Summit Therapeutics Inc - SMMT STOCK NEWS

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.

Summit Therapeutics announced the appointment of Dr. Mahkam Zanganeh as Chief Operating Officer, effective immediately. Previously a board member, Dr. Zanganeh brings strategic leadership and extensive operational expertise. Her past experience includes roles at Pharmacyclics, where she played a pivotal role in licensing deals. The company aims to enhance treatment for C. difficile infections through its lead candidate, ridinilazole, currently in Phase 3 trials. The leadership change is expected to strengthen the company’s position in antibiotic innovation.

Summit Therapeutics Inc. (NASDAQ: SMMT) reported its financial results for Q3 and nine months ending September 30, 2020. Patient enrollment in the Phase 3 Ri-CoDIFy trials for ridinilazole reached 448 as of November 15, 2020. However, uncertainties due to COVID-19 have led to a withdrawal of public commentary on trial completion timing. Financial highlights include cash and cash equivalents of $21.3 million, down from $63.8 million in December 2019, and a net loss of $39.3 million for the nine months ended September 30, 2020, up from $20.0 million in the same period the previous year.

Summit Therapeutics has successfully completed a $50 million private placement, issuing shares of common stock to its CEO, Robert W. Duggan, and two additional investors. A total of 14,071,856 shares were sold to Duggan and 898,204 shares to other investors at a price of $3.34 per share, matching the previous Nasdaq closing price. The proceeds are expected to support the Ri-CoDIFy Phase 3 clinical trial for ridinilazole and other early-stage projects, extending the company's cash runway into Q4 2021.

Summit Therapeutics announced a fundraising agreement worth approximately $50 million with CEO Robert W. Duggan. This private placement involves issuing up to 14,970,060 shares at a price of $3.34 per share, with a minimum of 9,730,539 shares to be sold. The funds will extend the company's cash runway into the third quarter of 2021, supporting the ongoing Ri-CoDIFy Phase 3 clinical trial for ridinilazole and preparatory activities for its potential commercial launch.

Summit Therapeutics Inc. has successfully redomiciled to Delaware, completing a scheme that transforms it from a UK company to a US-based entity. The High Court of Justice in England sanctioned the arrangement, leading to an exchange rate of five ordinary shares of Summit Therapeutics plc for one share of common stock of Summit Therapeutics Inc. Trading in the new shares on Nasdaq under the ticker SMMT will commence on September 21, 2020. Summit is focused on innovative antibiotic development, particularly for Clostridioides difficile infections.

Summit Therapeutics announced the U.K. High Court's approval of its redomiciliation to Delaware, USA, effective September 18, 2020. This process will establish Summit Therapeutics Inc. as the new holding company, with trading on Nasdaq under the ticker symbol SMMT beginning September 21, 2020. The redomiciliation does not change the share exchange ratio between the company's ordinary shares and American Depositary Shares. The company focuses on antibiotic innovation, particularly for Clostridioides difficile infections, currently testing its lead product, ridinilazole, in Phase III trials.