http://www.summitplc.com/
Summit is an Oxford, UK based drug discovery company developing novel drug candidates to treat areas of high unmet medical need. Our strategy has evolved to focus on the development of two high-value clinical-stage programmes that target the fatal genetic disease Duchenne Muscular Dystrophy (DMD) and infections caused by the superbug C. difficile

up 14.81%

Summit Corporation PLC : Research Update


http://www.moneyam.com/action/news/showArticle?id=4451133

UPDATE: Summit c.diff drug to go in phase I trials; pre-clinical data very encouraging
1:52 pm by Ian Lyall UPDATE: Summit c.diff drug to go in phase I trials; pre-clinical data very encouraging --ADDS SHARE PRICE AND BROKER COMMENT---



Summit Group (LON:SUMM) said it has been given the go ahead to take its c.difficile drug candidate into phase I clinical trials as it released early stage data that give a hint to its huge potential.

The latest announcement comes exactly a fortnight after Summit signed drugs giant Bristol Myers Squibb to partner its second generation immunosugars programme, which could provide a radical new platform to develop drugs for illnesses such as Alzheimer’s.

And it is less than a month since chief executive Glyn Edwards unveiled a fundamental shake-up in the way the company will operate.

All of this suggests a step change in the pace of development at Summit.

The Medicines and Healthcare products Regulatory Agency approval means SMT 19969 is on track to go into phase I trial by the end of the year with results expected to be reported in the first half of next. It will assess the safety and tolerability of the 19969, which is taken by mouth, and it will also look into what the body does to the drug. This early stage study won’t assess efficacy.

However Summit said it will present pre-clinical data to the One Bug, One Drug conference being held in Cambridge later today that will show 19969 has the potential to overcome the limitations associated with existing antibiotics used to treat c.diff.

In non-clinical efficacy studies, it combines potent activity against c. difficile with exceptionally high levels of antibacterial selectivity, Summit revealed this morning.

Importantly, it demonstrates efficacy in two key disease models and complete protection against recurrent disease.

In addition, the treatment is targeted to the gastrointestinal tract, the site of infection, and has “exceptionally low levels of resistance development while maintaining an excellent safety profile”, the early data reveal.

“Summit is pleased to receive regulatory approval to commence clinical trials of SMT 19969 as we are excited about its potential as a treatment for C. difficile infections,” said CEO Edwards.

“SMT 19969 is a narrow-spectrum antibiotic being specifically developed to treat this serious illness and the compelling package of preclinical data being presented today highlights that it has an ideal profile to protect against recurrent disease; the key clinical issue associated with this illness."

Shares in the company rose by as much as 7 per cent in early trade, but succumbed to a bout of profit-taking. At 2pm the stock was changing hands for 3.6 pence, down 0.03 pence on the day.

In the past month the stock has gained almost 30 per cent.

“We reiterate our positive view on the stock and eagerly await further progress,” said the company’s broker Singer Capital Markets in a short note to clients.

Up 10%

UP 7% good buying

Good to see this back at 8p, on the way

It's getting there! Good news released this morning :)

Summit Corporation PLC Positive Phase 1 Trial Results for SMT C1100 for DMD

TIDMSUMM

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

SUMMIT ANNOUNCES POSITIVE PHASE 1 TRIAL RESULTS FOR SMT C1100 FOR TREATMENT OF
DUCHENNE MUSCULAR DYSTROPHY

Oxford, UK, 10 October 2012 - Summit (AIM: SUMM), a UK drug discovery company,
announces positive top-line results from a Phase 1 clinical trial of SMT C1100
for the treatment of Duchenne Muscular Dystrophy ('DMD'), a fatal muscle wasting
disease for which there is currently no cure. SMT C1100, an oral small
molecule, is a potential disease modifying drug that works to increase or
upregulate the amount of a naturally occurring protein called utrophin. These
data will be presented at the 17(th) Annual Congress of the World Muscle
Society, 9-13 October 2012, Perth Australia.

