Summit Corporation - Important Regulatory Milestone

Summit Corporation Important Regulatory Milestone Summit Corporation has achieved another important milestone, receiving regulatory approval to commence Phase 1b for its Duchenne Muscular Dystrophy (DMD) targeting drug candidate SMT C1100. We had previously forecast that the drug would commence Phase 1b during FY14 H2, so this news is in-line with our expectations. The drug discovery and development company has also received further support for the development of SMT C1100, having entered into a funding agreement with the UK charity Joining Jack, in which Summit will receive up to £100,000 to support the development of biomarkers for DMD. Being conservative, we keep our forecasts untouched on the back of this announcement. With its Clostridium difficile antibiotic drug candidate (SMT 19969) also making good progress, we maintain our stance of speculative buy, with a target price of 22.32p. Click to Download Full Report Table: Financial overview Year to 31st Jan 2012A 2013A 2014E 2015E Revenue (£000) 1,765 1,814 1,250 2,400 PBT (£000) (2,998) (4,566) (4,816) (4,446) EPS (p) (1.44) (1.35) (1.12) (0.92) Dividend (p) 0.0 0.0 0.0 0.0 Source: GECR and company Speculative Buy Target price 22.32p Key data Share Price 11.375p 52 week high/low 19.50p / 3.88p Primary exchange AIM EPIC SUMM Shares in issue 447.36 m Market Cap £50.89 m Sector Pharmaceuticals & Biotechnology Important: All disclaimer information can be found on the last page of the document

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