Summit Corporation plc
("Summit plc" or "the Company")
DIVESTMENT OF ZEBRAFISH SERVICES BUSINESS TO EVOTEC AG
Oxford, UK, 7 May 2009 - Summit Corporation plc (AIM: SUMM), the UK
drug discovery company, announces that it has divested its zebrafish
services business unit to Evotec AG (Frankfurt Stock Exchange: EVT;
The key terms of the divestment are as follows:
* For £500,000 in cash, Evotec has acquired the assets and
operations associated with the zebrafish business currently located
in Oxfordshire, UK and Singapore;
* Employees and costs associated with the zebrafish business will
be transferred to Evotec with immediate effect
Summit remains in discussion with a number of parties regarding
certain current programmes and obligations in order to realise cash
and reduce expenditure and to secure the future of the Company.
Further announcements will be made as appropriate.
The Board remains confident of Summit's ability to develop value in
the medium and longer-term. The Company will continue to focus on
the discovery and development of products from its proprietary
iminosugar drug discovery platform.
The proceeds from this divestment will support Summit's on-going
operational costs and working capital requirements. The net book
value of tangible assets transferred is £187,000 and had a net
operating profit of £27,000 for the financial year 2007/08.
Steven Lee, PhD, Chief Executive Officer at Summit said, "This
transaction is positive news both for Summit and the zebrafish
services business. Evotec offers the zebrafish business, including
its staff, an exciting future.
"Importantly, the deal provides immediate financial support to Summit
that will assist our on-going efforts towards securing the future of
the business. This will focus on our iminosugar drug discovery
platform, an area of science in which Summit has an unparalleled
expertise, and offers great potential for the discovery of new
For further information please contact:
Summit Corporation PLC
Steven Lee, PhD, Chief Executive Officer
Richard Pye, PhD, Investor Relations
Tel: +44 (0)1235 443951
Panmure Gordon (Nominated adviser and Broker)
Andrew Burnett / Rakesh Sharma (Corporate Finance)
Ashton Clanfield (Corporate Broking)
Tel: +44 (0)207 459 3600
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About Summit plc
Summit plc is a UK based drug discovery company with a major focus on
developing new therapeutics from its iminosugar drug discovery
Summit believes iminosugars are the key to gaining access to several
disease mechanisms where classical drugs have had little success, and
thus offer a major opportunity for the discovery and development of
Carbohydrates (sugars) play critical roles in maintaining correct
functioning of many normal processes in healthy individuals and
errors in carbohydrate recognition or modification can lead to
malfunction in cells resulting in disease. Iminosugars have the
potential to mimic carbohydrates or to interact with processes which
manipulate carbohydrates to modify activity or to correct aberrant
function. Additionally, iminosugars, due to their sugar-like
properties, have important effects when interacting with many other
unexploited therapeutic targets.
Summit is at the forefront of developing new iminosugar drug
candidates with a focus in two therapeutics areas: anti-infectives
and metabolic diseases.
Commercially, Summit has a track record of signing programme
agreements and currently has an out-licensed product portfolio
comprising of four drug programmes with BioMarin, Orient Europharma,
Evolva and the Lilly TB Drug Discovery Initiative. In the future
these programmes may generate success based milestone payments and
royalties for Summit.
In addition, Summit owns Dextra Laboratories, a business unit that
operates independently to Summit, which offers specialist
carbohydrate chemistry services to third parties on a fee-for-service
or collaborative basis.
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.
About Evotec AG
Evotec is a leader in the discovery and development of novel small
molecule drugs. The Company has built substantial drug discovery
expertise and an industrialized platform that can drive new
innovative small molecule compounds into the clinic. In addition,
Evotec has built a deep internal knowledge base in the treatment of
diseases related to neuroscience, pain, and inflammation. Leveraging
these skills and expertise the Company intends to develop
best-in-class differentiated therapeutics and deliver superior
science-driven discovery alliances with pharmaceutical and
Evotec has long-term discovery alliances including Boehringer
Ingelheim, CHDI, Novartis, Ono Pharmaceutical and Roche. The
Company's has a P2X7 antagonist for the treatment of inflammatory
diseases in clinical development and a series of preclinical
compounds and development partnerships, including a strategic
alliance with Roche for EVT 101, a subtype selective NMDA receptor
antagonist, for the treatment of depression.
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
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