The Phase 1 dose-escalating trial was conducted in healthy volunteers and
evaluated a new aqueous formulation of SMT C1100. The trial met its primary
endpoints with results showing the formulation to be safe and well tolerated at
all doses. Importantly, the new formulation also demonstrated improved levels
of bioavailability (absorption) of the drug that were above those anticipated to
be needed to achieve clinical efficacy. These results are strongly supportive
for the progression of SMT C1100 into patient clinical trials.

"The positive outcome from this Phase 1 trial is a significant step forward for
DMD and our utrophin upregulator drug SMT C1100," commented Glyn Edwards, Chief
Executive Officer of Summit. "Utrophin upregulation is an important mechanism
for treating DMD as it is expected to have broad applicability for all patients
regardless of the specific genetic fault causing their disease. We are highly
encouraged that the new formulation of SMT C1100 shows improved bioavailability
as we believe it supports the progression of this potential breakthrough
treatment into DMD patient clinical trials."

The double-blind, placebo-controlled trial examined single and multiple
ascending oral doses of a nanoparticle aqueous suspension formulation of SMT
C1100 in a total of 48 healthy volunteers. When single doses were increased from
50mg/kg up to 400mg/kg, SMT C1100 blood plasma levels were increased for several
hours above those required to give a 50% increase in utrophin levels in vitro
measured in cells taken from DMD patients. In addition, the new formulation
resulted in higher blood plasma concentrations of SMT C1100 when compared with
results from a previous Phase 1 healthy volunteer study that used a different
formulation. Analysis of the multiple ascending dose groups remains on-going
and results are expected to be reported later this year.

A copy of the presentation being given at the World Muscle Society Congress will
be available from Summit's website, www.summitplc.com.

The Phase 1 trial has been supported by a group of US DMD foundations: the
Muscular Dystrophy Association, Charley's Fund, Cure Duchenne, the Foundation to
Eradicate Duchenne, Nash Avery Foundation and Parent Project Muscular Dystrophy.

Notes to Editors

About SMT C1100
SMT C1100 is designed to upregulate and maintain the production of utrophin.
Utrophin is a protein that is highly expressed in foetal and regenerating
muscle but decreases as the muscle fibre mature and is eventually replaced by
dystrophin, a similar protein that maintains the integrity and healthy function
of muscles. Patients with DMD are unable to make dystrophin, resulting in
muscle fibre degeneration. However, if utrophin is continually expressed in the
mature fibre, it can functionally replace dystrophin and is expected to overcome
the deficit in patients with DMD. This approach is expected to be a universal
treatment for all DMD patients regardless of whether the disease was caused by
an inherited or spontaneous mutation. Summit has demonstrated in non-clinical
efficacy studies that SMT C1100 is capable of increasing utrophin to restore and
maintain the healthy function of muscles including the heart and diaphragm. SMT
C1100 has been granted orphan drug status in Europe and the US.

About Summit
Summit is an Oxford, UK based drug discovery Company targeting high-value areas
of unmet medical need including Duchenne Muscular Dystrophy and C. difficile
infection. Summit is listed on the AIM market of the London Stock Exchange and
trades under the ticker symbol SUMM. Further information is available at
www.summitplc.com.

- END -



Latest Presentations
17th World Muscle Society Congress

9th-13th October 2012
Presentation of top-line results from Phase I trial of SMT C1100 for treatment of ...




http://www.summitplc.com/userfiles/file/SMT%20C1100%20WMS%20poster%20FINAL%202.pdf

Summit Corporation PLC : £4.0 million Awar...
HUG
Summit Corporation plc
('Summit' or 'the Company')

SUMMIT AWARDED UP TO £4.0 MILLION FROM THE WELLCOME TRUST TO SUPPORT CLINICAL DEVELOPMENT OF SELECTIVE C. DIFFICILE ANTIBIOTIC

Oxford, UK, 22 October 2012 - Summit (AIM: SUMM), a UK drug discovery company, is pleased to announce that it has extended its partnership with the Wellcome Trust through a translational research award worth up to £4.0 million ($6.5 million) to support the development of SMT 19969 to clinical proof of concept studies. SMT 19969 is a novel, oral small molecule being developed as a specific antibiotic for the treatment of infections caused by C. difficile.

