Summit Therapeutics plc Summit Therapeutics Announces Closing Of Its Ads Public Offering Raising Usd20.1m Before Expenses
September 18 2017 - 1:00PM
UK Regulatory
TIDMSUMM
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INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
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Summit Therapeutics plc
("Summit" or the "Company")
SUMMIT THERAPEUTICS ANNOUNCES CLOSING OF ITS PUBLIC OFFERING OF AMERICAN
DEPOSITARY SHARES
Oxford, UK, 18 September 2017 - Summit Therapeutics plc (NASDAQ: SMMT,
AIM: SUMM), the drug discovery and development company advancing
therapies for Duchenne muscular dystrophy and C. difficile infection,
announces the closing of its previously announced public offering of
1,677,850 American Depositary Shares ("ADSs") at a public offering price
of $12.00 per ADS, including 218,850 ADSs sold pursuant to the
underwriters' exercise in full of their over-allotment option. Gross
proceeds from the public offering were approximately USD20.1 million.
All of the ADSs in the public offering were sold by Summit and trade on
the NASDAQ Global Market. Each ADS represents five ordinary shares of
Summit.
Canaccord Genuity Inc. and JMP Securities LLC acted as joint lead
book-running managers for the public offering. Needham & Company, LLC
acted as lead manager and H.C. Wainwright & Co., LLC acted as
co-manager.
Application has been made for 8,389,250 new ordinary shares in the
Company represented by the 1,677,850 ADSs sold in the public offering to
be admitted to trading on the AIM market. It is expected that admission
and dealing in these new ordinary shares will commence at 8:00am BST on
19 September 2017. The new ordinary shares will rank pari passu with the
Company's existing ordinary shares.
Following the close of the offering, the issued share capital of the
Company is 70,316,908 ordinary shares and this figure may be used by
shareholders as a denominator for the calculations by which they will
determine if they are required to notify their interest in, or change to
their interest in, the Company under the Disclosure and Transparency
Rules.
The securities were issued and sold pursuant to an effective shelf
registration statement (including a base prospectus) that was previously
filed with the Securities and Exchange Commission (the "SEC"). The final
prospectus supplement relating to the offering was filed with the SEC on
14 September 2017. The final prospectus and the accompanying prospectus
are available on the SEC's website at www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus relating to the
offering may be obtained by contacting Canaccord Genuity Inc.,
Attention: Syndicate Department, 99 High Street, 12th Floor, Boston,
Massachusetts 02110, telephone: +1 (617) 371-3900 or JMP Securities LLC,
Prospectus Department, 600 Montgomery Street, 10th Floor, San Francisco,
California 94111, telephone: +1 (415) 835- 8985. This press release is
being issued pursuant to and in accordance with Rule 135e under the
United States Securities Act of 1933, as amended (the "Securities Act").
This press release does not constitute a prospectus and does not
constitute or form part of any offer or invitation to sell or issue, or
the solicitation of an offer to purchase or acquire, any of the ordinary
shares or ADSs or any other securities in the United States of America
or in any other jurisdiction. Securities may not be offered or sold in
the United States of America absent registration or an exemption from
registration under the Securities Act. Any public offering of securities
to be made in the United States will be made by means of a prospectus.
Such prospectus will contain or incorporate by reference detailed
information about the issuer and its management and financial
statements. In particular, and without limitation, no offer of
securities to the public (as that term is understood in the EU
Prospectus Directive) is being made in the United Kingdom or in any
other country in the European Economic Area which has implemented the EU
Prospectus Directive.
About Summit Therapeutics
Summit is a biopharmaceutical company focused on the discovery,
development and commercialization of novel medicines for indications for
which there are no existing or only inadequate therapies. Summit is
conducting clinical programs focused on the genetic disease Duchenne
muscular dystrophy and the infectious disease Clostridium difficile
infection.
For more information, please contact:
Summit
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)
Liam Murray / Tony Rawlinson Tel: +44 (0)20 7213 0880
Forward Looking Statements
Any statements in this press release about Summit's future expectations,
plans and prospects, including but not limited to, statements about
whether or not Summit will consummate the offering and the anticipated
use of the proceeds from the offering, 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: market conditions, the
satisfaction of customary closing conditions, the uncertainties inherent
in the initiation of future clinical trials, availability and timing of
data from on-going 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 or preclinical studies will be indicative of the
results of later clinical trials, expectations for regulatory approvals,
availability of funding sufficient for Summit's foreseeable and
unforeseeable operating expenses and capital expenditure requirements
and other factors discussed in the "Risk Factors" section of filings
that Summit makes with the Securities and Exchange Commission, including
Summit's Annual Report on Form 20-F for the fiscal year ended 31 January
2017. 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 Summit's views only
as of the date of this release and should not be relied upon as
representing Summit's views as of any subsequent date. Summit
specifically disclaims any obligation to update any forward-looking
statements included in this press release.
-END-
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
September 18, 2017 13:00 ET (17:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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