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Will be in a 1-on-1 with my boss for the next hour Really excited (and hoping not to be let down) by NYSE reaction "Excited" is the flavour of the day Need to have a think now too about current financing, structure and planning going forward We got a shock after the last big news .... But I think the team are pretty well set-up Fingers crossed and well done again everyone EP

This is all way above my head but when the lead scientists use the phrase "now that the introductory bits are out of the way, I can now present you the EXCITING DATA" - 14/22 (64%) showed a reduction in developmental myocin (indicator of muscle damage, as I understand) (to only see after 24wks is really rather exciting!) - Too early to draw firm conclusions (it is expected that longer-term dosing is required to properly assess) - HIGHLY ENCOURAGED BY THE DATA SEEN AT THIS INTERIM STAGE - This work = 30 years in the working (begun with Dame Kay) - We expect that these can translate to meaningful, beneficial results should the story continue => really looking forward to 48-week data - Accelerateed, global placebo-controlled trial in both the US and EU - Glyn: I cannot stress how excited the entire team are about this data. ***WELL DONE PATIENTS AND TRIAL SITES!!!*** Q&A: 1.Anything we can expect between now and 48-week data? Main thing to say: this data is just really exciting. Kay Davies and investigators are really excited. And now just trying to work out how to proceed with efficiency and get the data out ASAP. 2. Synergies possible? Exon skipping, Catabasics (??), Sarepta (gene therapy) => great opportunity to use these drugs together in a longer term. BUT ... need to prove individual single agent activity. This trial is huge step towards that. 3. Eutrophin Distribution? => Positive and exciting! 4. F3 vs F6 formulation => surprised by "lack of difference"? This is a small and interim study. Perhaps larger study is needed. Surprised not to see a F6 exposure response. HOWEVER, for the boys on F3, this is great news as it shows that F3 does work. Need to se full 48-Week data. 5. Refusing to say more on the "natural cohort" distance in order to make comparison between 6-minute walk with F3/F6 and those not on ... will await 48-week data. 6. Data presentation venue? TBC - where we can. There will be lots of opportunities 7. How can you accelerate approval pathway? We believe we have seen huge treatment effect (re. myocin) ... need full data set and need to analyse ... regulators would be happier with functional endpoints (though this, as I understand, was not originally intended to be provided as part of the study) ... I have to leave now, so can't get anything else noted down.

http://www.summitplc.com/investors/presentations/ -> "LISTEN"

Sorry - went too quickly Details found - trying to log in now

Anyone got the details?

Dear Glyn and team, We know you read here (for which us PIs are very grateful). On behalf of the long term holders, congratulations for your hard work and fingers crossed for the next steps and the market reaction these coming days. - EP

Also ... I’m less interested in AIM but moreso by NASDAQ AIM will play catch-up (I think) (Sorry for the multiple short messages)

I like the RNS -> It says that it has been demonstrated in humans -> I find some of the wording reserved but I think that is deliberate owing to the “interim nature” of the data GLA -EP

Fingers crossed

IN OTHER NEWS: SMMT NASDAQ quickly approaching $13 again! - EP

What is important to remember (and I had forgotten - thanks Gerry): "This could potentially provide the first evidence of proof of mechanism for utrophin modulators in patients ... (and give hope to those living with DMD)." So far SUMM's progress has been built upon business opportunities, hard research, steady results but also an optimism (also read: "RISK") that this new approach - utrophin modulation - different from exon skipping and alike (which the FDA didn't like all that much), could set an industry standard. The problem for us LTO's: we are waiting for the golden egg - that definitive proof that we backed the right horse, which can only be demonstrated by conclusive, full results (IMHO). Whilst I don't expect this to appear in Q1, what I am NOW really excited about having reread the RNS below, and what I AM HOPING AIM WILL REACT TO, is the key phrase: "provide the first evidence of proof of mechanism for utrophin modulators in patients" This being the case, a whole host of enthusiasm and punters will come along, bringing new investment and short/medium-term expectation on the run-up to Q3 results, which could affirm the interim data readout (this not accounting for any business / strategy / takeover/ other opportunities ... which I evoked earlier in the thread below). BREF (as the French would say): my interest has been piqued by this one phrase. Happy to exchange on this with you boys and girls GLA - EP

