Summit Therapeutics Inc. - SMMT STOCK NEWS

Summit Therapeutics Inc. (NASDAQ: SMMT) is set to hold its virtual Annual Shareholders’ Meeting on June 16, 2021, at 1:00 pm ET. Shareholders and interested parties are invited to attend through a provided online link. The company's innovative Discuva Platform aims to advance treatments for infectious diseases, focusing on Clostridioides difficile infections. Summit's lead candidate, ridinilazole, is currently in pivotal Phase 3 trials, while SMT-738 is in the IND-enabling phase for multidrug-resistant infections. Regulatory approvals are essential for commercialization.

Summit Therapeutics (NASDAQ: SMMT) has selected SMT026738, a new preclinical candidate targeting multidrug-resistant infections, particularly carbapenem-resistant Enterobacteriaceae (CRE). The company received an initial award of up to $4.1 million from CARB-X to advance SMT-738 through preclinical and Phase 1a trials, with potential additional funding of $3.7 million based on milestones. SMT-738 employs a novel mechanism using LolCDE, targeting pathogens like Escherichia coli and Klebsiella pneumoniae, offering hope against infections with limited treatment options due to antibiotic resistance.

Summit Therapeutics Inc. (NASDAQ: SMMT) reported its Q1 2021 financial results, highlighting significant developments in its clinical trials and financial standing. The company has enrolled 652 patients in its ridinilazole Phase 3 trials, with a goal of 1,360. Financially, cash and cash equivalents rose to $102.2 million, up from $66.4 million at the end of 2020, bolstered by a $75 million Rights Offering. However, the company posted a net loss of $17.5 million for Q1 2021, significantly higher than the $6.1 million loss in Q1 2020.

Summit Therapeutics Inc. (NASDAQ: SMMT) announced the successful closing of its rights offering, raising $75 million from the sale of 14,312,976 shares at $5.24 each. The offering incurred approximately $200,000 in expenses, resulting in net proceeds of $74.8 million. Following this issuance, the total shares outstanding is 97,244,567. CEO Mr. Duggan emphasized the offering allowed all stockholders to participate based on their ownership. Unexercised subscription rights expired on May 10, 2021.

Summit Therapeutics Inc. (NASDAQ: SMMT) announced an impending expiration of its rights offering at 5:00 PM EDT on May 10, 2021. Shareholders must act quickly, as brokerage deadlines may begin today, May 5. The offering entails up to 14,312,977 shares with a total value of up to $75 million. The subscription price will be the lower of $5.24 or the volume-weighted average price over the last ten trading days. Notably, CEO Robert Duggan plans to exercise both his basic and oversubscription rights.

Summit Therapeutics announces a rights offering to raise up to $75 million by issuing 14,312,977 shares of common stock. The offering, effective April 21, 2021, allows existing stockholders, as of April 9, 2021, to purchase shares at $5.24 each or at a lower volume-weighted average price if applicable. Subscription rights must be exercised by May 10, 2021. Non-transferable rights will have no value if not exercised before the expiration date. Further details can be found in the prospectus filed with the SEC.

Summit Therapeutics (NASDAQ: SMMT) announced a rights offering for all stockholders as of April 9, 2021, allowing shares to be purchased at a maximum of $5.24 each. The offering could raise up to $75 million. Additionally, Executive Chairman Robert W. Duggan, holding 69% of shares, is expected to fully participate. The company also issued a $55 million promissory note, with an interest rate projected at 2.4%. Funds will support ongoing clinical trials for ridinilazole and other development efforts.

Summit Therapeutics Inc. (NASDAQ: SMMT) reported its financial results for Q4 and full year 2020, showing a net loss of $52.7 million compared to $29.1 million in 2019. As of March 12, 2021, the company has enrolled 581 patients in its Phase 3 Ri-CoDIFy clinical trials for ridinilazole, aiming to treat C. difficile infection with a target of 1,360 patients. Financial support from BARDA has reached $53.3 million, with a potential total of $72.5 million. The company ended 2020 with cash and equivalents of $66.4 million, sufficient to cover expenses into Q4 2021.