Summit Therapeutics Announces Postponement of Its Planned Rights Offering
February 09 2022 - 7:00AM
Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit” or the “Company”)
today announced the postponement of its previously announced rights
offering to stockholders of record on February 4, 2022.
The Company had previously announced topline
results for its Phase III Ri-CoDIFy study evaluating ridinilazole
for the treatment of and Sustained Clinical Response (“SCR”) for
patients suffering from C. difficile infection ("C.
diff. infection" or "CDI"). The Company is continuing to
evaluate the underlying data and perform additional analyses,
including analyses specific to the microbiome, in order to discuss
its complete package with the regulatory authorities, including the
Food and Drug Administration, and make decisions about next steps
with respect to ridinilazole. In addition, the Company is
considering potential business development opportunities to expand
its pipeline of drug candidates, including without limitation,
through potential acquisitions of, and/or collaborations with,
other entities.
The Company has determined, based on its
aforementioned status and range of potential alternative next
steps, and in light of the Company’s cash balance as of December
31, 2021 of approximately $71 million (unaudited), that it was
advisable and in the best interests of stockholders to postpone the
rights offering at this time. The Company will continue to
evaluate its status with respect to potential next steps, and
anticipates setting a new record date and commencing the rights
offering in the next several months.
About Summit TherapeuticsThe overriding
objective of Summit Therapeutics is to create value for patients,
hospital caregivers, community-based healthcare providers, and
healthcare payers around the world, in addition to our highly
valued stakeholders and shareholders. We intend to create value by
developing drugs with high therapeutic efficacy – intending to cure
the cause and related effects of the patient's condition in need
with minimal patient trauma over time. Summit Therapeutics,
supported by BARDA, CARB-X, and Wellcome Trust funding, intends to
be the leader in patient-friendly and paradigm-shifting treatments
for significant unmet medical needs, including infectious diseases.
Our new era, novel mechanism pipeline product candidates are
designed with the goal to become the patient-friendly, new-era
standard of care, and are designed to work in harmony with the
human microbiome. Currently, Summit’s lead product candidate,
ridinilazole, is a novel, first-in-class drug engaged in a global
Phase III trial program. Commercialization of ridinilazole is
subject to regulatory approvals. SMT-738, the second candidate
within Summit’s portfolio, is currently in the IND-enabling phase
for the treatment of multidrug resistant infections, specifically
those caused by carbapenem-resistant Enterobacteriaceae (CRE).
For more information, please visit
https://www.summittxinc.com and follow us on Twitter
@summitplc.
Contact Summit Investor Relations:
Dave GancarzHead of Stakeholder Relations &
Corporate Strategydavid.gancarz@summitplc.com
General Inquiries:
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 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, potential acquisitions 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 results of our evaluation of the underlying
data in connection with the topline results of our Phase III
Ri-CoDIFy study evaluating ridinilazole, the outcome of discussions
with regulatory authorities, including the Food and Drug
Administration, the uncertainties inherent in the initiation of
future clinical trials, availability and timing of data from
ongoing and future clinical trials, the results of such trials, and
their success, and 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, whether business development opportunities to
expand the Company’s pipeline of drug candidates, including without
limitation, through potential acquisitions of, and/or
collaborations with, other entities occur, 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. Any change to our ongoing
trials could cause delays, affect our future expenses, and add
uncertainty to our commercialization efforts, as well as to affect
the likelihood of the successful completion of clinical development
of ridinilazole. 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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