Summit Announces Closing of Private Placement of $50 Million
November 06 2020 - 3:01PM
Summit Therapeutics Inc.(“Summit” or the
“Company”)
Summit Announces Closing of Private Placement of $50
Million
Cambridge, MA, November 6, 2020 – Summit
(NASDAQ: SMMT) today announces that it has closed its previously
announced private placement for a fundraising of $50 million
(the “Fundraising”) through the issuance and sale of shares of
common stock to the Company’s Chief Executive Officer and Executive
Chairman, Robert W. Duggan and to two additional investors. Summit
placed 14,071,856 new shares of common stock with Mr. Duggan, and
pursuant to Securities Purchase Agreements executed on November 6,
2020 (the “Purchase Agreements”), 898,204 new shares of common
stock in the aggregate with Polar Capital and the Mahkam Zanganeh
Revocable Trust (the “Additional Investors”), for an aggregate
investment in the Company of $50 million. In each case, the
aggregate proceeds reflect a price of $3.34 per share of common
stock. The price per share of the common stock sold in the
Fundraising represents the Nasdaq closing price per share
immediately preceding the entry into the binding agreement with Mr.
Duggan for the Fundraising.
In connection with the closing of the investment from the
Additional Investors pursuant to the Purchase Agreements, Summit
executed a Registration Rights Agreement with the Additional
Investors whereby Summit has agreed to file a registration
statement registering for resale the Additional Investors’
purchased shares within 60 days of the closing, subject to certain
customary terms and conditions.
Summit believes that the net proceeds of the Fundraising will
extend its cash runway into the fourth quarter of 2021. The Company
expects to use these funds to support the following activities:
- Ridinilazole: Continued patient enrolment into the Ri-CoDIFy
Phase 3 clinical trial program of ridinilazole for the treatment
and the reduction of recurrence of Clostridioides difficile
infection.
- Ridinilazole: Preparatory activities to support the commercial
launch of ridinilazole, if approved.
- Development of early-stage research projects for the treatment
of multidrug-resistant Enterobacteriaceae infections using the
Company’s Discuva Platform.
- General corporate purposes.
The
securities issued to Mr. Duggan and the Additional Investors are
not registered under the Securities and Exchange Act of 1933, as
amended, and may not be offered or sold absent registration or an
applicable exemption from registration requirements.
ContactSummit Press
Officeinvestors@summitplc.com
Michael Donaldson, Chief Financial
Officermike.donaldson@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 timing for the closing of the Fundraising,
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,
global public health crises, including the coronavirus COVID-19
outbreak, that may affect timing and status of our clinical trials
and operations, 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
Current Report on Form 8-K filed on September 29, 2020 with certain
disclosures regarding the three and six months ended June 30, 2020.
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.
Summit Therapeutics (NASDAQ:SMMT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Summit Therapeutics (NASDAQ:SMMT)
Historical Stock Chart
From Jul 2023 to Jul 2024