Summit Therapeutics plc Completion Of $50 Million Fundraising And Directorate Change
December 24 2019 - 2:30AM
UK Regulatory
TIDMSUMM
Summit Therapeutics plc
("Summit Therapeutics" or the "Company")
Completion of $50 million Subscription and Placing and Directorate
Changes
Oxford, UK, and Cambridge, MA, US, 24 December 2019 - Summit
Therapeutics (AIM: SUMM, NASDAQ: SMMT), a leader in antibiotic
innovation, announces that the subscription and placing of new ordinary
shares and warrants (the "Fundraising") to raise approximately $50
million, which was approved by shareholders at the Company's general
meeting held on 23 December 2019, has completed. The subscription shares,
comprising 166,157,050 new ordinary shares, and placing shares,
comprising 9,221,400 new ordinary shares, were admitted to trading on
AIM effective at 8:00 a.m. GMT on 24 December 2019.
Completion of the Fundraising means that the proposed restructuring of
the Company's board of directors (the "Board") is now effective. The
restructured Board now comprises Mr Robert W. Duggan, Mr Manmeet Soni,
Dr Elaine Stracker and Dr Ventzislav Stefanov as non-executive directors,
and Mr Glyn Edwards as Chairman in addition to his role as the Company's
Chief Executive Officer. Dr Frank Armstrong, Mr Leopoldo Zambeletti and
Mr David Wurzer stepped down from the Board effective today.
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014. The person responsible for
arranging for the release of this announcement on behalf of the Company
is Richard Pye, Vice President, Investor Relations and Corporate
Affairs.
About Summit Therapeutics
Summit Therapeutics is a leader in antibiotic innovation. Our new
mechanism antibiotics are designed to become the new standards of care
for the benefit of patients and create value for payors and healthcare
providers. We are currently developing new mechanism antibiotics to
treat infections caused by C. difficile, N. gonorrhoeae and
Enterobacteriaceae and are using our proprietary Discuva Platform to
expand our pipeline. For more information, visit www.summitplc.com and
follow us on Twitter @summitplc.
For more information, please contact:
Summit
Glyn Edwards / Richard Pye (UK office) Tel: 44 (0)1235 443 951
Michelle Avery (US office) +1 617 225 4455
Cairn Financial Advisers LLP (Nominated Adviser) Tel: +44 (0)20 7213 0880
Liam Murray / Tony Rawlinson / Ludovico
Lazzaretti
N+1 Singer (Joint Broker) Tel: +44 (0)20 7496 3000
Aubrey Powell / George Tzimas, Corporate Finance
Tom Salvesen, Corporate Broking
Bryan Garnier & Co Limited (Joint Broker) Tel: +44 (0)20 7332 2500
Phil Walker / Dominic Wilson
MSL Group (US) Tel: +1 781 684 6552
mailto:summit@mslgroup.com
Erin Anthoine summit@mslgroup.com
------------------------------
Consilium Strategic Communications (UK) Tel: +44 (0)20 3709 5700
Mary-Jane Elliott / Sue Stuart / mailto:summit@consilium-comms.
Sukaina Virji / Lindsey Neville com
summit@consilium-comms.com
------------------------------
-END-
(END) Dow Jones Newswires
December 24, 2019 03:30 ET (08:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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