Summit Corporation PLC: Award of Share Options

                Summit Corporation PLC: Award of Share Options

Summit Corporation plc
('Summit' or the 'Company')

AWARD OF SHARE OPTIONS

Oxford, UK, 16 July 2014 - Summit (AIM: SUMM), the drug discovery and
development company advancing therapies for Duchenne Muscular Dystrophy
('DMD') and C. difficile infection, announce that on 15 July 2014 it granted
Share Options over 1,458,341 shares to Executive Directors, Non-Executive
Directors, and other members of the Company under the existing Company Share
Option Plan at an exercise price of 126 pence per share (being the mid-market
closing price of a Summit ordinary share on 14 July 2014). The details of the
award to Executive and Non-Executive Directors and Officers are as follows:

Name            Position                      Number of  Exercise
                                        Options Granted     Price
Glyn Edwards    Chief Executive Officer         600,000 126 pence
Frank Armstrong Non-Executive Chairman           37,500 126 pence
Barry Price     Non-Executive Director           17,500 126 pence
Jim Mellon      Non-Executive Director           17,500 126 pence
Stephen Davies  Non-Executive Director           17,500 126 pence

All the options will vest fully on 15 July 2017 subject to the average closing
ordinary share price being equal to or greater than 189 pence in any period of
30 consecutive calendar days ending on or before that date. The options will
lapse if this performance condition is not met by 15 July 2017. 

This share option award forms an important part of the strategy to retain and
motivate personnel who will be key to the success of the Company's two
clinical-stage programmes and the Company itself. The Board believes this
award is aligned with the interests of all shareholders as the Company seeks
to generate long-term shareholder value.

Following these grants the Directors and Officers hold the following options
in aggregate:

Name             Position                Total Number of Options   % of issued
                                                            held share capital
Glyn Edwards     Chief Executive                       1,934,337         4.71%
                 Officer
Erik Ostrowski   Chief Financial                         400,000         0.97%
                 Officer
Frank Armstrong  Non-Executive Chairman                  112,500         0.27%
Barry Price      Non-Executive Director                   67,500         0.16%
Jim Mellon       Non-Executive Director                   42,500         0.10%
Stephen Davies   Non-Executive Director                   42,500         0.10%
Leopoldo         Non-Executive Director                   25,000         0.06%
Zambeletti

Separately 100,000 options (the adjusted number post the 3 July 2014 share
consolidation) that were awarded on 30 May 2013 have been cancelled and
reissued. The exercise price of 80.4 pence (adjusted to reflect the capital
reorganisation which took effect on 3 July 2014) and full vesting date of 30
May 2016 of the reissued options are unchanged from the original award; there
are no further performance conditions as those associated with the original
award had been fulfilled. The options have been reissued in accordance with
the original option agreement due to a variation in the option award
recipient's scope of work detailed in the option agreement.

The total number of options being awarded, including the reissued options,
represents 3.55% of the Company's current issued share capital. In
aggregate, option grants to Directors and employees total 12.62% of the issued
share capital.

                                   - END -

Notes to Editors

About Summit
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:

Summit                               Tel: +44 (0)1235 443 951
Glyn Edwards / Richard Pye
Cairn Financial Advisers LLP         Tel: +44 (0)20 7148 7900
(Nominated Adviser)
Liam Murray / Tony Rawlinson
N+1 Singer                           Tel: +44 (0)20 7496 3000
(Broker)
Aubrey Powell / Jen Boorer
Peckwater PR                         Tel: +44 (0)7879 458 364
(Financial public relations, UK)     tarquin.edwards@peckwaterpr.co.uk
Tarquin Edwards
MacDougall Biomedical Communications Tel: +1 781-235-3060
(US media contact)
Michelle Avery

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Summit Corporation PLC via Globenewswire
HUG#1826630
 
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