Summit Therapeutics Announces Closing of $75 Million Rights Offering
May 12 2021 - 1:58PM
Cambridge, MA, May 12, 2021 -
Summit Therapeutics Inc. (NASDAQ: SMMT) announced today the
successful closing of its fully subscribed rights offering and the
associated results.
The rights offering resulted in the sale of 14,312,976 shares of
the Company’s common stock, par value $0.01 (the “Shares,” and
each, a “Share”) at a price of $5.24 per Share. The Company
received aggregate gross proceeds from the rights offering of $75
million, expenses associated with the offering were approximately
$200,000, yielding Summit net proceeds of $74.8 million!
After giving effect to the new share issuance, Summit has
97,244,567 shares of common stock issued and outstanding.
Of note, Mr. Duggan, CEO and Executive Chairman, and Dr
Zanganeh, COO acquired available shares in the offering.
Mr. Duggan stated, “We chose to raise capital through a rights
offering in order to provide all stockholders with the opportunity
and the flexibility to participate according to their prorata share
ownership in Summit. I truly appreciate each stockholder who chose
to participate for the confidence that you placed in Team
Summit. This funding allows us to continue on our important
journey to provide patient- and physician-friendly solutions to
serious unmet human health care medical needs.
A prospectus supplement relating to the offering was filed with
the US Securities and Exchange Commission (the “SEC”) on April 21,
2021 and is available on the SEC’s website. Subscription
rights that were not exercised by 5:00 pm Eastern Daylight Time on
May 10, 2021, have expired.
Contact Summit Investor
Relations:Dave GancarzVice President, Investor Relations
& Corporate Strategydavid.gancarz@summitplc.com
General Inquiries:
investors@summitplc.com
Rights Offering Information and
Subscription Agent:Broadridge Corporate Issuer Solutions,
Inc.+1 855 793 5068shareholder@broadridge.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 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, the impact of the COVID-19 pandemic on the Company’s
operations and clinical trials 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. 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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