Kumaresan Selvaraj pillai


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Thursday, July 25, 2013

Summit Corporation - Additional Funding Secured

Summit Corporation

Additional Funding Secured

  • Summit Corporation has secured additional funding from investors and entered into a funding agreement for the development of its Duchenne Muscular Dystrophy (DMD) drug candidate, SMT C1100.
  • This is in-line with our expectation, as noted in our previous note (substantial progress on high-value assets), and highlights the unyielding support that the UK-based drug discovery and development company continues to receive from existing shareholders, experienced healthcare investors and charity foundations.
  • With its other drug candidate (SMT 19969), targeting C. difficile infection (CDI), substantially funded by the Wellcome Trust, we maintain our forecasts, and our stance firmly remains speculative buy, with a target price of 14.01p (previously 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)
(0.66)
0.67
Dividend (p)
0.0
0.0
0.0
0.0

Source: GECR and company

Speculative Buy
Target price
14.01p
Key data
Share Price
4.75p
52 week high/low
5.63p / 2.25p
Primary exchange
AIM
EPIC
SUMM
Shares in issue
446.36 m
Market Cap
£21.20m
Sector
Pharmaceuticals & Biotechnology
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