Summit Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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.
- Grant of options to purchase up to 330,000 shares of common stock to new employees.
- Options have a 10-year term with an exercise price of $7.80 per share, matching the market price on the grant date.
- Potential dilution of existing shareholders' equity due to the issuance of new shares.
The options awarded to the recipients are subject to vesting in equal annual installments over a four-year period. The options awarded are subject to the terms of a stock option agreement to be executed by the recipient of the grant.
About Summit Therapeutics
Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.
Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol "SMMT"). We are headquartered in
For more information, please visit https://www.smmttx.com and follow us on X @SMMT_TX.
Summit Forward-looking Statements
Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc., including the expected benefits of the amendment to the collaboration and license agreement, the intended use of the net proceeds from the private placement, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected use proceeds and uses thereof, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, and global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of filings that the Company makes with the Securities and Exchange Commission. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240703797030/en/
Contact Summit Investor Relations:
Dave Gancarz
Chief Business & Strategy Officer
Nathan LiaBraaten
Senior Director, Investor Relations
Source: Summit Therapeutics Inc.
FAQ
What is the date of the inducement grants announced by Summit Therapeutics?
How many shares were included in the inducement awards by Summit Therapeutics?
What is the exercise price for the stock options granted by Summit Therapeutics?
Over what period will the stock options granted by Summit Therapeutics vest?
Under which Nasdaq Listing Rule were the inducement awards granted by Summit Therapeutics?
