Summit Enter AUD 1.25m Funding Agreement with Save Our Sons to Support DMD Programme

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July 18, 2013 02:00 ET

Summit Therapeutics plc

Summit Therapeutics plc

Summit Corporation plc

('Summit' or 'the Company')

SUMMIT ENTER AUD 1.25M FUNDING AGREEMENT WITH SAVE OUR SONS TO SUPPORT DEVELOPMENT OF UTROPHIN MODULATOR SMT C1100 FOR DMD

Oxford, UK, 18 July 2013 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy ('DMD') and C. difficile infection, announces that it has entered into a funding agreement with the Australian DMD foundation, Save Our Sons ('SOS'), worth up to AUD 1.25 million (approximately GBP 0.76 million).  The non-dilutive funding will support the development of SMT C1100, Summit's clinical-stage utrophin modulator drug that is a potential treatment for all forms of DMD.

"Summit is delighted to enter this funding agreement with Save Our Sons whose generous support will help advance the clinical development of our lead utrophin modulator SMT C1100," commented Glyn Edwards, Chief Executive Officer of Summit.  "This small molecule drug is expected to enter patient clinical trials later in 2013 and has the potential to become a life-changing treatment for all DMD patients and their families."

Elie Eid, founder of Save Our Sons and a DMD parent added, "The goal of Save Our Sons is to support scientific research that aims to develop effective treatments for DMD.  Summit's utrophin modulator SMT C1100 offers hope to all DMD boys and their families and we are delighted to be able to provide this funding to support its clinical development."

DMD is an X-linked disease caused by different genetic faults in the dystrophin gene that result in boys being unable to make dystrophin, a protein that is essential for the healthy function of muscles.  Utrophin is the functional equivalent of dystrophin and is found in foetal development and regenerating muscles.  It has been shown that utrophin can substitute for dystrophin to maintain the healthy function of skeletal and cardiac muscle and it represents a promising therapeutic approach for the treatment of all genetic forms of DMD.

The concept of utrophin modulation as a treatment approach for DMD was developed by Dame Professor Kay Davies, a highly distinguished academic at the University of Oxford and Co-founder of Summit.  Dame Kay Davies commented: "Utrophin modulation has the potential to treat all DMD patients, regardless of their genetic mutation, and is also expected to be complementary to the other therapeutic approaches in development.  SMT C1100 has shown significant therapeutic promise and offers hope as an effective treatment for this devastating disease."

Under the terms of the agreement, Summit will be eligible for up to AUD 1.25 million in staged payments.  Summit will receive AUD 500,000 to support the drug manufacture of SMT C1100 payable in two tranches: AUD 200,000 on signing and a second payment of AUD 300,000 during H2 2013. A further AUD 750,000 will be payable if there is an Australian site in patient clinical trials.  It is expected that an Australian site will be included as part of a Phase 3 trial.

About DMD and Utrophin Modulation

Duchenne Muscular Dystrophy or DMD is a progressive muscle wasting disease and is the most common and severest form of muscular dystrophy.  There is currently no cure and life expectancy is typically around mid-twenty.  DMD is caused by inherited and spontaneous genetic mutations on the X chromosome and results in patients being unable to produce dystrophin, a protein essential in maintaining the healthy function of skeletal and cardiac muscle.  There are an estimated 50,000 DMD patients in the developed world.

Summit's utrophin modulation programme aims to use small molecule drugs to stimulate production of utrophin, a functionally similar protein to dystrophin that is expressed in foetal and regenerating muscle, and which has the potential to restore and maintain healthy muscle function.  This approach targets all genetic forms of DMD.  SMT C1100 is the Company's lead utrophin modulator drug and it has successfully completed a Phase 1 healthy volunteer clinical trial in late 2012.

Save Our Sons is an Australian charity organisation raising funds and awareness to help find a cure for Duchenne Muscular Dystrophy (DMD).  Founded in 2008, the goal of Save Our Sons is to raise funds to support human clinical trials of potential DMD therapies that have real promise to effect the lives of boys with DMD.  Save Our Sons hold a series of spectacular events each year, which are our main fundraising drivers. Attended by the community and a large number of celebrity supporters these events have continued to grow year on year.  More information about Save Our Sons is available at www.saveoursons.org.au.

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).

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Forward Looking Statements

This announcement contains "forward-looking statements", including, but not limited to, statements about the discovery, development and commercialisation of programme assets. These forward-looking statements are statements based on the Company's current intentions, beliefs and expectations, which include, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. No forward-looking statement is a guarantee of future performance and actual results could differ materially from those expressed or implied in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements or information.  Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These include but are not limited to: adverse results in clinical or preclinical development studies; delays in obtaining regulatory approval; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; being unable to secure partnership agreements to develop and commercialise programme assets; being unable to secure the necessary funding to conduct any proposed research and development studies; and the ability to retain and recruit key personnel.  The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this announcement to reflect any changes in expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based, except as required by applicable law.