TIDMSUMM
Summit Therapeutics plc
('Summit', the 'Company' or the 'Group')
SUMMIT THERAPEUTICS REPORTS FINANCIAL RESULTS FOR THE
FIRST QUARTERED 30 APRIL 2017 AND OPERATIONAL PROGRESS
Oxford, UK, 14 June 2017 - Summit Therapeutics plc (AIM: SUMM, NASDAQ:
SMMT), the drug discovery and development company advancing therapies
for Duchenne muscular dystrophy ('DMD') and C. difficile infection
('CDI'), today reports its unaudited financial results for the first
quarter ended 30 April 2017.
Mr Glyn Edwards, Chief Executive Officer of Summit, commented: "Over the
past quarter and in recent months, we have made meaningful advances in
both our DMD and CDI programmes to bring these programmes closer to the
patients in need. We continue to progress our PhaseOut DMD clinical
trial of our lead utrophin modulator, ezutromid, in the treatment of
DMD. We achieved a major milestone in the programme with the completion
of enrolment into PhaseOut DMD, triggering a $22 million payment from
Sarepta. In addition, we have made provisions for patients in the trial
to remain on ezutromid beyond the initial 48-weeks of the trial, which
will allow us to monitor safety and efficacy data related to longer-term
dosing. We look forward to reporting 24-week biopsy, MRI and functional
data in the first quarter of 2018 for what could be the first disease
modifying treatment for all patients with DMD.
"As we continue to prepare our other lead product candidate,
ridinilazole, for Phase 3 clinical development, a recent Lancet
Infectious Diseases publication highlighted the novel antibiotic's
differentiation and promise as a potential treatment for CDI, as
evidenced by the Phase 2 CoDIFy clinical data. We believe the robust
design of the Phase 3 clinical programme, which has received input from
the US Food and Drug Administration and European Medicines Agency, has
the potential to underpin ridinilazole as a potential front-line
treatment for CDI."
Utrophin Modulation Programme for DMD
Ezutromid Highlights
-- Completed enrolment into PhaseOut DMD in May 2017. PhaseOut DMD is a
48-week, open label Phase 2 clinical trial that has enrolled 40 patients
at sites in the UK and US. The trial aims to establish proof of concept
of ezutromid and is evaluating a range of muscle structure, muscle health
and functional endpoints.
-- Expecting to report full 24-week data analysis from PhaseOut DMD in Q1
2018. This data set will include 24-week biopsy data from all patients
who provide a 24-week biopsy sample (approximately 20). In addition,
Summit expects to report 24-week MRI and functional data from all 40
patients in the trial. Top-line data from the complete 48-week clinical
trial are expected in Q3 2018.
-- Received support from an Independent Data Monitoring Committee for the
extension of PhaseOut DMD following its interim review of safety and
tolerability data. The extension phase will allow Summit to continue to
gather long-term safety and efficacy data and is expected to last until
ezutromid either receives marketing approval in relevant countries or its
development is discontinued. In May 2017, Summit received the necessary
regulatory approvals for the extension phase.
CDI Programme
Ridinilazole Highlights
-- Outlined Phase 3 development programme for the novel antibiotic
ridinilazole following input from the US Food and Drug Administration and
European Medicines Agency. The primary endpoint of the Phase 3 trials is
expected to test for superiority in sustained clinical response compared
to vancomycin as the Company seeks to further differentiate ridinilazole
from currently marketed CDI treatments and those in late-stage
development. Preparation for the Phase 3 clinical trials is ongoing with
the trials planned to start H1 2018.
-- Continuing to explore various funding options for the Phase 3 development
programme as the Company seeks to maximize the value of ridinilazole.
Options include potentially entering into a collaboration with a third
party or securing meaningful non-dilutive funding from government
entities and philanthropic, non-government and not for profit
organisations.
-- Published Phase 2 CoDIFy clinical trial results in The Lancet Infectious
Diseases. CoDIFy evaluated ridinilazole against the standard of care
antibiotic, vancomycin, for the treatment of CDI. The results showed
ridinilazole demonstrated substantial clinical benefit over vancomycin.
This included ridinilazole achieving statistical superiority over
vancomycin in sustained clinical response, a composite endpoint of cure
at the end of treatment and no recurrence 30 days after treatment, a
result which was driven by a large numerical reduction in recurrent
disease.
