Summit Announces Closing of Private Placement of $50 Million

Nachrichtenquelle: globenewswire
06.11.2020, 22:01  |  148   |   |   

Summit Therapeutics Inc.
(“Summit” or the “Company”)

Summit Announces Closing of Private Placement of $50 Million

Cambridge, MA, November 6, 2020 – Summit (NASDAQ: SMMT) today announces that it has closed its previously announced private placement for a fundraising of  $50 million (the “Fundraising”) through the issuance and sale of shares of common stock to the Company’s Chief Executive Officer and Executive Chairman, Robert W. Duggan and to two additional investors. Summit placed 14,071,856 new shares of common stock with Mr. Duggan, and pursuant to Securities Purchase Agreements executed on November 6, 2020 (the “Purchase Agreements”), 898,204 new shares of common stock in the aggregate with Polar Capital and the Mahkam Zanganeh Revocable Trust (the “Additional Investors”), for an aggregate investment in the Company of $50 million. In each case, the aggregate proceeds reflect a price of $3.34 per share of common stock. The price per share of the common stock sold in the Fundraising represents the Nasdaq closing price per share immediately preceding the entry into the binding agreement with Mr. Duggan for the Fundraising.

In connection with the closing of the investment from the Additional Investors pursuant to the Purchase Agreements, Summit executed a Registration Rights Agreement with the Additional Investors whereby Summit has agreed to file a registration statement registering for resale the Additional Investors’ purchased shares within 60 days of the closing, subject to certain customary terms and conditions.

Summit believes that the net proceeds of the Fundraising will extend its cash runway into the fourth quarter of 2021. The Company expects to use these funds to support the following activities:

  • Ridinilazole: Continued patient enrolment into the Ri-CoDIFy Phase 3 clinical trial program of ridinilazole for the treatment and the reduction of recurrence of Clostridioides difficile infection.
     
  • Ridinilazole: Preparatory activities to support the commercial launch of ridinilazole, if approved.
     
  • Development of early-stage research projects for the treatment of multidrug-resistant Enterobacteriaceae infections using the Company’s Discuva Platform.
     
  • General corporate purposes.

             
The securities issued to Mr. Duggan and the Additional Investors are not registered under the Securities and Exchange Act of 1933, as amended, and may not be offered or sold absent registration or an applicable exemption from registration requirements.

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Summit Announces Closing of Private Placement of $50 Million Summit Therapeutics Inc.(“Summit” or the “Company”) Summit Announces Closing of Private Placement of $50 Million Cambridge, MA, November 6, 2020 – Summit (NASDAQ: SMMT) today announces that it has closed its previously announced private placement …

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