"Summit is delighted to extend its partnership with the Wellcome Trust to support the development of one of our core programmes," commented Glyn Edwards, Chief Executive Officer of Summit. "This Wellcome Trust award endorses the potential of SMT 19969, our promising antibiotic for the treatment of serious infections caused by C. difficile bacteria, and will provide non-dilutive funding to de-risk its development as it advances through important clinical milestones."

"C. difficile infection represent a serious healthcare threat and this £4.0 million translational award underlines the Wellcome Trust's commitment to supporting the development of new and effective antibiotic treatments," commented Ted Bianco, Director of Technology Transfer at the Wellcome Trust. "We are pleased to be extending our successful partnership with Summit and look forward to testing in the clinic the potential of the SMT 19969 drug."

Under the terms of the award, Summit will be eligible for up to £4.0 million in staged, success-based payments. Summit will immediately receive £1.26 million that will support a Phase 1 clinical trial in healthy volunteers and additional non-clinical studies designed to enhance the clinical data package. The Phase 1 trial is expected to commence by the end of 2012 with results expected in H1 2013. A successful outcome would trigger a further three payments from the Wellcome Trust with these contributing significantly towards undertaking a Phase 2 proof of concept trial in patients.

The award is being made as part of the Wellcome Trust's Translation Award programme. This represents the second funding award the Wellcome Trust has made to support Summit's C. difficile antibiotic programme and follows an award made under the Seeding Drug Discovery Initiative in 2009. A new funding agreement has been signed under which the Wellcome Trust share in net revenues generated by commercialisation of the programme.

Notes to Editors

Summit boss says Wellcome Trust deal provides "huge validation" of C.diff programme
11:32 am by Ian Lyall Earlier, the drug discovery group said it will receive staged payments, starting with £1.26 million that will support the phase I trial of its new antibiotic as well as “additional non-clinical studies” Summit’s (LON:SUMM) partnership with medical charity Wellcome Trust provides “huge validation” of the drug developer’s C.difficile programme as well as delivering a major source of non-dilutive financing, says boss Glyn Edwards.

He also revealed the cash injection of up to £4 million would allow the group to push the antibiotic, called SMT 19969, through the first two phases of clinical trials before it has to seek a commercial partner.

“Obviously if Wellcome is excited about this drug then other pharma partners are going to be excited about it,” the Summit chief executive added.

“What this means is we will be under no pressure to do an early deal that doesn’t reflect the full value of the programme because we have the firepower to take it to the end of phase II on our own, which is stunningly good.”

Earlier, the drug discovery group said it will receive staged payments, starting with £1.26 million that will support the phase I trial of its new antibiotic as well as “additional non-clinical studies”.

The phase I is set to begin by the end of the year with results expected by mid-2013.

Success in this early study would open the door to a further three payments from that would “contribute significantly towards undertaking a phase II proof of concept trial in patients”.

The award is being made as part of the Wellcome Trust's Translation Award programme.

This represents the second contribution made by Britain’s leading scientific organisations towards the AIM-listed biotech’s C.difficile antibiotic programme.

“It is a good deal in two main aspects: the first is validation of the product,” said Edwards.

“Wellcome is a huge funder of basic science in this area. This is one of the biggest awards they have ever given under this translation award scheme.

“And it is a huge validation that Wellcome has looked at the science behind the product and decided to make what, for them, is a fairly substantial award.

“It is huge validation of the approach we are taking. Any drug development is risky. But this has got the stamp from one of the world’s leading research organisations.

“The second part is the amount of cash we are receiving for the programme. It not only funds the phase I, which we had already raised money to do. It also makes a substantial contribution towards funding a phase II.

“From an equity point of view it is non-dilutive funding and has a major impact on the balance sheet.”

Summit raised around £5 million earlier this year and set aside around £1.5 million to complete a phase I trial on healthy volunteers.

