Summit Therapeutics Inc. - SMMT STOCK NEWS

Summit Therapeutics (NASDAQ: SMMT) has granted inducement awards of options to purchase up to 330,000 shares of common stock to six new employees. These awards, approved by the Compensation Committee, were given as an incentive for the new hires under Nasdaq Listing Rule 5635(c)(4). The options, granted on June 28, 2024, have a 10-year term with an exercise price of $7.80 per share, matching the closing price on the grant date. The options will vest in equal annual installments over four years and are governed by stock option agreements.

Summit Therapeutics has appointed Jeff Huber to its Board of Directors, effective immediately. Huber brings extensive experience from his roles at Google, GRAIL, and his venture capital firm, Triatomic Capital. His background in healthcare and technology aligns with Summit's focus on ivonescimab, a bispecific antibody candidate aimed at treating solid tumors. Huber's appointment is expected to enhance Summit's leadership as it strives to innovate in cancer treatment.

Summit Therapeutics (NASDAQ: SMMT) announced raising $200 million through the sale of 22,222,222 shares at $9.00 each, above the recent closing price. The funds will support ivonescimab's clinical development, working capital, and general corporate purposes. Additionally, Summit expanded its license territories for ivonescimab to include Latin America, the Middle East, and Africa, adding to its existing regions of the US, Canada, Europe, and Japan. This expansion deal, valued up to $70 million, enhances the collaboration with Akeso by improving data sharing and advancing clinical development and regulatory approval processes. A conference call is scheduled for June 3, 2024, at 8:00am ET.

Summit Therapeutics (NASDAQ: SMMT) announced the publication of a manuscript in JAMA detailing the HARMONi-A clinical trial results. The Phase III study, conducted by Akeso in China, investigated ivonescimab combined with chemotherapy in patients with EGFR-mutated non-small cell lung cancer (NSCLC) who had progressed after EGFR TKI treatment. The results indicate that ivonescimab, a PD-1/VEGF bispecific antibody, shows promise in this clinical setting where PD-1 monoclonal antibodies have previously failed.

The study was highlighted in an oral presentation at ASCO 2024 on May 31, 2024. A conference call to discuss the findings will be held on June 3, 2024, at 8:00 AM ET. The call will be webcast live and archived on Summit's website.

Summit Therapeutics (NASDAQ: SMMT) has announced that its partner, Akeso, has received marketing authorization from China's National Medical Products Administration (NMPA) for ivonescimab in combination with chemotherapy for treating patients with EGFR-mutated non-squamous non-small cell lung cancer (NSCLC). This approval is based on the Phase III HARMONi-A clinical trial, which showed a significant improvement in progression-free survival (PFS) and a positive trend in overall survival (OS). Ivonescimab plus chemotherapy achieved a 54% reduction in disease progression risk compared to chemotherapy alone, with a median PFS of 7.1 months versus 4.8 months for the placebo group. The trial also reported a disease control rate of 93.1% for the combination therapy. Safety profile was manageable, with 5.6% of patients discontinuing ivonescimab due to adverse events. The positive results were presented at the 2024 ASCO Annual Meeting. Summit will host a conference call on June 3, 2024, to discuss these updates.

Summit Therapeutics (NASDAQ: SMMT) announced inducement grants of options to purchase 200,000 shares of common stock as per Nasdaq Listing Rule 5635(c)(4).

The grants, made to a new employee, were approved by the Compensation Committee. These options, with a 10-year term, have an exercise price of $3.380 per share, matching the closing price on May 24, 2024.

Half of the options will vest annually over four years, while the other half depends on performance conditions related to market capitalization and revenue targets.

An agreement will formalize the terms of these options.

Summit Therapeutics announced that ivonescimab monotherapy has shown statistically significant superiority over pembrolizumab in a Phase III trial for PD-L1 positive NSCLC patients in China. The HARMONi-2 trial, sponsored by Akeso, demonstrated substantial progression-free survival (PFS) benefits across various patient subgroups. This marks the first time a drug has outperformed pembrolizumab in a head-to-head Phase III NSCLC trial. Full data will be presented at an upcoming conference. This result validates the differentiated mechanism of action of ivonescimab, potentially elevating existing standards of care.

Summit Therapeutics Inc. (NASDAQ: SMMT) reports financial results and operational progress for Q1 2024. Key highlights include ivonescimab (SMT112) advancement, HARMONi Phase III trial enrollment, and new board director appointment. Financially, the company holds $157.0 million in cash and cash equivalents, with notable increases in R&D and G&A expenses. Despite a GAAP net loss of $43.5 million, the company's strategic growth initiatives and operational developments remain promising.