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Summit Corporation Interim Results for the Six Months Ended 31 July 2012


9/6/2012 11:57:17 AM

Oxford, UK, 6 September 2012, Summit (AIM: SUMM), a UK drug discovery, today reports its interim results for the six months ended 31 July 2012.

HIGHLIGHTS

Corporate

• Strategic re-focussing of business on development of clinical-stage programmes (see separate announcement made today)

• Mr Glyn Edwards appointed as Chief Executive Officer

Scientific & Commercial

• Initiation of Phase I clinical trial of SMT C1100 in healthy volunteers for the treatment of Duchenne Muscular Dystrophy following approval by UK regulators; results from trial expected by end of 2012

• Technical milestone achieved in SMT C1100 Phase I clinical trial triggered final payment from $1.5 million agreement with US DMD organisations

• Novel antibiotic SMT 19969 for the treatment of C. difficile infections expected to enter human clinical trials in H2 2012 following successful completion of preclinical development studies

Financial

• Cash position at 31 July 2012 £4.8 million (31 July 2011: £3.7 million)

• Operational expenditure in-line with budget

• £5.0 million fund raise through the placing of 167 million new Ordinary shares with new and existing investors

• Exceptional items include non-cash impairment of intangible assets of £0.9 million and release of provision of £0.2 million

• Operating loss for the six months ended 31 July 2012 of £1.7 million excluding exceptional items (31 July 2011: £1.6 million)

• Net loss for the six months ended 31 July 2012 of £2.2 million (31 July 2011: £1.4 million)

“Summit’s two promising clinical-stage programmes targeting Duchenne Muscular Dystrophy and C. difficile infection have progressed well during the period and the change in strategy announced today will provide greater focus and resource to accelerate their development,” commented Glyn Edwards, Chief Executive Officer of Summit. “Our aim is to develop high-value franchises in these therapy areas as we seek to maximise the therapeutic and commercial potential of the programmes to provide best value for shareholders.”

About Summit

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.

For more information, please contact:

Summit

Glyn Edwards / Richard Pye

Tel: +44 (0)1235 443 951

Singer Capital Markets

(Nominated Adviser and Joint broker)

Shaun Dobson / Claes Spång

Tel: +44 (0)203 205 7500

Hybridan LLP

(Joint broker)

Claire Louise Noyce / Deepak Reddy

Tel: +44 (0)207 947 4350

Peckwater PR

(Financial public relations, UK)

Tarquin Edwards

Tel: +44 (0)7879 458 364

tarquin.edwards@peckwaterpr.co.uk

MacDougall Biomedical Communications

(U.S. media contact)

Michelle Avery

Tel: +1 781-235-3060



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