The addition of the Wellcome money allows the group to push C.difficile into phase II and concentrate on how it will fund second stage clinical trials for SMT C1100, its flagship drug candidate for Duchenne Muscular Dystrophy. DMD is a fatal muscle wasting that affects only boys.

Earlier this month it cleared a “massive hurdle” with the release of positive phase I clinical data that showed SMT C1100 was safe and well tolerated at all doses.

Crucially it also revealed the drug was absorbed into the bloodstream at levels that would make it efficacious.

A previous formulation produced by Summit’s former partner BioMarin failed in this regard.

Where C1100 was originally suspended in corn oil, Summit scientists appear to have avoided problems by producing a nano-particulate suspended in water.

The next results, due before the year-end, will assess the safety signals from multiple doses of the treatment.

Assuming similar results the group will make preparations to take it into the phase II, the first patient study.

NASDAQ-listed Sarepta Therapeutics (NASDAQ:SRPT) scored some success recently when it revealed its potential treatment for DMD had shown signs of efficacy.

Edwards described this development and progress being made by Sarepta and another drug developer, Prosensa, as “exciting for the DMD community”.

But he added that C1100 may have even wider applications than the other drug candidates.

“There is definitely a feeling that DMD is still an area that has huge issues, but we are starting to make progress,” said Edwards.

“There is real optimism in the DMD space.”

Its a small british-based biotechnology company developing a potentially exciting new treatment for Duchenne muscular dystrophy,a rare genetically inherited, muscle-wasting condition. The first clinical results for its drug candidate are expected towards the end of the year. Its a high-risk project - the company's stockmarket valuation suggests investors are already discounting failure- yet it could surprise everyone.

Note - Streaming News is only available to subscribers to the Active Level and above



Summit Corporation PLC : Initiation of Phase 1 ...
HUG
Summit Corporation plc
('Summit' or 'the Company')

SUMMIT ANNOUNCE INITIATION OF PHASE 1 CLINICAL TRIAL OF SELECTIVE ORAL ANTIBIOTIC FOR THE TREATMENT OF C. DIFFICILE INFECTION

Oxford, UK, 31 October 2012 - Summit (AIM: SUMM), a UK drug discovery company, announces that it has initiated dosing of healthy volunteers in the Phase 1 clinical trial of SMT 19969, the novel, oral small molecule being developed as a selective antibiotic for the treatment of infections caused by the bacteria C. difficile. The trial is being supported as part of a £4.0m Translation Award from the Wellcome Trust.

"C. difficile infection remains a serious illness in hospitals, long-term care homes and increasingly the wider community, and current treatment options remain limited," commented Glyn Edwards, Chief Executive Officer of Summit. "Our novel antibiotic SMT 19969 is a selective treatment of C. difficile infection and we are very excited about advancing this promising drug into human clinical trials."

The Phase 1 trial is a randomised, dose-escalating, placebo-controlled study that will evaluate the safety, tolerability and pharmacokinetics of SMT 19969. The study will enrol 56 healthy volunteers who will be divided into several cohorts and will receive single ascending doses and multiple ascending doses of SMT 19969. Headline results from the Phase 1 trial are expected to be reported in H1 2013.

Notes to Editors

About C. difficile Infection
C. difficile infection ('CDI') is a serious healthcare threat in hospitals, long-term care homes and increasingly the wider community. It is a serious illness that is caused by infection of the colon by the bacteria C. difficile, which produces toxins that cause inflammation, severe diarrhoea and in the most serious cases can be fatal. Patients typically develop CDI following the use of broad-spectrum antibiotics that disrupt the normal gastrointestinal (gut) flora and so allow the C. difficile bacteria to flourish. Existing CDI antibiotics cause further damage to the gut flora and are associated with recurrent disease. This is the key clinical issue as repeat episodes are typically more severe and associated with an increase in mortality rates and healthcare costs.

About SMT 19969
SMT 19969 is a novel, oral small molecule antibiotic that is being specifically developed for the treatment of CDI. Results from non-clinical efficacy studies show that SMT 19969 combines potent activity against C. difficile with exceptionally high levels of antibacterial selectivity. This narrow spectrum antibiotic has displayed efficacy in two key disease models while showing complete protection against recurrent disease. SMT 19969 is targeted to the GI tract, the site of infection, and has exceptionally low levels of resistance development coupled with an excellent safety profile.

