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Summit Corporation PLC - Licensing Agreement

Licensing Agreement Summit Corporation plc ('Summit plc' or 'the Company') SUMMIT AND EVOLVA SIGN WORLDWIDE LICENSING AGREEMENT IN INFECTIOUS DISEASES FOR IMINO SUGAR COMPOUND SMT 14400 Oxford, UK, 6 January 2009 - Summit Corporation plc (AIM: SUMM), a UK drug discovery company, is pleased to announce that it has entered into an exclusive worldwide licensing agreement with the Swiss company, Evolva Biotech SA ('Evolva'). The agreement covers SMT 14400, a second-generation imino sugar, which is being developed as a potential treatment for infectious diseases associated with bio-terrorism. The licensing agreement supersedes the co-development agreement entered into by the two companies in July 2007. Under the terms of the licence, Summit will receive an undisclosed payment from Evolva on signature. Summit will also receive payments throughout preclinical development, a milestone payment on filing of an IND (anticipated in 2010), and further development and regulatory milestone payments. Evolva will be responsible for all development costs with the initial synthesis work being contracted to Summit's subsidiary services business, Dextra Laboratories. On successful commercialisation, Summit will receive tiered royalties, rising to a low-teen percentage, and sales-related milestone payments. SMT 14400 originated from Summit's proprietary collection of second-generation imino sugars that it is developing in a range of therapeutic areas. The compound is an immunomodulator that works by selectively boosting aspects of the human immune system. Evaluation of SMT 14400 by Evolva in recent in vivo preclinical studies with a selection of pathogens potentially associated with bio-terrorism has shown the compound to be active against both viral and bacterial pathogens, and to be well tolerated. Evolva has a strong capability in this area and has attracted significant funding from the Defense Threat Reduction Agency ('DTRA'), a US-federal body developing technologies to counter the threat of biological agents. Steven Lee, Chief Executive Officer of Summit commented 'I am very pleased to sign this licensing agreement with Evolva, which through its first-class operations in this specialist area of infectious diseases, will offer the best opportunity to progress this compound rapidly to clinical development. 'Imino sugars represent a significant opportunity for the discovery and development of new drugs and I believe this licensing agreement, the first from our proprietary collection of second-generation compounds, is an important milestone that validates the potential imino sugars offer as a source of new medicines.' Neil Goldsmith, CEO of Evolva said 'We are encouraged by the data we have observed to date on this compound and look forward to working with both Dextra and Summit to progress it towards human studies and beyond.' - ENDS - For more information, please contact: Summit plc Steven Lee, PhD, Chief Executive Officer Tony Weir, Chief Financial Officer Richard Pye, PhD, Investor Relations Tel: +44 (0)1235 443951; +44 (0)7825 313476 Evolva Neil Goldsmith, Chief Executive Officer Tel: +41 61 485 2005; Mob: +41 79 54 33 111 Citigate Dewe Rogerson (for Summit) Mark Swallow, PhD / David Dible / Emma Palmer Foster Tel: +44 (0)207 638 9571 Panmure Gordon (NOMAD to Summit) Andrew Burnett / Rakesh Sharma (Corporate Finance) Ashton Clanfield (Corporate Broking) Tel: +44 (0)207 459 3600 About Summit plc Summit plc is a UK based drug discovery company with three parts to its business: 1. Imino sugars Imino sugars offer a major opportunity for the discovery and development of new drugs in many disease areas. Summit is at the forefront of developing new, second-generation imino sugars and has a focus in two therapeutic areas: anti-infectives and metabolic diseases. The development of Summit's imino sugar platform is the major focus of the Company's research and development activities. 2. Partnered product portfolio Summit's partnered product portfolio comprises four drug discovery programmes which are the subject of commercial agreements: * BioMarin Pharmaceuticals: Duchenne muscular dystrophy, SMT C1100 (July 08) * Orient Pharma: Sialorrhoea, SMT D001 (Sept 08) * The Lilly TB Drug Discovery Initiative: Tuberculosis (Oct 08) * Evolva Biotech SA: Infectious diseases associated with bio-terrorism, SMT 14400 (Jan 09) Summit will make a limited investment into the portfolio as its future development will predominately use the expertise and capital of the respective partners. 3. Services businesses Summit generates revenues from its two technology platforms in carbohydrate chemistry and zebrafish biology by offering third parties access to them on a fee-for-service or collaborative basis. The cash generated by the businesses contributes to the investment Summit makes into its research and development activities but they operate independently. 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. About Evolva Evolva uses genetic chemistry technology platforms to replicate, on an industrial basis, the ability of nature to create molecules with exquisite 'design'. Development activities focus primarily on cardiovascular and infectious disease. For more information see www.evolva.com. ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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