Summit Corporation plc
("Summit plc" or "the Company")
SUMMIT PLC SIGNS RESEARCH AGREEMENT FOR ZEBRAFISH TECHNOLOGY PLATFORM
Oxford, UK, 13 October 2008 - Summit Corporation plc (AIM: SUMM), a
leading UK biotechnology company, announces that it has signed a
non-exclusive research agreement with the healthcare and
pharmaceutical company Johnson & Johnson PTE LTD to explore and
develop the use of zebrafish drug screening in drug discovery and
development.
Under the terms of the agreement, Summit will receive an undisclosed
amount over three years to support the development of new assays
using the zebrafish platform. The platform is used to screen drug
candidates for a broad range of toxicity and safety issues. The
research will be undertaken at a new state-of-the-art zebrafish
facility in Singapore and will be established and maintained by
Summit as part of this agreement.
Summit expects the facility in Singapore to be fully operational
early in 2009, when it will primarily undertake assay development
work in accordance with the agreement. In addition, Summit will use
Singapore, already a centre of excellence in zebrafish research, as a
base to target new markets in the Far East and expand its current
zebrafish screening services business.
Steven Lee, PhD, Chief Executive Officer of Summit commented: "I am
pleased Summit will be extending the excellent relationship we have
established in our zebrafish technology through the signing of this
longer-term agreement. This partnership is an important milestone
for Summit and is a natural follow-on from previous pilot studies
conducted with Johnson & Johnson PTE LTD. Beyond this agreement, I
anticipate additional assay screening revenues and assay development
work plus further services revenues from other third party clients.
"I believe this agreement demonstrates continued interest in the
value zebrafish can bring to the drug discovery process and will
enhance one of our two technology platforms that support our drug
programme business. We look forward to working closely with them on
developing this technology over the next few years."
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For more information, please contact:
Summit plc
Steven Lee, PhD, Chief Executive Officer
Richard Pye, PhD, Investor Relations
Tel: +44 (0)1235 443951; +44 (0)7825 313476
Citigate Dewe Rogerson
Mark Swallow, PhD / David Dible / Emma Palmer Foster
Tel: +44 (0)207 638 9571
Panmure Gordon
Andrew Burnett / Rakesh Sharma (Corporate Finance)
Ashton Clanfield (Corporate Broking)
Tel: +44 (0)207 459 3600
About Summit plc
Summit plc is a leading UK biotechnology company with a broad
preclinical and clinical pipeline, two world-leading technology
platforms and an innovative business model that is expected to
generate sustainable value for investors.
Summit is developing multiple drug programmes that target unmet
medical needs from which it intends to generate value by
out-licensing attractive late preclinical or early clinical stage
programmes in return for upfront, milestone and royalty payments.
Summit uses its scientific expertise to target orphan diseases,
neuro-disorders and infectious diseases. Summit has signed a major
licensing agreement with BioMarin in Duchenne muscular dystrophy and
has co-development agreements with Evolva (infectious diseases),
Orient Pharma (sialorrhoea) and the Lilly TB Drug Discovery
Initiative (tuberculosis)
Underpinning Summit's drug pipeline are two innovative technology
platforms: carbohydrate chemistry and zebrafish biology. These
platforms support existing programmes and also will be the source of
future programmes to replenish Summit's drug pipeline. These
platform technologies also form the basis of the Company's profitable
service business.
The company listed on the alternative investment market (AIM) of the
London Stock Exchange in October 2004 - symbol: SUMM. Further
information about the company is available at www.summitplc.com.
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