STRUGGLING drug discovery company Summit has gained a breathing space in its bid to secure its future.

Following a £300,000 deal with Orient Pharma involving a treatment for the symptoms of Parkinsons disease, it has enough cash to last until the autumn.

The company recently sold its zebrafish business to Evotec, its neighbour at Milton Park, near Didcot, for £500,000. It is closing its Cambridge laboratory, and restructuring its operations in Wales to save about £760,000 a year, plus £550,000 in leases.

It said in a statement: "This, together with the equity investment by Orient and the cash proceeds from the recent divestment of the zebrafish service business, provide Summit with the cash resources to last towards the end of the third quarter of 2009.

“This will allow more time to seek additional sources of finance or strategic transactions to secure the future of the company."

Chief executive Steven Lee, pictured, said: “While these activities raise new working capital and reduce our financial commitments, we continue to investigate options to secure the future of the company."

The restructuring has reduced its workforce from 116 to 54.