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

N+1 Singer kept its ‘buy’ rating and 9p target price on Summit Corporation (LON:SUMM) today.

It comes as the drug developer said the successful completion of phase I clinical trials on SMT 19969, its antibiotic for C.difficile, triggered a £740,000 payment from the Wellcome Trust medical charity.

“The group’s development progression remains on track and we remain positive on its future prospects,” the broker said.


http://www.proactiveinvestors.co.uk/columns/broker-spotlight/13277/broker-round-up-ii-ariana-resources-new-world-oil-gas-kryso-resources-summit-corporation-13277.html

Sounds good..hopefully the sp will be a lot higher in 18months... still think this will tread water for the next year and then ..boom! (imho)... will top up at these levels in the meantime as funds become available

looks good.

Looks VERY good.

Just needs some patience!

As Hybridan recently said...

"Untenable Discount

We believe the huge valuation gulf between Summit and its peers is unsustainable; if financial markets don’t appreciate this then we would expect strategic investors to grab the opportunity sooner or later."

Placing to Raise GBP4.5M and Offer for Subscrip...

HUG


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

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

PROPOSED PLACING AND OFFER FOR SUBSCRIPTION TO QUALIFYING SHAREHOLDERS AND NOTICE OF GENERAL MEETING

Oxford, UK, 3 July 2013 - Summit (AIM: SUMM), a drug discovery and development company announces a share issue to raise GBP4.5 million (before expenses) through the issue of 90,750,000 new Ordinary Shares by way of a Placing at 5.0 pence per Ordinary Share to certain institutional investors and Directors. The Placing is being fully underwritten by Nomura Code Securities Limited on, and subject to, the terms of a placing agreement between the parties.

The issue price represents a premium of approximately 17.6 per cent. to the price of 4.25 pence per share, being the closing mid-market price of the Company's Ordinary Shares on 2 July 2013.

Glyn Edwards, Chief Executive Officer of Summit commented: "We are pleased to have received the support of existing shareholders and experienced healthcare investors in this placing that will maintain the development of our DMD programme while our novel C. difficile antibiotic continues to be supported by the Wellcome Trust."

Qualifying Shareholders will also be given an opportunity to participate in an Offer for Subscription of new Ordinary Shares at 5.0 pence per new Ordinary Share to raise up to GBP1.0 million in addition to the funds raised from the Placing.

A circular relating to the Placing and the Offer for Subscription will be posted to shareholders today. The circular contains a Notice of General Meeting to approve, inter alia, the issuance of the new Ordinary Shares pursuant to the Placing and the Offer for Subscription. The meeting will be held at the offices of Fasken Martineau LLP, 17 Hanover Square, London, W1S 1HU on 19 July 2013 at 10:00 a.m.

The circular will soon be available to view on the Company's website (www.summitplc.com) and copies will also be available from the registered office of Summit, 85b Park Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RY.

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Summit Corporation: N+1 Singer shifts target price from 9p to 8.80p keeping a buy recommendation

Summit fund-raise attracts the specialist pharma investors
By Ian Lyall July 03 2013, 11:58am Management is also taking part in the cash call, with the biggest contribution coming from non-executive director Jim Mellon, already a significant investor, who is acquiring 20mln shares.Management is also taking part in the cash call, with the biggest contribution coming from non-executive director Jim Mellon, already a significant investor, who is acquiring 20mln shares.

Summit Corp (LON:SUMM) rose 14% in early trade as the group launched a £4.5mln placing at a significant premium to last night’s closing share price.

The company also gave existing private holders of the stock the opportunity to follow their investment with an open offer, which could bring in a further £1mln.

However, it is the institutional support for the issue that will hearten followers of the drug discovery group, which is developing a breakthrough treatment for the muscle wasting disease, Duchenne Muscular Dystrophy (DMD), and a new antibiotic to tackle C.difficile.

“The placing was done at a fairly significant premium to the price,” chief executive Glyn Edwards told Proactive Investors.

“That just shows that while the retail investors are all pretty down about AIM and biotech, the healthcare specialists see our programmes as huge opportunities and really wanted to get a piece of them.”

The demand for stock came from institutions focused on the sector that can see the disconnect between Summit’s valuation (US$26mln) and comparable NASDAQ-listed biopharma companies, such as PTC Therapeutics (worth US$380mln) and Serapta (market cap US$1.2bn).

“The guys who have come are really the main healthcare specialists,” said Edwards.

“What they have seen is our competitor companies on NASDAQ are all valued at a significant premium to us.”

Management is also taking part in the cash call, with the biggest contribution coming from non-executive director Jim Mellon, already a significant investor, who is acquiring 20mln shares.

“Jim is a big investor in the sector and he is excited by this opportunity. He came in on the last placing and then joined the board and he has been really very active,” Edwards said.

Those taking part in the fundraising are being offered stock at 5p, an 18% premium to last night’s closing share price.
The cash injection will be used to fund the development of Summit’s DMD drug.

Having successfully negotiated a phase I trial on healthy volunteers, the group will carry out safety and dose finding clinical study in DMD patients.

The new money will also allow the group to carry out “other activities that will enable a more extensive phase II patient trial to be undertaken”.

Development of Summit’s other lead drug candidate, an antibiotic to tackle C. difficile, is being largely funded by the Wellcome Trust medical charity.

At 11am, the stock was changing hands for 4.86p, for a rise of 0.61p.

“The raise strengthens the group’s financial position, providing it with sufficient cash for at least the next 12 months,” broker N+1 Singer said.

“The group’s development progression remains on track and we remain positive on its future prospects.”

