Summit Corporation announces equity investment and update of restructuring activities

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Date

On May 29, 2009 Summit Corporation plc announced it had made important progress with the restructuring of its business which will provide greater focus on the development of its proprietary iminosugar drug discovery platform, an area that Summit believes offers great potential for the discovery of new medicines.

Highlights include:

• $500,000 equity investment made by Orient Pharma Ltd (“Orient”) as part of the restructuring of the sialorrhoea programme agreement which was completed on May 29;

• Three new cross-license agreements signed today with Orient granting Asia Pacific rights for the Company’s programmes in seborrhoea (acne) (SMT D002), glaucoma (SMT D003) and age-related macular degeneration (AMD) (SMT D004);

• Agreement with BioMarin to restructure the Duchenne muscular dystrophy (DMD) licensing agreement to remove all future preclinical and nonclinical development costs that were to be borne by Summit;

• Operational cost savings following the termination of the Cambridge facility lease from the end of March 2009, and restructuring of Summit’s operations in Wales from May 2009.

Allistair Booth, David Smith, Paul Yerbury, David Connick and Tony Green of Fasken Martineau advised Summit Corporation in these matters.