Summit Therapeutics Inc. - SMMT STOCK NEWS

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.

Summit Therapeutics (NASDAQ: SMMT) reported its Q2 2022 financial results, showing a net loss of $16.8 million, an improvement from $24.4 million in Q2 2021. As of June 30, 2022, the company held $57.3 million in cash, down from $71.8 million at the end of 2021. A Rights Offering raised $100 million, netting approximately $99.9 million after costs, allowing the repayment of a $25 million note. Operating cash outflow for the first half of 2022 was $38.2 million. The company continues to receive funding from BARDA and CARB-X for ongoing clinical trials.

On August 9, 2022, Summit Therapeutics (NASDAQ: SMMT) announced the successful completion of a fully-subscribed $100 million rights offering. This initiative resulted in the sale of approximately 103 million shares at $0.97 per share, yielding net proceeds of about $99.9 million after offering expenses. Robert W. Duggan and Dr. Maky Zanganeh participated in the offering, securing additional shares. The company aims to utilize these funds to further its mission in improving human health. The rights offering allowed shareholders to prevent dilution of their current stakes.

Summit Therapeutics Inc. (NASDAQ: SMMT) has provided a preliminary update regarding its financial position and its rights offering. The offering, set to expire on August 8, 2022, could raise up to $100 million. The subscription price per share will be the lesser of $1.08 or the volume-weighted average price over the five days leading to the expiration. As of June 30, 2022, Summit reported at least $73 million in cash and receivables, indicating it can meet operational needs into Q3 2023.

Summit Therapeutics Inc. (NASDAQ: SMMT) has appointed Dr. Maky Zanganeh as Co-Chief Executive Officer & President, effective immediately. Previously serving as Chief Operating Officer since November 2020, Dr. Zanganeh brings extensive industry experience, having led Pharmacyclics' clinical development and a $21 billion acquisition by AbbVie. Robert W. Duggan remains Chairman and CEO, expressing confidence in the leadership team's ability to expand the company's pipeline and address high unmet medical needs, particularly in oncology and infectious diseases. Dr. Zanganeh's leadership is anticipated to positively impact Summit's growth.