About Summit
Summit is an Oxford, UK based drug discovery and development company targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection. Summit is listed on the AIM market of the London Stock Exchange and trades under the ticker symbol SUMM. Further information is available at www.summitplc.com and follow Summit on Twitter (@summitplc).

About the Wellcome Trust
The Wellcome Trust is a global charitable foundation dedicated to achieving extraordinary improvements in human and animal health. It supports the brightest minds in biomedical research and the medical humanities. The Trust's breadth of support includes public engagement, education and the application of research to improve health. It is independent of both political and commercial interests. www.wellcome.ac.uk

- END -

For more information, please contact:

Summit Corporation PLC : Repeat Dosing of SMT C...
HUG
Summit Corporation plc
('Summit' or 'the Company')

REPEAT DOSING OF SMT C1100 FOR TREATMENT OF DUCHENNE MUSCULAR DYSTROPHY MEETS ENDPOINTS IN PHASE 1 CLINICAL TRIAL

New formulation delivers drug levels that are predicted to significantly increase utrophin production

Summit to progress utrophin upregulator into next stages of development

Oxford, UK, 7 November 2012 - Summit (AIM: SUMM), a UK drug discovery company, announces that the repeat dosing of the utrophin upregulator SMT C1100 for the treatment of the fatal muscle-wasting disease Duchenne Muscular Dystrophy ('DMD') has successfully met the endpoints as part of a Phase 1 clinical trial in healthy volunteers. The trial evaluated a new formulation of SMT C1100 and the results showed that upon repeat dosing, concentrations of the drug achieved in the blood plasma, stabilised at levels that from preclinical studies are expected to significantly increase utrophin protein production. The new formulation was also shown to be safe and well-tolerated in this Phase 1 trial.

SMT C1100 is a potential disease-modifying, oral small-molecule that works by upregulating (increasing) the amount of a naturally occurring protein called utrophin to maintain the healthy function of muscles. These data strongly support the progression of SMT C1100 into the next stages of development that includes biomarker and long-term safety studies, which will be required before a DMD patient efficacy trial could commence. The latest results will be presented at the 2012 Action Duchenne Conference, 9-10 November, London UK.

"Utrophin upregulation is a unique approach for treating DMD because it could benefit all DMD patients, regardless of their underlying genetic fault," commented Glyn Edwards, Chief Executive Officer of Summit. "We are highly encouraged by these results, as the new formulation achieves blood concentrations that have the potential to significantly increase utrophin levels, with the outcome of maintaining the healthy function of muscles in patients with DMD. The results therefore strongly support continuing clinical evaluation of SMT C1100."

The double blind, placebo-controlled Phase 1 trial examined a new nanoparticle aqueous suspension of SMT C1100 in a total of 48 healthy volunteers. The previously reported results from the single ascending dose cohort showed SMT C1100 to be safe and well-tolerated at all doses. These new data are being reported from the repeat dosing cohort where the volunteers received 100mg/kg twice daily for nine days. These results show that in all volunteers the blood plasma concentration of SMT C1100 stabilised after four days of dosing above the required level expected to increase utrophin protein production by 50% for at least 14 hours a day in a preclinical model. The plasma levels achieved were equivalent to those that gave significant therapeutic benefit in the gold standard disease model of DMD.

A copy of the presentation being given at the Action Duchenne conference will be available on Summit's website after the event.

The Phase 1 trial has received funding from a group of US DMD foundations: the Muscular Dystrophy Association, Charley's Fund, Cure Duchenne, the Foundation to Eradicate Duchenne, Nash Avery Foundation and Parent Project Muscular Dystrophy.

