Summit Corporation plc
("Summit" or "the Company")
RESULT OF GENERAL MEETING
Oxford, UK, 30 December 2009: Summit (AIM:SUMM), a drug discovery company, is pleased to announce that at a General Meeting of the Company held earlier today the resolutions, set out in the Notice of General Meeting annexed to the circular to shareholders dated 14 December 2009, were duly passed and thereby has enabled the proposed fundraising announced on 11 December 2009 to proceed. The results of the proxy votes lodged in advance of the General Meeting will be available on Summit's website shortly.
For more information, please contact:
Summit Corporation plc
Steven Lee, PhD
Richard Pye, PhD
Tel: +44 (0)1235 443939
Singer Capital Markets
Tel: +44 (0)20 3205 7500
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Summit is a UK based drug discovery company with a major focus on developing new therapeutics from its iminosugar drug discovery platform.
Summit believes iminosugars are the key to gaining access to several disease mechanisms where classical drug candidates have had little success, and therefore offer a major opportunity for the discovery and development of new medicines.
Carbohydrates play critical roles in maintaining correct function of many normal processes in healthy individuals and provide a wealth of new targets for drug discovery. Iminosugars have the capability of accessing such targets and offer the potential of generating new medicines in a variety of major therapy areas. Summit is currently focussed on metabolic diseases, including diabetes, and anti-virals.
Commercially, Summit has a track record of signing programme agreements and currently has an out-licensed product portfolio comprising of eight drug programmes with BioMarin, Orient Pharma, Evolva, the Wellcome Trust and the Lilly TB Drug Discovery Initiative. In the future these programmes may generate success based milestone payments and royalties for Summit.
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.
Forward Looking Statements
This document contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates", "intends", "plans", "seeks", "believes", "estimates", "expects" and similar references to future periods, or by the inclusion of forecasts or projections.
Forward-looking statements are based on the Company's current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements and regional, national, global political, economic, business, competitive, market and regulatory conditions.
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