Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit” or the “Company”)
today announced that the Company’s Board of Directors has approved
a rights offering available to all holders of record of the
Company’s common stock, par value $0.01 (the “Common Stock”) as of
the close of the market on July 5, 2022 (the “Record Date”). The
Company intends to distribute to all holders of Common Stock as of
the Record Date non-transferable subscription rights to purchase
shares of Common Stock at a price per share equal to the lesser of
(i) $1.08 per share, the closing price of the Common Stock on June
22, 2022, or (ii) the volume weighted-average price of the Common
Stock for the five consecutive trading days through and including
the expiration date of the offering, currently contemplated to be
August 5, 2022. Assuming that the rights offering is fully
subscribed, the Company will receive gross proceeds of up to $100
million, less expenses related to the rights offering.
The rights offering will include an
over-subscription right to permit each rights holder that exercises
its basic subscription rights in full to purchase additional shares
of Common Stock that remain unsubscribed at the expiration of the
offering. The availability of the over-subscription right will be
subject to certain terms and conditions to be set forth in the
offering documents.
Robert W. Duggan, Chairman, Chief Executive
Officer, and the beneficial owner of approximately 70% of Summit’s
Common Stock prior to this rights offering, and Dr. Maky Zanganeh,
Chief Operating Officer, a member of the Board of Directors, and
the beneficial owner of approximately 6.5% of the Company’s Common
Stock prior to this rights offering, have each indicated that they
intend to participate in the rights offering, but have not
indicated a minimum level of participation or made any formal
binding commitment to participate.
The Company intends to register the rights
offering with the Securities and Exchange Commission (the “SEC”) by
filing a prospectus supplement to the Company’s effective shelf
registration statement on Form S-3. When available, a copy of the
prospectus supplement may be obtained at the website maintained by
the SEC at www.sec.gov.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor will there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation, or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The rights
offering will be made pursuant to the Company’s shelf registration
statement on Form S-3, which became effective on October 15, 2020,
and a prospectus supplement containing the detailed terms of the
rights offering to be filed with the SEC. Any offer will be made
only by means of a prospectus forming part of the registration
statement.
Summit Therapeutics’ Mission StatementTo
build a viable, long-lasting health care organization that assumes
full responsibility for designing, developing, trial execution and
enrollment, regulatory submission and approval, and 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 TherapeuticsSummit 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.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.
Summit Therapeutics (NASDAQ:SMMT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Summit Therapeutics (NASDAQ:SMMT)
Historical Stock Chart
From Apr 2023 to Apr 2024