Source - GNW

Summit Therapeutics plc
("Summit" or the "Company")

Non-Executive Director Share Option Update

Oxford, UK, 10 April 2018 - Summit Therapeutics plc (AIM: SUMM, NASDAQ: SMMT), the drug discovery and development company advancing therapies for Duchenne muscular dystrophy and Clostridium difficile infection, announces that its Non-Executive Directors have surrendered share options as described in the table below.

The Non-Executive Directors chose to surrender the 2015 options in order to advance the Company's objective of meeting best UK corporate governance practice, which favours non-performance remuneration, such as restricted stock units, for Non-Executive Directors. The surrendered share options were awarded in June 2015 and had not yet vested.

The remaining outstanding share options indicated in the table have vested, and the Non-Executive Directors who hold those options have stated an intention to exercise them in full when an appropriate trading window opens during the current financial year.

    Number of options Surrendered Number of Outstanding Options held
Frank Armstrong Non-Executive Chairman 50,000 37,500
Barry Price Non-Executive Director 25,000 31,481
Stephen Davies Non-Executive Director 25,000 17,500
Leopoldo Zambeletti Non-Executive Director 25,000 Nil
Valerie Andrews Non-Executive Director 25,000 Nil
David Wurzer Non-Executive Director 25,000 Nil

About Summit Therapeutics
Summit is a biopharmaceutical company focused on the discovery, development and commercialisation of novel medicines for indications for which there are no existing or only inadequate therapies. Summit is conducting clinical programs focused on the genetic disease, Duchenne muscular dystrophy, and the infectious disease, Clostridium difficile infection. Further information is available at www.summitplc.com and Summit can be followed on Twitter (@summitplc).

For more information, please contact:

Summit  
Glyn Edwards / Richard Pye (UK office) Tel: 44 (0)1235 443 951
Erik Ostrowski / Michelle Avery (US office)   +1 617 225 4455
   
Cairn Financial Advisers LLP (Nominated Adviser) Tel: +44 (0)20 7213 0880
Liam Murray / Tony Rawlinson   
   
N+1 Singer (Joint Broker) Tel: +44 (0)20 7496 3000
Aubrey Powell / Jen Boorer   
   
Panmure Gordon (Joint Broker) Tel: +44 (0)20 7886 2500
Freddy Crossley, Corporate Finance   
Tom Salvesen, Corporate Broking   
   
MacDougall Biomedical Communications (US) Tel: +1 781 235 3060
Karen Sharma  [email protected]
   
Consilium Strategic Communications (UK) Tel: +44 (0)20 3709 5700
Mary-Jane Elliott / Jessica Hodgson /  [email protected]
Philippa Gardner   

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).

-END-




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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 Therapeutics plc via Globenewswire