Good on you ! I’m overly aware of my optimism and attachment to this company, and the fact that it may indeed be blinding me from certain practical truths ... However, having been here this long, and in view of the progress made and the seemingly optimistic nature of the board, I will continue to hold and see what happens. Fingers crossed. GLA- EP

At which point Summit might then split the company ... Could they retain the US rights and let Sarepta run the rest? Would this be in their interest and instead drive Antibiotics and CDiff? But then what to do with Kay's work and the rest of the team? I wouldn't say no to �5 a share but this also detracts from the CDiff potential moving forward and would make my personal investment decision a tough one. Or would a share offer be made to existing PIs? Too many variables and we don't know either the aspirations of the board (quit work and work non-exec? Use this as a platform to continue Summit work? Go elsewhere?) All that said: I agree that your proposal is feasible. I would really hope (too optimistically so) that the F3 results are better than you anticipate but I have a feeling that the realy fireworks will be the F6 data in Q3. Thanks for sharing your thoughts AMM GLA - EP

Morning all, For me there are still a lot of unknowns that make anticipating outcomes and building a strategy rather challenging: - whilst we originally thought that DMD was the end goal, suggestions have been made recently of splitting the company in 2 and driving DMD and CDiff (+ new antibiotic projects) separately - Will Sarepta step up and buy out Summit DMD work ? - I understood that Summit had wanted to take both projects through to P3 itself, keeping ahold of the US patent rights (whilst being open to collaboration opportunities) until completion of this phase - should this be so, buyout/takeover talks would be off the table (in theory) ... - AIM market reaction is anyone’s guess, even on the best of days - I personally can quantify nor anticipate what should be “the correct market reaction” on the unveiling of successful P2 data for the F3/F6 formulations ... +100/200/500% ... None of the above questions my confidence in the team nor the fantastic work and progress being made. Rather, I just don’t know whether we could see a super spike in Q1 and I don’t want to miss out on bagging profit like I did in 2013 (if I have my dates correct) .... derisk and run the rest ... or hold for even greater returns ... All to play for and it’s getting rather exciting as we come into the final straight “squeaky bum time”! GLA -EP

"DMD could be absolutely huge" - Glyn's words Caveat: he does also note the high-risk stakes involved in the DMD research and high-return potentiel) compared to the lower-risk, lower return CDiff work I still cannot get yesterday's link to work; computer telling me the page has moved or been deleted ...

http://www.summitplc.com/investors/presentations/ Just in case people want to catch up on what's going on: - Discuva call (available) - Biotech Showcase (link not yet active) ATB - EP

great find! detailed positive read :) GLA - EP

Panmure Gordon : https://www.panmure.com/our-services/mergers-acquisitions/ Not sure if this is something much to look into or not, but as I am sure is the case for many brokers, Panmure have a good nulber of M&A results from this last year As I wrote earlier, time will tell ... crunch time is approaching! GLA - EP

Morning all, Firstly, thank you very muich for the comments and feedback from everyone who could make the call. It all sounds very positive ... but obviously the question: will the results be what we are hoping for? For me, nothing has changed in the science. It's just squeaky bum time as we await the Q1 results and pray for a good result for the company so that those who need it most can have good promising news. Obviously, this will have a positive effect on the SP, so good news for us too, but that still remains secondary. What I cannot anticipate is the market reply ... I have no idea if results will generate an AIM reply of + 1% / 10% / 100% / 1000% ... and then now, the interesting possibility of a company split and potentiel Sarepta buyout ... But I just want to reiterate: nothing has changed in the science, to the best of my knowledge. Yes, Discuva and other factors may have changed our original thoughts on the company direction, but in terms of Q1 results and the eventuality of the SP going up or down, that remains the same and in principle, so too should each investor's strategy and approach to risk :) I am personally very excited (and nervous): 2018 is going to be make or break! Fingers and toes crossed GLA - EP

https://www.truebluetribune.com/2018/01/02/4-85-million-in-sales-expected-for-summit-therapeutics-plc-smmt-this-quarter.html Not the right logo ... Data seem correct? - EP