Summit Corporation plc – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2011

Summit Corporation plc – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2011

INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2011

Summit (AIM: SUMM), a UK drug discovery company with a portfolio of drug programmes and an innovative Seglin(TM) technology platform for the discovery of new medicines, today reports its interim results for the six months ended 31 July 2011.

 

HIGHLIGHTS

 

Scientific & Commercial

 

  • SMT 19969 nominated as preclinical development candidate in C. difficile programme

  • £925,000 payment received from Wellcome Trust following achievement of a further research milestone in C. difficile programme

  • New in vitro efficacy data on SMT C1100 for treatment of Duchenne Muscular Dystrophy reported

  • Positive results in Alzheimer's disease programme with novel Seglin enzyme inhibitors identified that target potential disease modifying approach

Financial

 

  • Cash position at 31 July 2011 £3.7m (31 January 2011: £3.3m) with cash resources until at least September 2012, beyond the projected receipt of payments from new deals

  • Oversubscribed £1.35 million fund-raise (before expenses) completed in July 2011 through a placing of 16.8 million new Ordinary Shares at 8.0p per share

  • Operational expenditure in-line with expectations

  • Net loss for six months ended 31 July 2011 reduced to £1.4m (31 July 2010: £1.8m)

 

Dr Barry Price, Executive Chairman of Summit commented:
"Summit has made good progress during the first half of the year as we seek to exploit the scientific and commercial opportunities within the business.  As the potential of our key drug programme assets and innovative Seglin(TM) technology platform are increasingly recognised by the wider industry, the Board is confident of being able to demonstrate added value from Summit's activities, through commercial deals, which is required to create a sustainable business for the benefit of all stakeholders."

 

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