Bosses at drug discovery firm Summit say they are looking to make commercial deals to ensure the long-term future of the company.

The firm, based at Milton Park, has unveiled positive results with its Alzheimer’s disease programme and seen its treatment for hospital superbug C. difficile reach the stage where it will enter pre-clinical trials next year.

While latest figures show Summit made a loss of £1.4m in the six months to the end of July, that figure was down on the same period last year when it was £1.8m in the red.

And it has £3.7m of cash in its reserves compared to £3.3m in January which will last until September next year which management say is beyond the projected receipt of payments from new deals.

That includes a £925,000 payment received from Wellcome Trust after a research milestone was reached in the C. difficile programme and a £1.35m fund raising round through the issue of new shares which was completed last month.

The company now employs 30 staff, five more than two years ago after it underwent major restructuring that saw its 100-strong workforce slashed by 75 per cent.

Now it is looking to team up with commercial partners to bring its research into the marketplace.

Executive chairman Dr Barry Price said: “Summit has made good progress during the first half of the year as we seek to exploit the scientific and commercial opportunities within the business.

“The board is confident of being able to demonstrate added value from Summit’s activities, through commercial deals, which is required to create a sustainable business for the benefit of all stakeholders.”