("Summit plc" or "the Company")
APPLICATION FOR ADMISSION OF NEW ORDINARY SHARES
Oxford, UK, 22 July 2008 - Summit Corporation plc (AIM: SUMM), a UK biotechnology company, announces that following the licensing agreement with BioMarin Pharmaceuticals Inc. dated 22 July 2008, where under the terms of the deal BioMarin are making an equity investment of $7 million in Summit shares at 69 pence per share, an application has been made to the London Stock Exchange plc for the admission of 5,126,577 new ordinary shares to trading on AIM.
It is expected that admission of these new ordinary shares will become effective and dealings will commence on AIM at 8.00 a.m. on 25 July 2008. The new ordinary shares will, when issued, rank pari passu with the existing ordinary shares of the Company.
Following the share issue referred to above, Summit plc will have 55,968,237 ordinary shares of 10p each in issue.
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For more information, please contact:
Summit plc
Steven Lee, PhD, Chief Executive Officer
Darren Millington, ACMA, Chief Financial Officer
Richard Pye, PhD, Investor Relations
Steven Lee, PhD, Chief Executive Officer
Darren Millington, ACMA, Chief Financial Officer
Richard Pye, PhD, Investor Relations
Tel: +44 (0)1235 443951; +44 (0)7825 313476
Panmure Gordon
Andrew Burnett / Rakesh Sharma (Corporate Finance)
Ashton Clanfield (Corporate Broking)
Andrew Burnett / Rakesh Sharma (Corporate Finance)
Ashton Clanfield (Corporate Broking)
Tel: +44 (0)207 459 3600
About Summit plc
Summit plc is a leading UK biotechnology company with a broad preclinical and clinical pipeline, two world-leading technology platforms and an innovative business model that is expected to generate sustainable value for investors.
Summit is developing many drug programmes that target unmet medical needs from which it intends to generate value by out-licensing attractive late preclinical or early clinical stage programmes in return for upfront, milestone and royalty payments. Summit uses its scientific expertise to target orphan indications, neuro-disorders and infectious diseases.
Summit's drug pipeline is supported by its world leadership in two innovative technology platforms: carbohydrate chemistry and zebrafish biology. These platforms support existing programmes and also will be the source of future programmes to refuel Summit's drug pipeline. These platform technologies also form the basis of the Company's revenue generating service business.
The company listed on the alternative investment market (AIM) of the London Stock Exchange in October 2004 - symbol: SUMM. Further information about the company is available at www.summitplc.com.