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Summit Corporation PLC - Directorate change

Directorate change Summit Corporation plc ('Summit plc' or 'the Company') DIRECTORATE CHANGE Oxford, UK, 23 March 2009 - Summit Corporation plc (AIM: SUMM), a UK drug discovery company announces that Tony Weir, its Chief Financial Officer, has left the Company by mutual agreement with immediate effect. Barry Price, PhD, Chairman of Summit, commented: 'On behalf of the Board, I would like to thank Tony for his efforts while with Summit and wish him well for the future. The Company remains focused on evaluating and progressing all available options to secure the future of the business.' - ENDS - For more information, please contact: Summit plc Barry Price, PhD, Chairman Richard Pye, PhD, Investor Relations Tel: +44 (0)1235 443951 Panmure Gordon Andrew Burnett / Rakesh Sharma (Corporate Finance) Ashton Clanfield (Corporate Broking) Tel: +44 (0)207 459 3600 About Summit plc Summit plc is a UK based drug discovery company with three parts to its business: 1. Imino sugars Imino sugars offer a major opportunity for the discovery and development of new drugs in many disease areas. Summit is at the forefront of developing new, second-generation imino sugars and has a focus in two therapeutic areas: anti-infectives and metabolic diseases. The development of Summit's imino sugar platform is the major focus of the Company's research and development activities. 2. Partnered product portfolio Summit's partnered product portfolio comprises four drug discovery programmes which are the subject of commercial agreements: * BioMarin Pharmaceuticals: Duchenne muscular dystrophy, SMT C1100 (July 08) * Orient Pharma: Sialorrhoea, SMT D001 (Sept 08) * The Lilly TB Drug Discovery Initiative: Tuberculosis (Oct 08) * Evolva Biotech SA: Infectious diseases associated with bio-terrorism, SMT 14400 (Jan 09) Summit will make a limited investment into the portfolio as its future development will predominately use the expertise and capital of the respective partners. 3. Services businesses Summit generates revenues from its two technology platforms in carbohydrate chemistry and zebrafish biology by offering third parties access to them on a fee-for-service or collaborative basis. The cash generated by the businesses contributes to the investment Summit makes into its research and development activities but they operate independently. The company listed on the alternative investment market (AIM) of the London Stock Exchange in October 2004 - symbol: SUMM. Further information about the company is available at www.summitplc.com. ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Quick facts: Summit Therapeutics PLC

Price: 22.5

Market: AIM
Market Cap: £75.58 m


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