Summit Therapeutics Announces U.K. Court Approval of Scheme
September 17 2020 - 6:00AM
Summit Therapeutics plc
(“Summit” or the “Company”)
Summit Therapeutics Announces U.K. Court
Approval of Scheme; Expects to Complete Redomiciliation to
Delaware, USA as of September 18, 2020.
Oxford, UK, and Cambridge, MA, US,
September 17, 2020 – Summit Therapeutics plc (NASDAQ:
SMMT) led by billionaire investor Robert W. Duggan as Executive
Chairman, Chief Executive Officer and majority shareholder is
pleased to announce that as of September 18, 2020 it expects to
complete its redomiciliation to Delaware, USA. Mr Duggan and the
Summit Board of Directors extend their appreciation to the High
Court of Justice in England and Wales, which sanctioned on
September 16, 2020 the scheme of arrangements under Part 26 of the
Companies Act of 2006 (the “Scheme”) pursuant to which Summit
Therapeutics Inc. will become the new Delaware, USA incorporated
holding company of Summit Therapeutics plc and its
subsidiaries. The Scheme is expected to become effective, and
therefore complete, on September 18, 2020.
Subject to the effectiveness of the Scheme, it
is expected that the last day of trading in Summit Therapeutics plc
American Depositary Shares on the Nasdaq Global Market will be on
September 18, 2020 and the common stock of Summit Therapeutics Inc.
is expected to begin trading on the Nasdaq Global Market under the
ticker symbol “SMMT” on September 21, 2020. Since the ratio
at which ordinary shares of Summit Therapeutics plc will be
exchanged for shares of common stock of Summit Therapeutics Inc. is
equal to the ratio of its ordinary shares to the American
Depositary Shares, no adjustment to the Nasdaq trading price will
be made in connection with the listing of the common stock of
Summit Therapeutics Inc.
About Summit Therapeutics
Summit Therapeutics, empowered by its Discuva
Platform, the Company’s innovative antibiotic discovery engine, led
by Dr. Ventzislav Stefanov and supported by BARDA and Carb-X
funding, intends to be the leader in patient and physician friendly
paradigm shifting antibiotic innovation. Our new mechanism
antibiotics are designed to become the patient-friendly, new era
standard-of-care, by working in harmony with the human microbiome
to treat prospective patients suffering from infectious disease,
initially focussing on Clostridioides difficile infections (CDI)
which is estimated to impact over 3 million patients worldwide
annually. Commercialization of ridinilazole for the treatment of
CDI is subject to regulatory approvals. The overriding objective of
Summit Therapeutics is to create value for patients, hospital
infectious disease care givers, community based infectious disease
healthcare providers, as well as healthcare payors around the
world. Currently, Summit’s lead product ridinilazole is
engaged in two global phase III trials, Ri-CoDIFy 1 & 2, each
enrolling 680 patient’s vs standard of care (Vancomycin) for the
treatment of C. difficile infections.
Summit’s vision and mission is to extend our
pipeline through the development of new mechanism, narrow spectrum,
microbiome sparing antibiotics targeting C. difficile,
Gram-negative Enterobacteriaceae such as Escherichia coli and
Klebsiella pneumoniae and other bacterial infections with high
unmet medical need. For more information, visit www.summitplc.com
and follow us on Twitter @summitplc. For more information on the
Company’s Discuva Platform, visit
https://www.summitplc.com/our-science/discuva-platform.
Contacts Summit Press Office |
investors@summitplc.com |
Summit Forward-looking
Statements
Any statements in this press release about the
Company’s future expectations, plans and prospects, including but
not limited to, statements about the proposed redomiciliation,
clinical and preclinical development of the Company’s product
candidates, the therapeutic potential of the Company’s product
candidates, the potential commercialization of the Company’s
product candidates, the timing of initiation, completion and
availability of data from clinical trials, the potential submission
of applications for marketing approvals and other statements
containing the words "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "should," "target," "would," and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including: the uncertainties inherent in the initiation of
future clinical trials, availability and timing of data from
ongoing and future clinical trials and the results of such trials,
whether preliminary results from a clinical trial will be
predictive of the final results of that trial or whether results of
early clinical trials or preclinical studies will be indicative of
the results of later clinical trials, expectations for regulatory
approvals, laws and regulations affecting government contracts and
funding awards, availability of funding sufficient for the
Company’s foreseeable and unforeseeable operating expenses and
capital expenditure requirements and other factors discussed in the
"Risk Factors" section of filings that the Company makes with the
Securities and Exchange Commission, including the Company’s
Transition Report on Form 20-F for the eleven months ended December
31, 2019. Accordingly, readers should not place undue reliance on
forward-looking statements or information. In addition, any
forward-looking statements included in this press release represent
the Company’s views only as of the date of this release and should
not be relied upon as representing the Company’s views as of any
subsequent date. The Company specifically disclaims any obligation
to update any forward-looking statements included in this press
release.
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