DRUG discovery company Summit is to receive up to £150,000 from a Government initiative to support research into neurodegenerative diseases such as Alzheimer’s.

Summit, based at Milton Park near Didcot, is researching potential treatments for diseases called tauopathies, including Alzheimer’s.

It is one of 18 smaller companies to benefit from the first round of the £180m Biomedical Catalyst fund.

The first grants were announced at a Life Sciences Day to promote UK business during the London Olympics.

Chief executive Glyn Edwards said: “We are pleased to have been offered this financial support from the UK Government’s Biomedical Catalyst to further support the development of this programme.”

The fund was announced by Prime Minister David Cameron in December. Applications are now being invited for the second round of grants.