-- Planning to report data from an exploratory Phase 2 clinical trial
evaluating ridinilazole against the antibiotic fidaxomicin later this
year. A key objective of the trial is to determine the relative impact on
the patients' microbiomes of treatment with ridinilazole compared to
fidaxomicin.
Operational
-- Strengthened R&D team with Chief Operating Officer Dr David Roblin
expanding his role to include serving as Chief Medical Officer and
appointments of Dr Anne Heatherington as Head of Clinical Development and
Quantitative Sciences and Dr Dave Powell as Head of Research. These
appointments, announced in May 2017, will help ensure the Company has the
leadership, depth of knowledge and expertise needed to support its
clinical and preclinical pipeline.
Financial Highlights
-- Cash and cash equivalents at 30 April 2017 of GBP19.4 million compared to
GBP28.1 million at 31 January 2017.
-- $22 million milestone payment to Summit triggered in May 2017, post the
period under review, under the terms of the licence and collaboration
agreement with Sarepta Therapeutics Inc. ('Sarepta').
-- Loss for the three months ended 30 April 2017 of GBP4.8 million compared
to a loss of GBP5.4 million for the three months ended 30 April 2016.
About Summit Therapeutics
Summit is a biopharmaceutical company focused on the discovery,
development and commercialisation of novel medicines for indications for
which there are no existing or only inadequate therapies. Summit is
conducting clinical programmes focused on the genetic disease Duchenne
muscular dystrophy and the infectious disease C. difficile infection.
Further information is available at www.summitplc.com and Summit can be
followed on Twitter (@summitplc).
For more information, please contact:
Summit Therapeutics
Glyn Edwards / Richard Pye (UK office) Tel: +44 (0)1235 443 951
Erik Ostrowski / Michelle Avery (US office) +1 617 225 4455
Cairn Financial Advisers LLP
(Nominated Adviser) Tel: +44 (0)20 7213 0880
Liam Murray / Tony Rawlinson
N+1 Singer
(Broker) Tel: +44 (0)20 7496 3000
Aubrey Powell / Lauren Kettle
MacDougall Biomedical Communications
(US media contact) Tel: +1 781 235 3060
Karen Sharma ksharma@macbiocom.com
Consilium Strategic Communications
(Financial public relations, UK) Tel: +44 (0)20 3709 5700
Mary-Jane Elliott / Sue Stuart / summit@consilium-comms.com
Jessica Hodgson / Lindsey Neville
Forward Looking Statements
Any statements in this press release about our future expectations,
plans and prospects, including statements about development and
potential commercialisation of our product candidates, the therapeutic
potential of our product candidates, the timing of initiation,
completion and availability of data from clinical trials, the potential
benefits and future operation of the collaboration with Sarepta
Therapeutics Inc., including any potential future payments thereunder,
any other potential third-party collaborations and expectations
regarding the sufficiency of our cash balance to fund operating expenses
and capital expenditures, 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 will be indicative of the results of later clinical trials,
expectations for regulatory approvals, availability of funding
sufficient for our foreseeable and unforeseeable operating expenses and
capital expenditure requirements and other factors discussed in the
"Risk Factors" section of filings that we make with the Securities and
Exchange Commission, including our Annual Report on Form 20-F for the
fiscal year ended 31 January 2017. In addition, any forward-looking
statements included in this press release represent our views only as of
the date of this release and should not be relied upon as representing
our views as of any subsequent date. We specifically disclaim any
obligation to update any forward-looking statements included in this
press release.
FINANCIAL REVIEW
Revenue
Revenue was GBP1.7 million for the three months ended 30 April 2017
compared to GBPnil for the three months ended 30 April 2016. This
increase resulted from the exclusive licence and collaboration agreement
entered into with Sarepta in October 2016, from which the Company
received an upfront payment of GBP32.8 million ($40 million). Of this
amount GBP4.0 million in the aggregate has been recognised to date. The
remaining GBP28.8 million of the upfront payment is classified as
deferred revenue and will continue to be recognised as revenue over the
development period.
