Successful capital raise provides a
present-time cash runway into the second half of 2024
Company to host Q4 Earnings Call on March 9,
2023 at 9:00am ET
Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit,” “we,” or the
“Company”) today announced the successful closing of its
fully-subscribed $500 million rights offering.
The rights offering resulted in the sale of approximately 476.2
million shares of the Company’s common stock, par value $0.01, at a
price of $1.05 per share. The Company received aggregate gross
proceeds from the rights offering of $500 million; expenses
associated with the offering are estimated to be approximately $0.5
million, yielding net proceeds of roughly $499.5 million from the
offering. After giving effect to the rights offering, Summit has
approximately 697.7 million shares of common stock issued and
outstanding.
Robert W. Duggan, Chairman and CEO, and Dr. Maky Zanganeh,
Co-CEO and President, each acquired available shares in the
offering. Updated positions of their shares held and their
respective ownership percentages in Summit will be disclosed via
Form 4 filings with the US Securities and Exchange Commission
(“SEC”).
With the successful completion of the rights offering, we
believe that we have sufficient funds to carry out our planned
operations into the second half of 2024. Our planned operations at
this time are substantially focused on ivonescimab, known as SMT112
in our license territories, which include the United States,
Canada, Europe, and Japan.
“As an organization, we are enthusiastic about the opportunity
we have moving forward with SMT112,” stated Mr. Duggan. “This
successful rights offering provides our company with the requisite
capital needed to support our mission to develop SMT112 with the
intention to improve the quality and potential duration of
patients’ lives who may benefit from this therapy. A rights
offering also allows us to provide all stockholders with the
opportunity to participate according to their proportional
ownership share in Summit and avoid dilution to their current
holdings. We continue to appreciate our long-term shareholders’
trust and support in Team Summit through participation in this
offering.”
A prospectus relating to the offering was filed with the SEC on
February 7, 2023 and is available on the SEC’s website.
Subscription rights that were not exercised by 5:00 pm Eastern Time
on March 1, 2023 have since expired.
Fourth Quarter & Year End 2022 Earnings Call
Summit today announced that it will host an earnings call to
announce its fourth quarter 2022 financial results and provide an
operational update for the Company on Thursday, March 9, 2023,
before the market opens. Summit will host a live webcast of the
earnings conference call at 9:00am ET. It will be accessible
through Summit’s website www.smmttx.com. An archived edition of the
session will be available on our website.
Summit Therapeutics’ Mission Statement
To build a viable, long-lasting health care organization that
assumes full responsibility for designing, developing, trial
execution and enrollment, regulatory submission and approval, as
well as successful commercialization of patient, physician,
caregiver, and societal-friendly medicinal therapy intended to:
improve quality of life, increase potential duration of life, and
resolve serious medical healthcare needs. To identify and control
promising product candidates based on exceptional scientific
development and administrational expertise, develop our products in
a rapid, cost-efficient manner, and to engage commercialization
and/or development partners when appropriate.
We accomplish this by building a team of world class
professional scientists and business administrators that apply
their experience and knowledge to this mission. Team Summit exists
to pose, strategize, and execute a path forward in medicinal
therapeutic health care that places Summit in a well-deserved, top
market share, leadership position. Team Summit assumes full
responsibility for stimulating continuous expansion of knowledge,
ability, capability, and well-being for all involved stakeholders
and highly-valued shareholders.
About Summit Therapeutics
Summit was founded in 2003 and our shares are listed on the
Nasdaq Global Market (symbol ‘SMMT’). We are headquartered in Menlo
Park, California, and we have additional offices in Oxford, UK and
Cambridge, UK. For more information, please visit
https://www.smmttx.com and follow us on Twitter @summitplc.
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, entry into and actions related to the
Company’s partnership with Akeso Inc., 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 development and commercialization
activities for SMT112, 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 SMT112. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230303005082/en/
Contact Summit Investor Relations: Dave Gancarz SVP,
Corporate Strategy & Stakeholder Relations
investors@smmttx.com
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