Summit tops up recent placing
By Philip Whiterow July 16 2013, 10:38am The group is developing treatments for Duchenne Muscular Dystrophy and C. difficile infection.The group is developing treatments for Duchenne Muscular Dystrophy and C. difficile infection.

Drug discovery group Summit (LON:SUMM) has topped up its recent placing with a subscription from existing private shareholders.

The placing was with institutions that largely specialise in healthcare and directors and raised £4.5mln. Other shareholders were also offered shares at 5p through an offer for subscription. Summit said it received acceptances through this offer for 1.52mln shares, raising about a further £76,000.

The group is developing treatments for Duchenne Muscular Dystrophy and C. difficile infection.

Director Deals - Summit Corporation PLC (SUMM)
Jim Mellon, Non Executive Director, 20,000,000 shares in the company on the 23rd July 2013 at a price of 5.00p. The Director now holds 45,000,001 shares. Story provided by StockMarketWire.com Director deals data provided by www.directorsholdings.com

15:10 26/07/2013
Director Deals - Summit Corporation PLC (SUMM)
Barry Price, Chairman, 500,000 shares in the company on the 23rd July 2013 at a price of 5.00p. The Director now holds 1,514,615 shares. Story provided by StockMarketWire.com Director deals data provided by www.directorsholdings.com

15:10 26/07/2013
Director Deals - Summit Corporation PLC (SUMM)
Dr Frank Armstrong, Non Executive Director, 50,000 shares in the company on the 23rd July 2013 at a price of 5.00p. The Director now holds 50,000 shares. Story provided by StockMarketWire.com Director deals data provided by www.directorsholdings.com

Summit gets £2.4mln injection
By Jamie Nimmo July 31 2013, 7:35am Summit's drug has the potential to become a life-changing treatment for all sufferers of DMD, which affects around 1,500 boys and young men in the UKSummit's drug has the potential to become a life-changing treatment for all sufferers of DMD, which affects around 1,500 boys and young men in the UK

Summit Corporation (LON:SUMM) has been awarded a £2.4mln grant from the UK Biomedical Catalyst Fund to support the clinical development of its drug for Duchenne Muscular Dystrophy (DMD), the fatal muscle wasting disease.

The Biomedical Catalyst programme, formed in 2011 as part of a government drive, provides funding to British life science companies that show the highest scientific and commercial potential.

Summit’s utrophin modulator drug SMT C1100 is expected to enter patient clinical trials later in 2013 and has the potential to become a life-changing treatment for all DMD sufferers, which affects around 1,500 boys and young men in the UK.

The company is also developing a treatment for the C. difficile infection.

Chief executive Glyn Edwards said: “This award recognises the promise of SMT C1100 as a life-changing drug for boys with this devastating disease.

“We are delighted to receive this prestigious grant from the UK Biomedical Catalyst Fund that will support the clinical development of our DMD programme.”

He added: “This represents a significant endorsement for the concept of utrophin modulation as a treatment approach for all DMD patients.”

The award adds to recent fundraisings including a £4.5mln placing and A$1.25mln from Australian DMD Foundation Save Our Sons (SOS).

31 Jul N+1 Singer 8.80 Buy

Up 10% today

I've been watching these - they look to be trying the year high of 5.50p and on reasonable volume.

Looking good!

Summit Granted US Patent for Utrophin Modulator SMT C1100 in Treatment of DMD

Oxford, UK, 7 August 2013 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy ('DMD') and C. difficile infection, announces that the United States Patent and Trademark Office has issued patent number 8,501,713 that protects the use of SMT C1100 in treating the fatal muscle wasting disease DMD.

The patent, entitled "Drug Combinations for the Treatment of Duchenne Muscular Dystrophy," covers the combination use of SMT C1100, the small molecule utrophin modulator drug, with corticosteroids such as prednisolone and deflazacort. It provides an exclusivity period until at least February 2029.

Corticosteroids are commonly used in patients to slow the progression of DMD. Summit has shown in the widely used preclinical efficacy model that there is a significant benefit in using prednisolone in combination with SMT C1100. Results from a preclinical fatigue study, analogous to the 6 minute walk distance test used in DMD patient trials, demonstrated that the combined treatment completely protected against fatigue with the treatment group able to travel three and half times the distance of the untreated group. These data have been published in the peer reviewed scientific journal PLoS ONE (Ref: Tinsley et al, Volume 6, Issue 4, May 2011).

"The grant of this US patent covering the use of SMT C1100 in combination with steroids forms part of our broader estate protecting the intellectual property rights of our utrophin modulation programme for DMD," commented Glyn Edwards, Chief Executive Officer of Summit. "This patent estate provides Summit with a commercial advantage from which to exploit the promise of our utrophin modulation programme for the treatment of this devastating disease."

About DMD and Utrophin Modulation
DMD is a progressive muscle wasting disease that affects around 1,500 boys and young men in the UK. It is caused by different genetic faults in the gene that encodes dystrophin, a protein that is essential for the healthy function of muscles. There is no cure and life expectancy is around the mid-twenties. Utrophin protein is the functional equivalent of dystrophin and non-clinical studies have shown it can substitute for dystrophin to maintain the healthy function of skeletal and cardiac muscle. Utrophin modulation has the potential to slow down or even stop the progression of DMD regardless of the dystrophin mutation. Importantly it is also expected to be complementary to other DMD therapeutic approaches in development.

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More good news..looking even better!

Up 9% :-))

Summit muscular dystrophy drug receives US protection for use in tandem with other treatments
By Ian Lyall August 07 2013, 2:35pm

Audio -

http://www.proactiveinvestors.co.uk/companies/news/59794/summit-muscular-dystrophy-drug-receives-us-protection-for-use-in-tandem-with-other-treatments-59794.html

Looking up.