About SMT C1100 & Utrophin Upregulation
SMT C1100 is designed to upregulate and maintain the production of utrophin. Utrophin is a protein that is highly expressed in foetal and regenerating muscle but decreases as the muscle fibre mature and is eventually replaced by dystrophin, a similar protein that maintains the integrity and healthy function of muscles. Patients with DMD are unable to make dystrophin, resulting in muscle fibre degeneration. However, if utrophin is continually expressed in the mature fibre, it can functionally replace dystrophin and is expected to overcome the deficit in patients with DMD. This approach is expected to be a universal treatment for all DMD patients regardless of whether the disease was caused by an inherited or spontaneous mutation. Summit has demonstrated in non-clinical efficacy studies that SMT C1100 is capable of switching utrophin production back-on to restore and maintain the healthy function of muscles including the heart and diaphragm. SMT C1100 has been granted orphan drug status in Europe and the US.

About Summit
Summit is an Oxford, UK based drug discovery and development company targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection. Summit is listed on the AIM market of the London Stock Exchange and trades under the ticker symbol SUMM. Further information is available at www.summitplc.com and follow Summit on Twitter (@summitplc).

Good day for summit up 10%

Summit shares surge following latest, highly encouraging update on DMD drug study
12:15 pm by Ian LyallThe initial market reaction was muted, though in the latter part of the morning a spike in buying activity sent the share price 0.65 pence higher to 5.65 pence.

Shares in Summit (LON:SUMM) rose 13 per cent after the drug developer unveiled highly encouraging results from the repeat dosing of its SMT C1100 treatment for Duchenne Muscular Dystrophy.

The phase I trial, which supports C1100’s transition into the next phase of clinical studies, revealed that concentrations of the drug were detected at levels that expected to significantly increase utrophin protein production.

This is important on two levels. First the group hopes to use utrophin to compensate for the lack of dystrophin that is at the root of DMD.

It also potentially offers a means to treat all suffers of this fatal, but thankfully rare condition that only affects boys.

DMD is caused by mutations in the dystrophin gene. This gene contains the instructions for making dystrophin protein, which acts as a shock absorber to prevent damage when muscles contract.

It is thought that utrophin, a protein naturally present in the body in small amounts, may be able to make up for the lack of dystrophin in boys with DMD since both proteins are structurally similar and appear to have very similar functions.

“Utrophin upregulation is a unique approach for treating DMD because it could benefit all DMD patients, regardless of their underlying genetic fault,” said Glyn Edwards, chief executive of Summit.

“We are highly encouraged by these results, as the new formulation achieves blood concentrations that have the potential to significantly increase utrophin levels, with the outcome of maintaining the healthy function of muscles in patients with DMD.

“The results therefore strongly support continuing clinical evaluation of SMT C1100. The company said the latest data strongly support the drug’s transition into the next phase of clinical studies.”

The initial market reaction was muted, though in the latter part of the morning a spike in buying activity sent the share price 0.65 pence higher to 5.65 pence.

The stock has more than doubled in value since the start of September.

N+1 Singer was encouraged by the latest update from the company. Analyst Sheena Berry said: “The data provides strong support for the further development of C1100 as a novel treatment for DMD, a fatal muscle wasting disease with no current cure.

“Unlike other approaches in development, C1100 can potentially by used to treat 100 per cent of boys with DMD and in combination with other agents.”

The news has come thick and fast in the past six weeks for Summit, which has enjoyed clinical success as well as sealing deals with drugs giant Bristol-Myers Squibb and the Wellcome Trust charity.

Meanwhile, last week it revealed it begun the dosing stage of a phase 1 clinical trial of a potential antibiotic treatment for C.Difficile infections.

Yep, nice one!

Summit CEO "really excited" about prospects, but share price "woefully low"
Friday, November 09, 2012

http://www.proactiveinvestors.co.uk/companies/stocktube/1434/summit-ceo-really-excited-about-prospects-but-share-price-woefully-low-1434.html

up 8%

Proactive Investors One2One Investor Forum

22 November 2012, London UK

Summit Corporation PLC : Summit Appoints Mr Jim...
HUG
Summit Corporation plc
('Summit' or 'the Company')

SUMMIT APPOINTS MR JIM MELLON AND DR FRANK ARMSTRONG AS NON-EXECUTIVE DIRECTORS

Oxford, UK, 22 November 2012 - Summit (AIM: SUMM), a UK drug discovery and development company, is pleased to announce that it has appointed Mr Jim Mellon and Dr Frank Armstrong as Non-Executive Directors. The addition of Mr Mellon and Dr Armstrong to Summit's Board of Directors is part of the Company's previously announced strategic shift to focus on its clinical-stage programmes for the treatment Duchenne Muscular Dystrophy (DMD) and C. difficile infections.

