Summit Corporation PLC : Summit Appoints Mr Jim Mellon and Dr Frank Armstrong as Non-Executive Directors

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November 22, 2012 02:00 ET

Summit Therapeutics plc

Summit Therapeutics plc

Summit Corporation plc

('Summit' or 'the Company')

SUMMIT APPOINTS MR JIM MELLON AND DR FRANK ARMSTRONG AS NON-EXECUTIVE DIRECTORS

Oxford, UK, 22 November 2012 - Summit (AIM: SUMM), a UK drug discovery and development company, is pleased to announce that it has appointed Mr Jim Mellon and Dr Frank Armstrong as Non-Executive Directors. The addition of Mr Mellon and Dr Armstrong to Summit's Board of Directors is part of the Company's previously announced strategic shift to focus on its clinical-stage programmes for the treatment Duchenne Muscular Dystrophy (DMD) and C. difficile infections.

Mr Jim Mellon is a renowned investor and entrepreneur with interests in several industries. Jim is an active investor in the biopharmaceutical industry and is a Non-Executive Director of the UK biotechnology company, Plethora Solutions plc and of the biopharmaceutical investment company, Port Erin BioPharma plc.

Dr Frank Armstrong is an experienced, medically qualified Pharmaceutical Executive who has worked at Board level at a number of companies in the UK, US, Switzerland and Germany. He has extensive experience of all aspects of medical and product development in large and small companies and has led successful product approvals in the US and Europe across a range of therapeutic areas.

"Jim and Frank will bring considerable business, clinical and product development expertise to support the future growth of Summit," commented Dr Barry Price, Chairman of Summit. "We welcome them and look forward to their contributions and strategic guidance as we focus on advancing our high-value clinical programmes targeting Duchenne Muscular Dystrophy and C. difficile infections."

With the appointment of the new directors, Dr Richard Storer, Dr Andy Richards and Mr George Elliott will be stepping down from the Board effective immediately.

Dr Price continued, "On behalf of the Board, I would sincerely like to thank Dick, Andy and George for their contribution towards the development of Summit over many years.  In a challenging environment, their efforts have been invaluable in establishing a firm foundation that the Board believes will support the future growth of the business and we wish them every success for the future."

Mr. Jim Mellon (55) began his career in the United States and Hong Kong with GT Management and later Thornton Management (Asia) Limited. Jim co-founded Regent Pacific Group, Ltd and Charlemagne Capital Limited. He is currently Executive Chairman of Manx Financial Group plc and Speymill plc, Non-Executive Co-Chairman of Regent Pacific Group Ltd and West Africa Minerals Corporation and Non-Executive Chairman of Speymill Deutsch Immobilien Company plc. In addition, he is a Non-Executive Director of Charlemagne Capital Limited, Condor Resources plc, Polo Resources Limited and various other investment companies. He is also the Chairman of the private asset manager, the Burnbrae Group Limited.

Jim has also written a number of investment books including his latest publication about the biotechnology industry titled "Cracking the Code" and he is a graduate of Oxford University.

Galloway Limited, a company wholly owned by a trust of which Jim Mellon is a life tenant, has a beneficial interest in 25,000,001 Ordinary shares of the Company that represents approximately 7.1% of the issued share capital. No further disclosures are required under Rule 17 and Schedule 2(g) of the AIM Rules.

About Frank Armstrong

Dr. Frank Armstrong (55) has held Chief Executive roles with five biotechnology companies (public and private) one of which was Fulcrum Pharma, an AIM-listed Professional Services Company that was sold to Private Equity Investors in 2009. In 2007 he led the sale of 454 Life Sciences from CuraGen to Roche.  Most recently, Frank led Medical Research and Innovation (MSI) at Merck Serono and previously was Head of Worldwide Product Development at Bayer and Senior Vice President of Medical Research and Communications Group at Zeneca.

With experience as a Non-Executive Director in the UK and US working with private and NASDAQ listed companies and as Chairman of a Charitable Institution, Frank has moved successfully between large and small companies during his career.

Dr Armstrong is currently Chairman of Xceleron Inc., Executive Chairman of Asceneuron, Non-Executive Director of Actino Pharma and a Member of the Scientific Advisory Board of Healthcare Royalty Partners.  Dr Armstrong is a Fellow of the Royal College of Physicians.  There are no further disclosures required under Rule 17 and Schedule 2(g) of the AIM Rules.

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.

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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.