Other Operating Income
There were no sources of other operating income during the three months
ended 30 April 2017 compared to GBP0.06 million recognised during the
three months ended 30 April 2016. The decrease is due to the Company's
withdrawal from the Innovate UK funding agreement in September 2016 in
order to enable the Company to take advantage of more tax efficient
opportunities related to research and development expenditure.
Operating Expenses
Research and Development Expenses
Research and development expenses increased by GBP0.2 million to GBP5.0
million for the three months ended 30 April 2017 from GBP4.8 million for
the three months ended 30 April 2016. The increase is driven by an
overall increase in investment in the DMD programme of GBP0.7 million
and an increase of GBP0.1 million in research and development related
staffing costs offset by a decrease in CDI clinical programme related
activities of GBP0.6 million.
General and Administration Expenses
General and administration expenses increased by GBP1.0 million to
GBP2.4 million for the three months ended 30 April 2017 from GBP1.4
million for the three months ended 30 April 2016. This increase was
primarily due to a net negative movement of GBP0.5 million in exchange
rate variance, an increase of GBP0.3 million in staff related costs and
an increase of GBP0.2 million in legal and professional fees.
Finance Costs
Following an International Financial Reporting Standards Interpretations
Committee agenda decision in May 2016 on the application of
International Accounting Standards 20 'Government Grants,' the Company
has changed its accounting policy regarding charitable funding
arrangements from the Wellcome Trust and US not for profit organisations
for the year ended 31 January 2017. See Note 1 - 'Change in accounting
policy' below. This change in accounting policy has been reflected
retrospectively in the comparative financial statements for the three
months ended 30 April 2016. Finance costs relate to the subsequent
re-measurement of the financial liability recognised in respect of
income arrangements and the unwinding of the discounts associated with
the liabilities. Finance costs remained consistent at GBP0.2 million for
the three months ended 30 April 2017 and for the three months ended 30
April 2016 (adjusted).
Cash Flows
Operating Activities
Net cash used in operating activities for the three months ended 30
April 2017 was GBP8.0 million compared to GBP6.4 million for the three
months ended 30 April 2016. This movement of GBP1.6 million was driven
by an increase in research and development expenses and general and
administrative expenses during the three months ended 30 April 2017.
Investing Activities
Net cash used in investing activities for the three months ended 30
April 2017 was GBP0.3 million compared to GBP4,000 for the three months
ended 30 April 2016. This includes the net amount of bank interest
received on cash deposits less amounts paid to acquire property, plant
and equipment. During the three months ended 30 April 2017, the Group
relocated its UK offices.
Financing Activities
Net cash inflow from financing activities for the three months ended 30
April 2017 of GBP0.01 million relates to proceeds from the exercise of
warrants and the exercise of share options. For the three months ended
30 April 2016, the Company received proceeds of GBP0.1 million from the
exercise of warrants.
Financial position
As at 30 April 2017, total cash and cash equivalents were GBP19.4
million compared to GBP28.1 million at 31 January 2017.
Due to the recognition of deferred revenue associated with the Sarepta
agreement and the recognition of a financial liability on funding
arrangements resulting from a change in accounting policy, the
Consolidated Statement of Financial Position continues to be in a net
liability position.
