Summit Corporation plc
("Summit plc" or "the Company")
Oxford, UK, 23 January 2009 - Summit Corporation plc (AIM: SUMM), a
UK drug discovery company announces that Colin Wall is stepping down
as a non-executive director of the Company on 31 January 2009.
This change reduces the size of the Board to seven, four
non-executive directors and three executive directors. The directors
believe the Board has the requisite balance of skills to manage the
future developments of the business.
Barry Price, PhD, Chairman of Summit, commented: "On behalf of the
Board, I would like to thank Colin for his contribution to the growth
and development of Summit and wish him well for the future."
- ENDS -
For more information, please contact:
Barry Price, PhD, Chairman
Richard Pye, PhD, Investor Relations
Tel: +44 (0)1235 443951; +44 (0)7825 313476
Citigate Dewe Rogerson
Mark Swallow, PhD / David Dible / Helena Galilee
Tel: +44 (0)207 638 9571
Andrew Burnett / Rakesh Sharma (Corporate Finance)
Ashton Clanfield (Corporate Broking)
Tel: +44 (0)207 459 3600
About Summit plc
Summit plc is a UK based drug discovery company with three parts to
1. Imino sugars
Imino sugars offer a major opportunity for the discovery and
development of new drugs in many disease areas. Summit is at the
forefront of developing new, second-generation imino sugars and has a
focus in two therapeutic areas: anti-infectives and metabolic
diseases. The development of Summit's imino sugar platform is the
major focus of the Company's research and development activities.
2. Partnered product portfolio
Summit's partnered product portfolio comprises four drug discovery
programmes which are the subject of commercial agreements:
* BioMarin Pharmaceuticals: Duchenne muscular dystrophy, SMT
C1100 (July 08)
* Orient Pharma: Sialorrhoea, SMT D001 (Sept 08)
* The Lilly TB Drug Discovery Initiative: Tuberculosis (Oct
* Evolva Biotech SA: Infectious diseases associated with
bio-terrorism, SMT 14400 (Jan 09)
Summit will make a limited investment into the portfolio as its
future development will predominately use the expertise and capital
of the respective partners.
3. Services businesses
Summit generates revenues from its two technology platforms in
carbohydrate chemistry and zebrafish biology by offering third
parties access to them on a fee-for-service or collaborative basis.
The cash generated by the businesses contributes to the investment
Summit makes into its research and development activities but they
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 www.summitplc.com.
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