Summit Corporation - Continued Progress Towards The Summit

Summit Corporation Continued Progress Towards The Summit Summit Corporation continues to make excellent progress on the development of its novel CDI antibiotic SMT 19969 as it has successfully completed a Phase I clinical trial in healthy volunteers, resulting in a further milestone payment for the on-going clinical development of the programme. The milestone is in-line with our expectations and demonstrates the potential of SMT 19969 to become an effective treatment for this life-threatening infectious disease. This comes on the back of Summit’s AGM (6th June), where the drug discovery and development company announced that each programme continues to make significant progress, and the appointment of a highly experienced Chief Medical Officer (12th June). Given this exceptional advancement, we maintain our forecasts, and our stance firmly remains speculative buy, with a target price of 16.36p. Click to Download Full Report Table: Financial overview Year to 31st Jan 2012A 2013A 2014E 2015E Revenue (£000) 1,765 1,814 3,500 10,000 PBT (£000) (2,998) (4,566) (2,977) 2,643 EPS (p) (1.44) (1.35) (0.74) 0.85 Dividend (p) 0.0 0.0 0.0 0.0 Source: GECR and company Speculative Buy Target price 16.36p Key data Share Price 4.38p 52 week high/low 5.63p / 2.25p Primary exchange AIM EPIC SUMM Shares in issue 354.09 m Market Cap £15.49m Sector Pharmaceuticals & Biotechnology Important: All disclaimer information can be found on the last page of the document

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