Summit triples revenue in first-half 2007
Oxford, UK-based Summit Corp's first-half 2007 revenues trebled on the comparable period the year before, reaching L1.4 million ($2.9 million) from L470,000 as a result of organic growth and acquisitions. During the period, R&D investment increased to L3.6 million from L1.3 million, while its cash position fell to L14.2 million from L20.2 million.
Together with its results announcement, the UK drug discovery firm revealed that it has signed a $450,000 deal with one of the world's top five pharmaceutical companies for use of its zebrafish technology platform to assess the safety of its proprietary compounds.
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