Welcome to our dedicated page for Summit Therapeutics news (Ticker: SMMT), a resource for investors and traders seeking the latest updates and insights on Summit Therapeutics stock.
Summit Therapeutics Inc. (NASDAQ: SMMT) is a biopharmaceutical oncology company whose news flow is closely tied to the development of its lead investigational therapy, ivonescimab (SMT112 in Summit’s territories). Ivonescimab is described by the company as a potential first-in-class bispecific antibody targeting PD-1 and VEGF in a single molecule, and it is being evaluated in multiple Phase III clinical trials in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC).
News about Summit frequently covers clinical milestones for ivonescimab, including updates from the global Phase III HARMONi trial in EGFR-mutated NSCLC after third-generation EGFR TKI therapy, as well as HARMONi-3 and HARMONi-7 in first-line metastatic NSCLC and HARMONi-GI3 in first-line unresectable metastatic CRC. Company announcements have highlighted progression-free survival and overall survival data, hazard ratios, response rates, and safety profiles, along with presentations at major conferences such as the World Conference on Lung Cancer, SITC, and ESMO.
Investors following SMMT news will also see regulatory and corporate updates, including Summit’s submission of a Biologics License Application to the U.S. FDA for ivonescimab plus chemotherapy in EGFR-mutated NSCLC, Fast Track designation for the HARMONi setting, and summaries of Akeso’s HARMONi-A trial in China, which demonstrated a statistically significant overall survival benefit for ivonescimab plus chemotherapy versus chemotherapy alone.
Additional news items cover financing activities such as private placements and at-the-market offerings, inducement stock option grants under Nasdaq Listing Rule 5635(c)(4), and collaboration announcements. Notably, Summit has reported a clinical trial collaboration with GSK plc to evaluate ivonescimab in combination with GSK’s investigational B7-H3-targeting antibody-drug conjugate, risvutatug rezetecan (GSK’227), across multiple solid tumor settings including small cell lung cancer.
For readers tracking SMMT, the news stream provides insight into Summit’s late-stage oncology pipeline, regulatory interactions, capital-raising efforts, and partnerships that shape the company’s development path.
Summit Therapeutics Inc. (NASDAQ: SMMT) is conducting a rights offering aimed at raising up to
Summit Therapeutics Inc. (NASDAQ: SMMT) announced a rights offering scheduled for February 6, 2023, allowing current shareholders to purchase up to 476,190,476 shares of Common Stock at a price of $1.05 or the volume weighted-average price over the five days leading to the offering's expiration on March 1, 2023. If fully subscribed, the offering could generate gross proceeds of $500 million. Notably, CEO Robert W. Duggan and Co-CEO Maky Zanganeh plan to participate in the offering. A registration statement for the offering has been filed with the SEC but is yet to be effective. Investors are advised to read the final prospectus once available.
Summit Therapeutics Inc. (NASDAQ: SMMT) has finalized a definitive agreement with Akeso Inc. to in-license ivonescimab, a bispecific antibody aimed at treating non-small cell lung cancer (NSCLC). Summit will pay an upfront fee of
Summit Therapeutics (NASDAQ: SMMT) will present at the 41st Annual J.P. Morgan Healthcare Conference on January 9, 2023, at 3:45 PM PST. Robert W. Duggan, Chairman and CEO, along with Dr. Maky Zanganeh, Co-CEO and President, will discuss the newly licensed bispecific antibody, ivonescimab (SMT112). Additionally, a Special Meeting of Stockholders is scheduled for January 6, 2023, at 10:00 AM PST. Summit aims to develop innovative therapies that enhance quality of life and address significant healthcare needs.
Summit Therapeutics Inc. (SMMT) has entered a definitive agreement with Akeso Inc. for a $500 million upfront payment to in-license ivonescimab, a bispecific antibody aimed at oncology treatments. This partnership allows Summit to develop and commercialize ivonescimab in the U.S., Canada, Europe, and Japan, while Akeso retains rights in other regions. The deal could reach a total value of $5 billion, contingent on regulatory milestones. Additionally, Summit is launching a rights offering to raise up to $500 million to support clinical development activities.
Summit Therapeutics Inc. (NASDAQ: SMMT) has appointed Dr. Alessandra Cesano to its Board of Directors as of November 17, 2022. Dr. Cesano brings over 25 years of experience in oncology drug development, previously serving as CMO at Essa Pharma and holding roles at Biogen and Amgen. Her expertise in developing therapies for solid tumors aligns with Summit's plans to expand its oncology portfolio. Chairman Robert W. Duggan emphasized Dr. Cesano's role in guiding the company toward advancements in medicinal therapies for cancer patients.
Summit Therapeutics Inc. (NASDAQ: SMMT) reported its Q3 2022 financial results, showcasing significant cash reserves of $122 million, up from $71.8 million in Q4 2021. The company experienced a net loss of $21.4 million for Q3 2022, slightly higher than the $19.6 million loss in Q3 2021. For the nine months ended September 30, 2022, the net loss totaled $59.6 million. Operating cash outflow decreased to $46.8 million compared to $63.4 million for the same period last year. The company raised $100 million through a Rights Offering and received non-dilutive funding of $2.4 million from BARDA and CARB-X.
Summit Therapeutics presented data on its antibiotic candidate, ridinilazole, at IDWeek 2022, highlighting its efficacy against C. difficile infection. The Phase 3 trial, Ri-CoDIFy, involving 759 patients, showed a 53% relative risk reduction in recurrence rates compared to vancomycin. Ridinilazole achieved an 8.1% recurrence rate, while vancomycin had 17.3%. Notably, ridinilazole preserved gut microbiome diversity and did not increase antibiotic resistance. Despite these results, ridinilazole did not meet superiority endpoints. The drug remains unapproved by regulatory authorities.
Summit Therapeutics (NASDAQ: SMMT) announced its participation at IDWeek 2022, featuring an oral and poster presentation on its antibiotic candidate, ridinilazole. The oral presentation will discuss the Phase 3 Ri-CoDIFy study, highlighting ridinilazole's effectiveness in reducing C. difficile infection recurrence rates (8.1% vs. 17.3%) compared to vancomycin. Additionally, a poster showcases a national surveillance study on C. difficile isolates. The presentations aim to underscore ridinilazole's microbiome-sparing effects, although it remains unapproved by any regulatory body.
Summit Therapeutics (SMMT) announced the appointment of Dr. Robert Booth to its Board of Directors. Dr. Booth, renowned for initiating the BTK inhibitor program leading to IMBRUVICA®, brings over 30 years of biopharmaceutical experience, focusing on oncology, inflammation, and autoimmune diseases. His expertise is expected to enhance Summit's product pipeline through research and business development. Concurrently, Dr. Urte Gayko resigned from the board to focus on her role as Head of Regulatory, Quality, and Safety. The company aims to address serious medical needs with innovative therapies.