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Summit Enter AUD 1.25M Funding Agreement With Save Our Sons To Support Development Of Utrophin Modulator SMT C1100 For DMD

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Thursday, July 18, 2013

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Summit, a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy (‘DMD’) and C. difficile infections, announces that it has entered a funding agreement with the Australian DMD foundation, Save Our Sons (‘SOS’), worth up to AUD 1.25 million (approximately GBP 0.76 million). The non-dilutive funding will support the development of SMT C1100, Summit’s clinical-stage utrophin modulator drug that is a potential treatment for all forms of DMD.

“Summit is delighted to enter this funding agreement with Save Our Sons whose generous support will help advance the development of our lead utrophin modulator SMT C1100,” commented Glyn Edwards, Chief Executive Officer of Summit. “This small molecule drug is expected to enter patient clinical trials later in 2013 and has the potential to become a life-changing treatment for all DMD patients and their families.”

Elie Eid, founder of Save Our Sons and a DMD parent added, “The goal of Save Our Sons is to support scientific research that aims to develop effective treatments for DMD. Summit’s utrophin modulator SMT C1100 offers hope to all DMD boys and their families and we are delighted to be able to provide this funding to support its clinical development.”

DMD is an X-linked disease caused by different genetic faults in the dystrophin gene that result in boys being unable to make dystrophin protein that is essential for the healthy function of muscles. Utrophin is the functional equivalent of dystrophin and is found in foetal development and regenerating muscles. It has been shown that utrophin can substitute for dystrophin to maintain the healthy function of skeletal and cardiac muscle and it represents a promising therapeutic approach for the treatment of all genetic forms of DMD.

The concept of utrophin modulation as a treatment approach for DMD was developed by Dame Professor Kay Davies, a highly distinguished academic at the University of Oxford and Co-founder of Summit. Dame Kay Davies commented: “Utrophin modulation has the potential to treat all DMD patients, regardless of their genetic mutation, and is also expected to be complementary to the other therapeutic approaches in development. SMT C1100 has shown significant therapeutic promise and offers hope as an effective treatment for this devastating disease.”

Under the terms of the agreement, Summit will be eligible for up to AUD 1.25 million in staged payments. Summit will receive AUD 500,000 of funding towards the drug manufacture of SMT C1100 payable in two tranches: AUD 200,000 on signing and a second payment of AUD 300,000 during H2 2013. A further AUD 750,000 will be payable if there is an Australian site in patient clinical trials. It is expected that an Australian site will be included as part of a Phase 3 trial.

Contact
Glyn Edwards / Richard Pye
Tel: +44 (0)1235 443 951
+44 (0)7825 313 476
or
Chris Collins / Jonathan Senior / Giles Balleny
Tel: +44 (0)20 7776 1200
Source: Summit
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