Summit Therapeutics Inc. - SMMT STOCK NEWS

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.

Summit Therapeutics plc has announced plans to redomicile its holding company from the UK to the US, aligning with its focus on US market operations. This change aims to enhance corporate flexibility and access to capital for its treatment, ridinilazole, targeting C. difficile infection. Under a court-approved scheme, existing shares will convert at a 5:1 ratio for new shares in Delaware-based 'New Summit.' Shareholder and court approvals are needed for this proposal, which will not affect UK operations in Oxford and Cambridge.

Summit Therapeutics plc announces the publication of Phase 2 clinical trial data for its antibiotic, ridinilazole, in the American Journal of Physiology – Gastrointestinal and Liver Physiology. The trial, which involved 100 patients, showed that ridinilazole preserved gut microbiome better than vancomycin, leading to a 60% reduction in C. difficile infection recurrence. Ridinilazole is designed to selectively target C. difficile while maintaining gut health, providing a stronger long-term clinical response.

Summit Therapeutics has appointed Michael Donaldson as its new Chief Financial Officer, effective immediately. Donaldson brings over 20 years of finance experience, especially in corporate finance. He previously held leadership positions at Goldfinch Bio and ARIAD Pharmaceuticals, contributing to significant acquisitions. The company's ongoing Phase 3 clinical trials for its antibiotic candidate, ridinilazole, hold promise for treating C. difficile infections. Summit aims to innovate in antibiotic development to improve patient outcomes while maintaining a focus on financial solutions.

Summit Therapeutics plc (NASDAQ: SMMT) reported its financial results for Q1 2020, highlighting a cash balance of $55.3 million as of March 31, down from $60.3 million at the end of 2019. The company posted a loss of $6.1 million, an improvement over the $6.9 million loss in Q1 2019. The Phase 3 Ri-CoDIFy clinical trials for ridinilazole have enrolled 291 patients as of May 31, 2020, though patient enrollment has been negatively affected by COVID-19 uncertainties, leading to the withdrawal of public commentary on trial completion timelines.