Summit Corporation PLC : Result of Offer for Subscription to Qualifying Shareholders

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February 26, 2014 02:00 ET

Summit Therapeutics plc

Summit Therapeutics plc

Summit Corporation plc

('Summit' or 'the Company')

RESULT OF OFFER FOR SUBSCRIPTION TO QUALIFYING SHAREHOLDERS

Oxford, UK, 26 February 2014 - Summit (AIM: SUMM), a drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy and C. difficile infection, announced on 11 February 2014 it had conditionally raised £21.0 million (before expenses) through the placing of 323,076,924 new Ordinary shares at 6.5 pence per share.  In addition, the Company provided Qualifying Shareholders with the opportunity to subscribe for new Ordinary shares on the same terms.  This Offer for Subscription was not underwritten.

The Offer for Subscription has now closed and, in accordance with its terms, the Company has received valid acceptances in respect of 111,265,720 Ordinary Shares from Qualifying Shareholders.  The Offer for Subscription was more than seven times over-subscribed.  The directors of the company have undertaken a scaling back process.  The Company has raised gross proceeds of £1.0 million from the Offer for Subscription making a total of £22.0 million ($36.0 million) from the Placing and Offer for Subscription.

Shareholder authority is required to allot the new Ordinary Shares and therefore the Placing and the Offer for Subscription are conditional on the passing of the resolutions that have been proposed at a General Meeting of shareholders to be held at 10:00am on 28 February 2014, at the officers of Fasken Martineau, 17 Hanover Square, London, W1S 1HU.

Summit is an Oxford, UK based drug discovery and development 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 and follow Summit on Twitter (@summitplc).

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