Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Summit Corporation PLC (SUMM)

  Print      Mail a friend

Tuesday 12 October, 2010

Summit Corporation PLC

Half-yearly report

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


Oxford, UK, 12 October 2010, Summit (AIM: SUMM), a UK drug discovery Company
with an innovative Seglin(TM) technology platform and a portfolio of programme
assets, today announces its interim results for the six months ended 31 July


Programme Assets
  * SMT 19969 targeting C. difficile shown to be superior to existing therapies
    in non-clinical efficacy studies (see today's separate announcement)
  * SMT C2100 confirmed as potential treatment for malignant melanoma following
    new findings from independent in vivo studies
  * Positive results generated in diabetes programme with proof of concept
    established for SMT 14224 in in vivo studies
  * Strategy to progress SMT C1100 in-place following decision by former partner
    to return all commercial rights

Seglin(TM) Technology Platform
  * Further validation of the power of Seglin(TM) technology as a potential
    source of new medicines following identification of hits against intractable
    targets including NS3 helicase (hepatitis C)
  * Multiple active compounds identified targeting range of other high-value
    therapy areas including Alzheimer's disease and rare diseases

  * Seglin(TM) technology showcased at international conference resulting in
    potential collaborators evaluating and assessing platform and programme
  * The Board is targeting the completion of a commercial deal in H1 2011 and a
    second deal in H2 2011

  * Operational expenditure in-line with expectations with cash resources until
    at least December 2011, beyond the expected receipt of payments from new
  * Cash position at 31 July 2010: £4.5m (31 January 2010: £6.1m)
  * Net loss for six months ended 31 July 2010 reduced to £1.8 m (31 July 2009:

Commenting on the results, Steven Lee, PhD, Chief Executive Officer at Summit
said: "The business has made good progress during the first half of the year in
seeking to exploit the commercial potential of both our programme assets and
Seglin(TM) technology platform.  We look forward to being able to deliver the
commercial success required to create a sustainable business for the benefit of
all stakeholders."

                                    - END -

For more information, please contact:


 Steven Lee, PhD

 Richard Pye, PhD                             Tel: +44 (0)1235 443 939

 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
                                              [email protected]

Notes to Editors

About Summit plc

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 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 the high-value therapy areas of
metabolic and infectious diseases 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 which 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 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



We are pleased to report the technical and commercial advances made by Summit
during the period under review.  The Board believes that your Company has taken
significant steps towards achieving the objectives of delivering tangible
commercial results over the coming months for the benefit of all stakeholders
and to help create a sustainable business.


Summit's differentiating strategy for creating value for our investors focuses
on actively targeting multiple early-stage programme and technology based deals.
 These deals will generate upfront cash, remove future development costs from
the Company, while crucially retaining valuable upside potential through
development and regulatory milestone payments and sales royalties.

By focusing on the early-stages of the drug discovery process, Summit aims to
mitigate the risks traditionally associated with only advancing one or two
programmes through to late-stage clinical development.

The Board believes that Summit's drug programme assets and innovative Seglin(TM)
technology platform could form the basis for multiple new commercial
transactions with major drug companies that are seeking novel approaches to
unmet medical needs.  To underline this belief, your Board is targeting the
completion of one commercial deal in both the first half and second half of


During the period under review, good progress has been made with a number of our
drug programme assets.

Infectious diseases: SMT 19969 for C. difficile
As announced separately today, Summit's C. difficile programme, which is funded
by a prestigious Wellcome Trust grant, has made excellent progress with positive
results generated from non-clinical efficacy studies.  In summary, these
findings show SMT 19969 displays superiority to existing treatment options and
has the potential to become a differentiated front-line antibiotic.

Cancer: SMT C2100 for malignant melanoma
We are pleased to be able to report new findings with our preclinical
development candidate, SMT C2100, showing positive therapeutic effect in a
malignant melanoma model.  Melanoma is the most dangerous form of skin cancer
and is responsible for approximately 80% of skin cancer related deaths.  With
only limited treatment options available, it remains an area of high unmet
medical need.

During the period, this immunomodulator was independently assessed in in vivo
studies and preliminary results have indicated that it is effective in
preventing the development of tumours.  These results both supplement and
support a strong data package that has been generated from previous work.

Metabolic diseases: SMT 14224 for diabetes
Our main programme in metabolic diseases targets type II diabetes, an area of
high unmet medical need with a global market in excess of $30 billion per annum.
 The lead compound in our diabetes programme is SMT 14224 and positive results
from a number of in vivo and in vitro studies were announced during the period.
 These results demonstrated that SMT 14224 has the ability to increase levels of
insulin via a glucose dependant mechanism to potentially enable diabetic
patients to better control their blood-glucose levels.  Further studies intended
to increase the value of this programme are on-going.

