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.
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
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."