Mr Jim Mellon is a renowned investor and entrepreneur with interests in several industries. Jim is an active investor in the biopharmaceutical industry and is a Non-Executive Director of the UK biotechnology company, Plethora Solutions plc and of the biopharmaceutical investment company, Port Erin BioPharma plc.

Dr Frank Armstrong is an experienced, medically qualified Pharmaceutical Executive who has worked at Board level at a number of companies in the UK, US, Switzerland and Germany. He has extensive experience of all aspects of medical and product development in large and small companies and has led successful product approvals in the US and Europe across a range of therapeutic areas.

"Jim and Frank will bring considerable business, clinical and product development expertise to support the future growth of Summit," commented Dr Barry Price, Chairman of Summit. "We welcome them and look forward to their contributions and strategic guidance as we focus on advancing our high-value clinical programmes targeting Duchenne Muscular Dystrophy and C. difficile infections."

With the appointment of the new directors, Dr Richard Storer, Dr Andy Richards and Mr George Elliott will be stepping down from the Board effective immediately.

Dr Price continued, "On behalf of the Board, I would sincerely like to thank Dick, Andy and George for their contribution towards the development of Summit over many years. In a challenging environment, their efforts have been invaluable in establishing a firm foundation that the Board believes will support the future growth of the business and we wish them every success for the future."

About Jim Mellon
Mr. Jim Mellon (55) began his career in the United States and Hong Kong with GT Management and later Thornton Management (Asia) Limited. Jim co-founded Regent Pacific Group, Ltd and Charlemagne Capital Limited. He is currently Executive Chairman of Manx Financial Group plc and Speymill plc, Non-Executive Co-Chairman of Regent Pacific Group Ltd and West Africa Minerals Corporation and Non-Executive Chairman of Speymill Deutsch Immobilien Company plc. In addition, he is a Non-Executive Director of Charlemagne Capital Limited, Condor Resources plc, Polo Resources Limited and various other investment companies. He is also the Chairman of the private asset manager, the Burnbrae Group Limited.

Jim has also written a number of investment books including his latest publication about the biotechnology industry titled "Cracking the Code" and he is a graduate of Oxford University.

Galloway Limited, a company wholly owned by a trust of which Jim Mellon is a life tenant, has a beneficial interest in 25,000,001 Ordinary shares of the Company that represents approximately 7.1% of the issued share capital. No further disclosures are required under Rule 17 and Schedule 2(g) of the AIM Rules.

About Frank Armstrong
Dr. Frank Armstrong (55) has held Chief Executive roles with five biotechnology companies (public and private) one of which was Fulcrum Pharma, an AIM-listed Professional Services Company that was sold to Private Equity Investors in 2009. In 2007 he led the sale of 454 Life Sciences from CuraGen to Roche. Most recently, Frank led Medical Research and Innovation (MSI) at Merck Serono and previously was Head of Worldwide Product Development at Bayer and Senior Vice President of Medical Research and Communications Group at Zeneca.

With experience as a Non-Executive Director in the UK and US working with private and NASDAQ listed companies and as Chairman of a Charitable Institution, Frank has moved successfully between large and small companies during his career.

Dr Armstrong is currently Chairman of Xceleron Inc., Executive Chairman of Asceneuron, Non-Executive Director of Actino Pharma and a Member of the Scientific Advisory Board of Healthcare Royalty Partners. Dr Armstrong is a Fellow of the Royal College of Physicians. There are no further disclosures required under Rule 17 and Schedule 2(g) of the AIM Rules.