Summit raising £8.2M in a placing; wins £2.2M grant from Wellcome

Placing | Grant

Oxford University spin-out Summit Corporation plc has raised £8.2 million in a placing and open offer as it was awarded £2.2 million from the UK research charity the Wellcome Trust to fund the development of treatments for Clostridium difficile infections.

The award was made through the Wellcome Trust’s Seeding Drug Discovery Initiative and provides over two years of funding to develop Summit’s programme through until the end of preclinical development.  

Steven Lee, CEO of Summit, said, “This £2.2 million award from The Wellcome Trust endorses Summit’s scientific expertise in the area of infectious diseases. Our C. difficile programme targets a significant and growing healthcare threat and the two years of funding will act as a potential value driver for the business as the programme is developed into a valuable commercial opportunity.”