Glyn Edwards Erik Ostrowski
Chief Executive Officer Chief Financial Officer
14 June 2017
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)
For the three months ended 30 April 2017
Three
Three months months Three
ended ended months
30 April 30 April ended
2017 2017 30 April 2016 Adjusted*
Note $000s GBP000s GBP000s
Revenue 2,236 1,728 -
Other operating income - - 59
Operating expenses
Research and development (6,515) (5,035) (4,806)
General and administration (3,149) (2,434) (1,432)
Total operating expenses (9,664) (7,469) (6,238)
Operating loss (7,428) (5,741) (6,179)
Finance income 2 1 3
Finance cost 1 (290) (224) (194)
Loss before income tax (7,716) (5,964) (6,370)
Income tax 1,556 1,203 935
Loss for the period (6,160) (4,761) (5,435)
Other comprehensive loss
Items that may be reclassified subsequently to profit
or loss
Exchange differences on translating foreign operations (20) (15) (5)
Total comprehensive loss for the period (6,180) (4,776) (5,440)
Basic and diluted loss per Ordinary Share from 2
operations (10)cents (8)pence (9)pence
* See Note 1 - 'Change in accounting policy'
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)
As at 30 April 2017
30 April 30 April 31 January
2017 2017 2017
Note $000s GBP000s GBP000s
ASSETS
Non-current assets
Goodwill 859 664 664
Intangible assets 4,440 3,432 3,470
Property, plant and equipment 611 472 116
5,910 4,568 4,250
Current assets
Prepayments and other receivables 1,952 1,509 1,027
Current tax receivable 7,071 5,466 4,248
Cash and cash equivalents 25,050 19,362 28,062
34,073 26,337 33,337
Total assets 39,983 30,905 37,587
LIABILITIES
Non-current liabilities
Deferred revenue (28,317) (21,887) (23,615)
Financial liabilities on funding
arrangements 1 (7,948) (6,143) (5,919)
Provisions for other liabilities and
charges (129) (100) (85)
Deferred tax liability (731) (565) (565)
(37,125) (28,695) (30,184)
Current liabilities
Trade and other payables (4,130) (3,192) (3,984)
Provisions for other liabilities and
charges (110) (85) -
Deferred revenue (8,942) (6,912) (6,912)
(13,182) (10,189) (10,896)
Total liabilities (50,307) (38,884) (41,080)
Net liabilities (10,324) (7,979) (3,493)
EQUITY
Share capital 801 619 618
Share premium account 60,073 46,432 46,420
Share-based payment reserve 7,003 5,413 5,136
Merger reserve (2,513) (1,943) (1,943)
Special reserve 25,867 19,993 19,993
Currency translation reserve 45 35 50
Accumulated losses reserve (101,600) (78,528) (73,767)
Total deficit (10,324) (7,979) (3,493)
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
For the three months ended 30 April 2017
Three Three
months ended months ended Three months ended
30 April 30 April 30 April
2017 2017 2016 Adjusted*
$000s GBP000s GBP000s
Cash flows from operating activities
Loss before income tax (7,716) (5,964) (6,370)
Adjusted for:
Finance income (1) (1) (3)
Finance cost 290 224 194
Foreign exchange loss 612 473 45
Depreciation 30 23 11
Amortisation of intangible fixed assets 3 2 2
Loss on disposal of assets 48 37 -
Movement in provisions - - 7
Research and development expenditure credit - - (3)
Share-based payment 358 277 336
Adjusted loss from operations before changes in working
capital (6,376) (4,929) (5,781)
Increase in prepayments and other receivables (624) (482) (509)
Decrease in deferred revenue (2,236) (1,728) -
Decrease in trade and other payables (1,034) (798) (78)
Cash used by operations (10,270) (7,937) (6,368)
Taxation paid (19) (15) -
Net cash used by operating activities (10,289) (7,952) (6,368)
Investing activities
Purchase of property, plant and equipment (362) (280) (7)
Interest received 1 1 3
Net cash used in investing activities (361) (279) (4)
Financing activities
Proceeds from exercise of warrants 13 10 107
Proceeds from exercise of share options 4 3 -
Net cash generated from financing activities 17 13 107
Decrease in cash and cash equivalents (10,633) (8,218) (6,265)
Effect of exchange rates in cash and cash equivalents (624) (482) (50)
Cash and cash equivalents at beginning of the period 36,307 28,062 16,304
Cash and cash equivalents at end of the period 25,050 19,362 9,989
* See Note 1 - 'Change in accounting policy'
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
Three months ended 30 April 2017
Currency
translation
Share capital Share premium account Share-based payment reserve Merger reserve Special reserve reserve Accumulated losses reserve Total
Group GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 1 February 2017 618 46,420 5,136 (1,943) 19,993 50 (73,767) (3,493)
Loss for the period - - - - - - (4,761) (4,761)
Currency translation
adjustment - - - - - (15) - (15)
Total comprehensive loss
for the period - - - - - (15) (4,761) (4,776)
New share capital issued
from exercise of
warrants 1 9 - - - - - 10
Share options exercised - 3 - - - - - 3
Share-based payment - - 277 - - - - 277
At 30 April 2017 619 46,432 5,413 (1,943) 19,993 35 (78,528) (7,979)
