first quarter of 2008 rose to a new high
of NT$762 million -- a 19.4 percent year-on-year (YoY) over 2007. The
net sales in April amounted to NT$273 million. OEP was named an "A+
company"- the highest marks given by the Taiwan Stock Exchange's
Information Transparency and Disclosure Ranking in 2007.