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Tuesday, June 18, 2013

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
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