Year ended 31 January 2017
Currency
translation
Share capital Share premium account Share-based payment reserve Merger reserve Special reserve reserve Accumulated losses reserve Total
Group GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 1 February 2016 613 46,035 3,757 (1,943) 19,993 21 (52,396) 16,080
Loss for the year - - - - - - (21,371) (21,371)
Currency translation
adjustment - - - - - 29 - 29
Total comprehensive loss
for the year - - - - - 29 (21,371) (21,342)
New share capital issued
from exercise of
warrants 2 105 - - - - - 107
Share options exercised 3 280 - - - - - 283
Share-based payment - - 1,379 - - - - 1,379
At 31 January 2017 618 46,420 5,136 (1,943) 19,993 50 (73,767) (3,493)
Three months ended 30 April 2016 (Adjusted*)
Currency
translation
Share capital Share premium account Share-based payment reserve Merger reserve Special reserve reserve Accumulated losses reserve Total
Group GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 1 February 2016 613 46,035 3,757 (1,943) 19,993 21 (52,396) 16,080
Loss for the period - - - - - - (5,435) (5,435)
Currency translation
adjustment - - - - - (5) - (5)
Total comprehensive loss
for the period - - - - - (5) (5,435) (5,440)
New share capital issued
from exercise of
warrants 2 105 - - - - - 107
Share-based payment - - 336 - - - - 336
At 30 April 2016 615 46,140 4,093 (1,943) 19,993 16 (57,831) 11,083
*See Note 1 - 'Change in accounting policy'
NOTES TO THE FINANCIAL STATEMENTS
For the three months ended 30 April 2017
1. Basis of accounting
The unaudited consolidated interim financial statements of Summit and
its subsidiaries (the 'Group') for the three months ended 30 April 2017
have been prepared in accordance with International Financial Reporting
Standards ('IFRS') and International Financial Reporting Interpretations
Committee ('IFRIC') interpretations as issued by the International
Accounting Standards Board and as adopted by the European Union and with
those parts of the Companies Act 2006 applicable to companies reporting
under IFRS including those applicable to accounting periods ending 31
January 2018 and the accounting policies set out in Summit's
consolidated financial statements. They do not include all the
statements required for full annual financial statements, and should be
read in conjunction with the consolidated financial statements of the
Group as at 31 January 2017 (the '2017 Accounts'). The 2017 Accounts, on
which the Company's auditors delivered an unqualified audit report, will
be delivered to the Registrar of Companies following the 2017 Annual
General Meeting.
The interim financial statements are prepared in accordance with the
historical cost convention. Whilst the financial information included in
this announcement has been prepared in accordance with IFRSs as issued
by the International Accounting Standards Board and adopted for use in
the European Union, this announcement does not itself contain sufficient
information to comply with IFRSs.
The Group expects it will need to raise additional funding in the future
in order to support research and development efforts, potential
commercialisation related activities if any of its product candidates
receive marketing approval, as well as to support activities associated
with operating as a public company in both the United States and the
United Kingdom. Management expects to finance its cash needs through a
combination of some, or all, of the following: equity offerings,
collaborations, strategic alliances, grants and clinical trial support
from government entities, philanthropic, non-government and not for
profit organisations and patient advocacy groups, debt financings, and
marketing, distribution or licensing arrangements.
After review of the future operating costs of the business in
conjunction with the cash held at 30 April 2017 and the $22 million
development milestone now due as detailed in Note 4, 'Subsequent events,
' management is confident about the Group's ability to continue as a
going concern and accordingly the interim financial statements have been
prepared on a going concern basis.
The financial information for the three month periods ended 30 April
2017 and 2016 are unaudited.
Solely for the convenience of the reader, unless otherwise indicated,
all pound sterling amounts stated in the Consolidated Balance Sheet as
at 30 April 2017, in the Consolidated Income Statement and in the
Consolidated Cash Flow Statement for the three months ended 30 April
2017 have been translated into US dollars at the rate on 28 April 2017
of $1.2938 to GBP1.00. These translations should not be considered
representations that any such amounts have been, could have been or
could be converted into US dollars at that or any other exchange rate as
at that or any other date.
The Board of Directors of the Company approved this statement on 14 June
2017.
