30th Oct 2007 07:02
Summit Corporation PLC30 October 2007 Summit Corporation plc ("Summit" or "the Company") SUMMIT SIGNS $450,000 ZEBRAFISH DEAL WITH A TOP FIVE PHARMACEUTICAL COMPANY Six-month collaboration project will assess safety of proprietary compounds Oxford, UK, 30 October 2007 - Summit Corporation plc (AIM: SUMM) today announcesthe signing of a $450,000 deal with one of the world's top five pharmaceuticalcompanies that will see it using Summit's market-leading zebrafish technologyplatform as part of its drug discovery and development process. The undisclosed company will use Summit's zebrafish platform to asses asignificant number of its proprietary compounds for safety and toxicity effectsin a range of organs that are conserved between the zebrafish and humansincluding the heart, liver, brain and gut. This extended pilot deal follows theconclusion of an earlier successful validation study conducted between the twocompanies. Summit is the world leader in using zebrafish in drug discovery and itsinnovative technology platform provides invaluable in vivo data of the effectsof drug candidates in relevant whole organisms at the earliest stages of drugdiscovery and development. The in vivo data has the potential to improve thesuccess rate within drug discovery as it allows scientists to make rationaldecisions about what compounds to advance through the discovery and developmentprocess. Steven Lee, PhD, CEO of Summit plc, commented "The signing of this pilot dealwith one of the world's largest pharmaceutical company is a major accomplishmentfor Summit and demonstrates how we are translating initial validation studiesinto longer-term and higher-value deals. The deal is also indicative of thegreater recognition within the wider pharmaceutical industry of the potential ofzebrafish technologies to accelerate the drug discovery and development process,and Summit is confident of signing additional deals in the near future." - ENDS - For more information, please contact: Summit plc Tel: +44 (0)1235 443951Steven Lee, PhD, Chief Executive OfficerDarren Millington, ACMA, Chief Financial OfficerRichard Pye, PhD, Investor Relations Citigate Dewe Rogerson Tel: +44 (0)207 638 9571Mark Swallow / David Dible / Yvonne Alexander Evolution Securities Tel: +44 (0)207 071 4300Tim Worlledge / Bobbie Hilliam / Neil Elliot About Summit plc Summit plc is a leading UK biotechnology company that discovers and developsproprietary new drugs. The Company's internal drug development programmes areunderpinned by its advanced carbohydrate chemistry and drug screening (chemicalgenomics) technology platforms, which it also provides on a collaborative orfee-for-service basis to the pharmaceutical industry. Summit plc has a broad range of drug discovery programmes in the clinical,pre-clinical and discovery stages of development, which target serious diseaseswith a high unmet medical need. These therapeutic areas include neuro-disorders(neurodegenerative and neuromuscular), anti-infectives, ophthalmic diseases,oncology and regenerative medicines. Summit plc's in-house drug development capabilities combine world-classexpertise in both carbohydrate chemistry with high-volume, high-contentscreening using its proprietary zebrafish and fruitfly technologies (chemicalgenomics). These whole organism screens have the potential to dramaticallydecrease the time and cost of drug discovery and development by delivering datathat are highly predictive of the efficacy and toxicity of potential drugcompounds in humans. The company listed on the AIM market of the London Stock Exchange in October2004 - symbol: SUMM Further information about the company is available at www.summitplc.com This document contains "forward-looking statements" within the meaning of theU.S. Private Securities Litigation Reform Act of 1995. Forward-lookingstatements can be identified by words such as "anticipates", "intends", "plans","seeks", "believes", "estimates", "expects" and similar references to futureperiods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company's current expectations andassumptions regarding our business, the economy and other future conditions.Because forward-looking statements relate to the future, by their nature, theyare subject to inherent uncertainties, risks and changes in circumstances thatare difficult to predict. The Company's actual results may differ materiallyfrom those contemplated by the forward-looking statements. The Company cautionsyou therefore that you should not rely on any of these forward-lookingstatements as statements of historical fact or as guarantees or assurances offuture performance. Important factors that could cause actual results to differmaterially from those in the forward-looking statements and regional, national,global political, economic, business, competitive, market and regulatoryconditions. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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