Summit Therapeutics plc Surrender Of Share Options
October 08 2018 - 2:00AM
UK Regulatory
TIDMSUMM
Summit Therapeutics plc
('Summit' or the 'Company')
Surrender of Share Options
Oxford, UK, and Cambridge, MA, US, 8 October 2018 -- Summit Therapeutics
plc (NASDAQ: SMMT, AIM: SUMM), a leader in new mechanism antibiotic
innovation, announces that UK-based Executive Director and PDMRs, and
employees have voluntarily surrendered options to subscribe for a total
of 5,532,461 of the Company's ordinary shares of one penny nominal
value. Following the surrender, the total number of share options which
remains outstanding is 3,073,330 (representing 3.7% of the Company's
issued share capital). The surrendered options all have exercise prices
in excess of 105p. The changes to Executive Director and PDMR option
holdings are summarised in the following table:
Number of Number of
share options share options
Name Position surrendered still held
------------- ------------------------ -------------- --------------
Glyn Edwards Chief Executive Officer 3,055,096 409,959
------------- ------------------------ -------------- --------------
Chief Operating Officer
David Roblin and President of R&D 666,208 100,000
------------- ------------------------ -------------- --------------
The Company's remuneration policy, last approved by shareholders in July
2017, has been effective in attracting and retaining talent within the
business as well as aligning the long-term interests of Executive
Directors and employees with those of shareholders. The majority of the
share options held by employees are significantly below their exercise
price, due to the recent decline in the Company's share price following
its lead Duchenne muscular dystrophy candidate missing its primary and
secondary endpoints in a Phase 2 clinical trial, with the consequence
that they no longer represent a meaningful incentive.
Summit is now focussed on creating a successful antibiotics business.
Its strategy is developing new mechanism antibiotics to become the new
standards of care with this activity spearheaded by its Phase 3 ready
antibiotic candidate ridinilazole and supported by its proprietary
Discuva Platform.
In light of these developments, Summit's Board of Directors is actively
looking at ways to re-align the interests of all its employees as it
seeks to deliver its business strategy and create value for
shareholders. One potential method is to make a new award of share
options to all employees on terms and performance conditions which
reflect the current business strategy, provide the persons charged with
executing that strategy with meaningful and targeted incentives, and
better align their interests with those of shareholders. For this to be
viable, the Company would need to increase the size of its available
option pool to avoid exceeding the limit within Company policy on its
ability to issue shares in the form of share options. This surrender of
share options has increased the size of the option pool. The surrender
will have a non-cash impact on the Company financial statements.
The Remuneration Committee of the Board of Directors continues to
evaluate the choices available to it and has not as yet made any
decisions or commitments with regard to the granting of new share
options.
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 for C.
difficile infection and gonorrhoea and are using our proprietary Discuva
Platform to expand our pipeline. For more information, visit
www.summitplc.com and follow us on Twitter @summitplc.
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014 (MAR).
Contacts
Summit Therapeutics
Glyn Edwards / Richard Pye (UK +44 (0)1235 443
office) Tel: 951
Cairn Financial Advisers LLP
(Nominated Adviser) Tel: +44 (0)20 7213 0880
Liam Murray / Tony Rawlinson
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 impact of share option surrenders on the Company's
financial statements, the clinical and preclinical development of the
Company's product candidates, the therapeutic potential of the Company's
product candidates, the potential of the Discuva Platform, the potential
commercialisation of the Company's product candidates, the sufficiency
of the Company's cash resources, the timing of initiation, completion
and availability of data from clinical trials, the potential submission
of applications for marketing approvals 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 or preclinical studies will be indicative of the results of later
clinical trials, expectations for regulatory approvals, laws and
regulations affecting government contracts, 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, including the
Company's Annual Report on Form 20-F for the fiscal year ended 31
January 2018. 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.
-END-
(END) Dow Jones Newswires
October 08, 2018 02:00 ET (06:00 GMT)
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