Summit Corporation plc
("Summit" or "the Company")
PARTNER FUNDED PROGRAMME UPDATE
Oxford, UK, 3 August 2010, Summit Corporation plc (AIM: SUMM), a UK drug
discovery Company with an innovative Seglin(TM) technology platform and a
portfolio of partner funded programmes, has received notification from one of
its partners, BioMarin Pharmaceuticals Inc. ('BioMarin'), of their intention to
discontinue development of BMN-195, for the treatment of Duchenne muscular
dystrophy ('DMD'). BMN-195 is a non-Seglin small molecule that was licensed to
BioMarin in 2008.
Summit remains a well-funded business with BioMarin's decision having no impact
on current cash life, which is expected to fund the further development of its
Seglin(TM) technology platform until December 2011. The Board remains confident
of its ability to deliver a number of new commercial deals from its innovative
Seglin(TM) technology platform during this funding window.
DMD Phase I Clinical Trial Results & Future Plans
Following completion of the Phase I clinical trial in healthy volunteers,
BioMarin have cited pharmaceutical and pharmacokinetic challenges related to
plasma concentrations of BMN-195 as the reason for discontinuing its
development, and giving notice to terminate the agreement between the two
companies. No safety issues or adverse events were reported by BioMarin. Under
the terms of the agreement, BMN-195, and all associated assets and IP that were
assigned to BioMarin, will now transfer back to Summit.
Summit remains committed to working in DMD and believes the use of an
appropriate formulation of this compound can continue its development into a
viable medicine. Summit will therefore seek a new partner to financially
support the continued development of this compound.
Steven Lee, PhD, Chief Executive Officer of Summit commented:
"This is disappointing for everyone connected with this programme, especially
the DMD patients and families, as BioMarin's decision means the advancement of
this potential treatment option will be delayed. However, Summit remains
committed to working in DMD and we are investigating partnering opportunities to
continue the development of this compound as it is our belief that an
appropriate formulation of it can produce a viable medicine.
"Importantly, Summit's strategy of focussing on its Seglin drug discovery
technology and targeting multiple early-stage deals, means that we have a number
of opportunities to achieve commercial success within the current cash life of
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For more information, please contact:
Steven Lee, PhD
Richard Pye, PhD Tel: +44 (0)1235 443939
Singer Capital Markets (Nominated Adviser)
Shaun Dobson / Claes Spång Tel: +44 (0)20 3205 7500
Tarquin Edwards Tel: +44 (0)7879 458 364
Summit is an Oxford, UK based drug discovery company with an innovative
technology platform called Seglins(TM) for the discovery of new medicines, a
portfolio of partner funded drug programmes 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 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's portfolio of
partner funded drug programmes require no further investment from the Company
but have the potential to deliver future upside for the business.
Summit's commercial strategy focuses on signing multiple early-stage drug
programme and technology platform deals that generate upfront cash, remove
development costs 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 atwww.summitplc.com.
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Source: Summit Corporation PLC via Thomson Reuters ONE