Summit Corporation PLC : Share Option Award

Accessibility: Skip TopNav

December 24, 2014 02:00 ET

Summit Therapeutics plc

Summit Therapeutics plc

Summit Corporation plc

('Summit' or the 'Company')

Oxford, UK, 24 December 2014 - Summit (AIM: SUMM), the drug discovery and development company advancing therapies for Duchenne Muscular Dystrophy  and C. difficile infection, announces that on 23 December 2014 it granted share options over a total of 25,000 ordinary shares to Ms Valerie Andrews who was appointed a Non-Executive Director on 18 September 2014.  This award has been made under the existing Company Share Option Plan and the details of the award are as follows:

One third of the options are capable of vesting on 18 September 2016 and all of the options will vest fully on 18 September 2017, subject to the average closing ordinary share price being 50% higher than the exercise price in any period of 30 consecutive calendar days ending on or before these dates.  The options will lapse if this performance condition is not met by 18 September 2017.  The exercise price for this award is the mid-market closing price of a Summit ordinary share on 23 December 2014.

This share option award forms a key part of the strategy to retain and motivate personnel who will be integral to the success of the respective programmes, and the Company.  The Board believes this award is aligned with the interests of all shareholders as the Company seeks to generate long-term shareholder value.

In aggregate and assuming vesting in full of this and other awards over time, option grants to Directors and employees total approximately 12.5% of the issued share capital.

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 quoted 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 Summit can be followed on Twitter (@summitplc).

For more information, please contact:

Forward Looking Statements

This announcement contains "forward-looking statements", including, but not limited to, statements about the discovery, development and commercialisation of programme assets. These forward-looking statements are statements based on the Company's current intentions, beliefs and expectations, which include, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. No forward-looking statement is a guarantee of future performance and actual results could differ materially from those expressed or implied in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements or information.  Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These include but are not limited to: adverse results in clinical or preclinical development studies; delays in obtaining regulatory approval; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; being unable to secure partnership agreements to develop and commercialise programme assets; being unable to secure the necessary funding to conduct any proposed research and development studies; and the ability to retain and recruit key personnel.  The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this announcement to reflect any changes in expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based, except as required by applicable law.