Rare diseases: SMT C1100 for Duchenne Muscular Dystrophy
The risk mitigating element of our differentiating strategy was demonstrated
following the decision by our former partner BioMarin Pharmaceuticals Inc.,
('BioMarin') to discontinue their development of our clinical candidate SMT
C1100 targeting the fatal genetic disease Duchenne Muscular Dystrophy ('DMD').
 The decision was taken after completion of a BioMarin funded Phase I trial in
healthy volunteers, and from which no safety issues or adverse events were
reported.  Summit benefited from an original payment of $7 million from BioMarin
following the licensing, in 2008, of the rights to SMT C1100, and since their
decision, all intellectual property and programme rights have been returned to

Summit remains committed to working in DMD as the Board believes that SMT C1100
still has significant potential and that an appropriate formulation of it may
produce a viable medicine.  Therefore, Summit is actively seeking both
commercial and charitable partners to progress SMT C1100 into further clinical

SEGLIN(TM) TECHNOLOGY: Identifying medicines from new chemistry space

Underpinning our business strategy is our innovative Seglin(TM) technology
platform.  The development of Seglins has accelerated during the period, while
the profile and understanding of the technology platform's potential as a source
of new medicines has also risen significantly within the wider pharmaceutical

Seglins are Second Generation Leads from Iminosugars and they have the potential
to access many drug targets in major therapy areas that cannot be explored using
traditional drug discovery approaches.  This potential was exemplified during
the period following multiple Seglin hits being identified against NS3 helicase,
a hepatitis C target that has proved intractable for over a decade despite the
efforts of the pharmaceutical industry.

In addition to this progress, a number of other early-stage opportunities have
been identified that target commercially attractive therapy areas.  This
includes identification of Seglin hits against the Alzheimer's disease target
OGA, an area that is currently generating significant interest with major
pharmaceutical companies.  A second exciting area is rare or orphan diseases and
Summit has identified a number of Seglins targeting different diseases including
Cystic Fibrosis.  We look forward to reporting more data from these and other
on-going activities in the near future.

The profile of the Seglin platform received a boost from the technology being
showcased at an international conference in June 2010, and also from the recent
acceptance of a number of articles into leading industry and scientific
journals, including 'Drug Discovery Today' and 'Innovations in Pharmaceutical
Technology'.  This has stimulated further interest from potential collaborators.
A number of these are assessing the technology platform against targets
identified by Summit and/or their own proprietary targets and also evaluating
specific Summit programme assets.

FINANCIAL REVIEW: Expenditure in-line with expectations

The Group's financial results for the period were in-line with our expectations.
 Further reductions in overheads were realised following the disposal in the
2009/10 financial year of non-core activities.

The Group's cash position at 31 July 2010 was £4.5 million (31 January 2010:
£6.1 million).

The business remains funded until at least the end of 2011, beyond the expected
receipt of milestone payments from new licensing agreements.  It is important to
comment that the decision to return the commercial rights to our DMD programme
had no impact on our current cash life.

Revenue for the six months ended 31 July 2010 increased to £0.43 million (31
July 2009: £0.11 million).  This increase was due to recognition of £0.37
million of the grant from the Wellcome Trust for work completed on the C.
difficile programme.

Investment into our research and development activities for the six months ended
31 July 2010 was £1.2 million (31 July 2009: £1.2 million) and related to
advancing our C. difficile, diabetes and hepatitis C programmes, as well as
additional work to identify early-stage opportunities for our Seglin technology
in other therapy areas.  General and administrative expenses were £0.9 million
(31 July 2009: £1.5 million).  Loss for the period from continuing operations
after tax fell to £1.8 million from £3.0 million in the corresponding period
last year.

Total cash burn from operational activities for the six month period ended 31
July 2010 was as expected at £1.5 million (31 July 2009: £2.6 million). Total
cash burn included research and development tax credits received in respect of
the year ended 31 January 2010 of £0.35 million.

In light of the figures reported today, and the projected cash life of the
Group, these results have been prepared on a going concern basis.


The business has made good progress during the first half of the year as we seek
to exploit the commercial potential of both our programme assets and innovative
Seglin(TM) technology platform.  With the potential of Seglins as a source of
new medicines increasingly being recognised by the wider industry, the Board is
confident of being able to deliver the commercial success required to create a
sustainable business for the benefit of all stakeholders.

On behalf of the Board, we thank our staff for their continuing hard work and
commitment.  Finally, we thank all our shareholders for their continuing support
of the business that we anticipate will have an exciting period ahead of it.

