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 Important: All disclaimer information can be found on the last page of the document

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