Summit Corporation PLC : Corporate Strategy Update

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September 06, 2012 02:00 ET

Summit Therapeutics plc

Summit Therapeutics plc

Summit Corporation plc

('Summit' or 'the Company')

SUMMIT UPDATES CORPORATE STRATEGY TO FOCUS ON DEVELOPMENT OF CLINICAL-STAGE DUCHENNE MUSCULAR DYSTROPHY AND C. DIFFICILE PROGRAMMES

Oxford, UK, 6 September 2012 - Summit (AIM: SUMM), a UK drug discovery company, today announces that it has updated its corporate strategy to focus on the development of its drug programmes targeting Duchenne Muscular Dystrophy ('DMD') and C. difficile infections.  The change in strategy will place greater emphasis on clinical development and curtail internal discovery-stage research that is undertaken by approximately half of the Company's workforce.  A consultation period with affected members of staff is now underway.

"Summit has two promising clinical-stage programmes targeting areas of high unmet medical need and this change in strategy is intended to provide the Company with greater focus and resources to accelerate their development", commented Glyn Edwards, Chief Executive Officer of Summit.  "Our aim is to provide best value for our shareholders by developing high-value franchises in the DMD and C. difficile therapy areas and seeking to maximise the therapeutic and commercial potential of these two programmes."

The DMD programme targets utrophin upregulation, a therapeutic approach that offers the opportunity to treat all patients with this fatal muscle wasting disease.  Summit will seek to expand partnerships with leading academics, clinicians and community advocacy foundations to support the development of SMT C1100.  SMT C1100 is a potential first-in-class utrophin upregulator currently in a Phase I clinical trial.  Results are expected to be reported by the end of 2012.

Summit's programme targeting infections caused by the superbug C. difficile has the potential to address the key clinical challenges faced in treating this serious illness.  The Company is developing SMT 19969 as a novel, differentiated antibiotic that combines high potency with exceptional selectivity for this bacterium.  The greater focus will support the development of SMT 19969 which is expected to enter clinical trials by the end of 2012.

Summit remains enthusiastic about the potential of Seglins and in particular the OGA inhibitor programme.  The OGA programme will continue to progress as planned through to an important technical milestone after which the Company will evaluate its options for taking this forward.  Summit will however be unable to sustain the general development of Seglin technology or other programmes and will seek alternative ways for realising value from these assets.

Summit is an Oxford, UK-based drug discovery Company targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection.  Summit is listed on the AIM market of the London Stock Exchange and trades under the ticker symbol SUMM. Further information is available at www.summitplc.com.

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Forward Looking Statements

This document contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates", "intends", "plans", "seeks", "believes", "estimates", "expects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company's current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements and regional, national, global political, economic, business, competitive, market and regulatory conditions.