Barry Price, PhD           Steven Lee, PhD
Chairman                        Chief Executive Officer

11 October 2010

For the six months ended 31 July 2010

                                                Six months Six months
                                                     ended      ended       Year
                                                   31 July    31 July      ended
                                                      2010       2009 31 January

                                                     £000s      £000s      £000s
Revenue                                                432        108        189

Cost of sales                                            -          -          -
Gross profit                                           432        108        189

Other operating income                                   2        104        196

Administrative expenses
  Research and development                         (1,219)    (1,182)    (2,302)

  General and administration                         (911)    (1,535)    (2,863)

  Depreciation and amortisation                      (243)      (472)      (826)

  Accelerated depreciation of leasehold                  -    (1,361)    (1,361)

  Share-based payment                                 (49)         31        (4)

  Release of loan                                        -      1,211      1,211

Total administrative expenses                      (2,422)    (3,308)    (6,145)
Operating loss                                     (1,988)    (3,096)    (5,760)

Finance income                                           8          7          8

Finance costs                                          (2)       (46)       (67)
Loss before taxation                               (1,982)    (3,135)    (5,819)

Taxation                                               201        183        372
Loss for the period from continuing operations     (1,781)    (2,952)    (5,447)

(Loss) / profit  for the period from                     -      (232)         28
discontinued operations
Loss and total comprehensive income and expense    (1,781)    (3,184)    (5,419)
for the period

Basic and diluted loss per Ordinary share for      (1.07)p    (5.20)p    (8.13)p
continuing operations
Basic and diluted (loss)/ profit per Ordinary            -    (0.41)p      0.04p
share for discontinued operations

As at 31 July 2010

                                                     31 July  31 July 31 January
                                                        2010     2009       2010

                                                       £000s    £000s      £000s

Non-current assets

Intangible assets                                      4,396    4,650      4,535

Property, plant and equipment                            227      534        335
                                                       4,623    5,184      4,870

Current assets

Inventories                                                -      227          -

Trade and other receivables                              167      317        246

Current tax                                              129      886        306

Cash and cash equivalents                              4,544      861      6,082

Assets of disposal group classified as held-for-           -    1,341          -
                                                       4,840    3,632      6,634
Total assets                                           9,463    8,816     11,504


Current liabilities

Trade and other payables                               (826)    (619)    (1,104)

Borrowings                                                 -     (15)          -

Liabilities of disposal group classified as held-          -    (401)          -
Total current liabilities                              (826)  (1,035)    (1,104)

Non-current liabilities

Provisions                                           (1,180)  (1,180)    (1,180)

Deferred tax                                           (915)    (970)      (942)
Total non-current liabilities                        (2,095)  (2,150)    (2,122)
Total liabilities                                    (2,921)  (3,185)    (3,226)
Net assets                                             6,542    5,631      8,278


Share capital                                          6,910    5,830      6,910

Share premium account                                 29,629   25,867     29,633

Share-based payment reserve                            1,208    1,123      1,159

Merger reserve                                       (1,943)   12,654    (1,943)

Retained earnings                                   (29,262) (39,843)   (27,481)
Equity attributable to the equity shareholders of      6,542    5,631      8,278
the parent

For the six month ended 31 July 2010

                                                Six months Six months       Year
                                                     ended      ended      ended
                                                   31 July    31 July 31 January
                                                      2010       2009       2010

                                                     £000s      £000s      £000s
Cash flows from operating activities

 Loss before tax from continuing activities        (1,982)    (3,135)    (5,819)

 (Loss)/profit before tax from discontinued              -      (232)         28
Total loss before tax                              (1,982)    (3,367)    (5,791)

Adjusted for:

Finance income                                         (8)        (7)        (8)

Finance cost                                             2         48         69

Foreign exchange loss                                    3         22         22

Depreciation                                           100      1,811      2,045

Amortisation of intangible fixed assets                142        181        323

Loss/(Profit) on disposal of assets                      9      (357)          7

Remeasurement of assets in disposal group                -        503          -

Cancellation of loan                                     -    (1,211)    (1,211)

Share-based payment                                     49       (53)       (18)
Adjusted loss from operations before changes in    (1,685)    (2,430)    (4,562)
working capital and provisions

Decrease in trade and other receivables                 79        646        923

(Increase)/decrease in inventories                       -       (50)        181

(Decrease) in trade and other payables               (281)      (806)      (451)
Cash used by operations                            (1,887)    (2,640)    (3,909)

Taxation received                                      351         75        815

Net cash used in operating activities              (1,536)    (2,565)    (3,094)

Investing activities

Proceeds from disposal of discontinued                   -          -      1,507

Proceeds from disposal of assets                         -        525          8

Purchase of property, plant and equipment              (1)       (22)       (48)

Purchase of intangible assets                          (3)       (16)       (40)

