London listed drug discovery company, Summit Corporation (AIM: SUMM) said it had agreed to sell its Zebrafish services business unit to Nasdaq listed Evotec AG (EVTC) for £500,000 in cash.
Evotec is a drug discovery and development company with a specific expertise in the area of Central Nervous System related diseases.
Steven Lee, PhD, Chief Executive Officer at Summit said:
"This transaction is positive news both for Summit and the zebrafish services business. Evotec offers the zebrafish business, including its staff, an exciting future.
"Importantly, the deal provides immediate financial support to Summit that will assist our on-going efforts towards securing the future of the business. This will focus on our iminosugar drug discovery
platform, an area of science in which Summit has an unparalleled expertise, and offers great potential for the discovery of new medicines."
Summit Corp also noted that it was continuing discussions with other stakeholders about realising cash and reducing expenditure to “secure the future of the company.”
“The Board remains confident of Summit's ability to develop value in the medium and longer-term. The Company will continue to focus on the discovery and development of products from its proprietary
iminosugar drug discovery platform,” Summit stated.
Summit Corporation sells Zebrafish business to Evotech AG
Published: 16:26 07 May 2009 BST