Change in accounting policy
Following an IFRS IC agenda decision in May 2016 on the application of
International Accounting Standard 20 'Government Grants,' the Company
changed its accounting policy regarding charitable funding arrangements
from the Wellcome Trust and US not for profit organisations during the
year ended 31 January 2017.
In exchange for the funding provided, these arrangements require the
Company to pay royalties on potential future revenues generated from
these projects and also give the counterparties certain rights over the
intellectual property if the compound is not exploited. The IFRIC
decision has clarified that such arrangements result in a financial
liability. The estimate of the financial liability is initially
recognised at fair value using a discounted cash flow model with the
difference between the fair value of the liability and the cash received
considered to represent a charitable grant.
When determining the fair value on initial recognition, the significant
assumptions in the model include the estimation of the timing and the
probability of successful development leading to commercialisation of
the project related results and related estimates of future cash flows.
Estimated future cash flows include expected sources of revenue
(including commercial sales and upfront payments, milestone payments and
royalties from potential licensing arrangements) and are calculated
using estimated geographical market share and associated pricing.
The financial liability is subsequently measured at amortised cost using
a discounted cash flow model, which calculates the risk adjusted present
values of estimated potential future cash flows for the respective
projects related to the Wellcome Trust and US not for profit
organisations. The financial liability is re-measured when there is a
specific significant event that provides evidence of a significant
change in the probability of successful development such as the
completion of a phase of research or changes in use or market for a
product. The model will be updated for changes in the clinical
probability of success and other associated assumptions with the
discount rate remaining consistent within the model.
Re-measurements of the financial liability are recognised in the income
statement as finance costs. Grant income is recognised as other
operating income in accordance with International Accounting Standard
20, 'Accounting for Government Grants and Disclosure of Government
Assistance,' at the same time as the underlying expenditure is incurred,
provided that there is reasonable assurance that the Group will comply
with the conditions.
This change in accounting policy has been reflected retrospectively in
the comparative financial statements for the three months ended 30 April
2016. The opening position as at 1 February 2016 is in line with
comparative amounts disclosed in the financial statements for the year
ended 31 January 2017.
The impact of this change in accounting policy on the unaudited
condensed consolidated financial statements is a reduction in other
income historically recognised, a change in the level of accrued income
accounted for as grant income and the recognition of a financial
liability and finance costs associated with the unwinding of the
discount.
Original Adjusted
Impact on Consolidated Statement of Comprehensive Three months ended 30 April 2016 Three months ended 30 April 2016 Impact
Income GBP000 GBP000 GBP000
Finance costs - (194) (194)
- (194) (194)
Original Adjusted
Three months ended 30 April 2016 Three months ended 30 April 2016 Impact
Impact on Consolidated Statement of Cash Flows GBP000 GBP000 GBP000
Loss before income tax (6,176) (6,370) (194)
Adjusted for:
Finance costs - 194 194
Impact on net cash used in operating activities (6,368) (6,368) -
2. Loss per share calculation
The loss per Ordinary Share has been calculated by dividing the loss for
the period by the weighted average number of Ordinary Shares in issue
during the three months ended 30 April 2017: 61,883,701 (for the three
months ended 30 April 2016: 61,324,182).
Since the Group has reported a net loss, diluted loss per Ordinary Share
is equal to basic loss per Ordinary Share.
3. Issue of share capital
On 22 February 2017, 50,000 Ordinary Shares were issued following the
exercise of warrants at an exercise price of 20 pence per share. The
issue of shares raised net proceeds of GBP10,000.
On 10 April 2017, 16,667 Ordinary Shares were issued following the
exercise of options. The exercise of options raised net proceeds of
GBP3,000.
Following the exercise of the above warrants and share options, the
number of Ordinary Shares in issue was 61,908,233.
All new Ordinary Shares rank pari passu with existing Ordinary Shares.
4. Subsequent events
In May 2017, the Group announced the first dosing of the last patient in
its ongoing Phase 2 clinical trial of ezutromid which triggered a $22
million milestone payment due to Summit as part of the Group's licence
and collaboration agreement with Sarepta.
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014 (MAR).
--
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Summit Therapeutics plc via Globenewswire
http://www.summitplc.com/
(END) Dow Jones Newswires
June 14, 2017 07:00 ET (11:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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