Interest received                                        8          7          8
Net cash generated from investing activities             4        494      1,435

Financing activities

Proceeds from issue of share capital                     -        315      5,706

Transaction costs on share capital issued              (4)          -      (552)

Repayment of debt during the period                      -       (45)       (53)

Repayment of finance lease costs                         -        (7)        (8)

Interest paid                                          (2)       (48)       (69)
Net cash (used in)/received from financing             (6)        215      5,024

Net (decrease)/increase in cash and cash           (1,538)    (1,856)      3,365

Cash and cash equivalents at beginning of            6,082      2,717      2,717

Cash and cash equivalents at end of period           4,544        861      6,082

For the six months ended 31 July 2010

Six months ended 31 July 2010


                                 Share      based
                      Share    premium    payment    Merger   Retained
                    capital    account    reserve   reserve   earnings
Group                 £000s      £000s      £000s     £000s      £000s     £000s
At 1 February         6,910     29,633      1,159   (1,943)   (27,481)     8,278

Loss for the
period from               -          -          -         -    (1,781)   (1,781)
comprehensive             -          -          -         -    (1,781)   (1,781)
income and

costs on prior            -        (4)          -         -          -       (4)
share capital

Share-based               -          -         49         -          -        49
At 31 July 2010       6,910     29,629      1,208   (1,943)   (29,262)     6,542

Twelve months ended 31 January 2010


                                 Share     based
                      Share    premium   payment     Merger   Retained
                    capital    account   reserve    reserve   earnings
Group                 £000s      £000s     £000s      £000s      £000s     £000s
At 1 February         5,597     25,785     1,176     12,654   (36,659)     8,553

Loss for the
year from                 -          -         -          -    (5,447)   (5,447)

Profit for the
year from                 -          -         -          -         28        28
comprehensive             -          -         -          -    (5,419)   (5,419)
income and

New share             1,313      4,400         -          -          -     5,713
capital issued

costs on share            -      (552)         -          -          -     (552)
capital issued

realisation on            -          -         -   (14,597)     14,597         -
disposal of

Share-based               -          -      (17)          -          -      (17)
At 31 January         6,910     29,633     1,159    (1,943)   (27,481)     8,278

Six months ended 31 July 2009


                                 Share      based
                      Share    premium    payment    Merger   Retained
                    capital    account    reserve   reserve   earnings
Group                 £000s      £000s      £000s     £000s      £000s     £000s
At 1 February         5,597     25,785      1,176    12,654   (36,659)     8,553

Loss for the
period from               -          -          -         -    (2,952)   (2,952)

Loss for the
period from               -          -          -         -      (232)     (232)
comprehensive             -          -          -         -    (3,184)   (3,184)
income and

New share               233         82          -         -          -       315
capital issued

Share-based               -          -       (53)         -          -      (53)
At 31 July 2009       5,830     25,867      1,123    12,654   (39,843)     5,631

For the six months ended 31 July 2010

1. Basis of accounting

The interim accounts, which are unaudited, have been prepared on the basis of
the accounting policies expected to apply for the financial year to 31 January
2011 and have been prepared in accordance with the principles of International
Financial Reporting Standards ('IFRSs') as endorsed by the European Union and
implemented in the UK.

The IFRSs that will be effective in the financial statements for the year to 31
January 2011 are still subject to change and to the issue of additional
interpretation(s) and therefore cannot be determined with certainty.
 Accordingly, the accounting policies for that annual period that are relevant
to this interim financial information will be determined only when the IFRS
financial statements are prepared at 31 January 2011.

The interim financial statements do not include all of the information required
for full annual financial statements and do not comply with all the disclosures
in IAS 34 'Interim Financial Reporting'. Accordingly, whilst the interim
statements have been prepared in accordance with IFRS they cannot be construed
as being in full compliance with IFRS.

The financial information for the year ended 31 January 2010 does not constitute
the full statutory accounts for that period. The Annual Report and Accounts for
31 January 2010 have been filed with the Registrar of Companies. The Independent
Auditors' Report on the Annual Report and Accounts for 2010 was unqualified and
did not include references to any matters to which the auditors drew attention
by way of emphasis without qualifying their report and did not contain
statements under Section 498(2) or 498 (3) of the Companies Act 2006.

2. Loss per share calculation

The loss per share has been calculated by dividing the loss for each period for
both the loss attributable to the continuing activities and also the loss
attributable to the discontinued operations where relevant by the weighted
average number of shares in issue during the six month period to 31 July
2010: 166,249,806 (for the six month period ended 31 July 2009: 56,779,928; for
the year ended 31 January 2010: 67,010,402).

Since the Group has reported a net loss, diluted loss per share is equal to
basic loss per share.

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


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


a d v e r t i s e m e n t