Summit Therapeutics set to join Russell 3000 Index

Cambridge, MA, June 08, 2021 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) is set to join the broad-market Russell 3000 Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US markets open on June 28, according to a preliminary list of additions posted by FTSE Russell.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 7, ranking them by total market capitalization.  Membership in the US all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes.  FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

“As we continue our progress in our mission to become a leader in resolving high unmet medical needs, we appreciate the full commitment this requires of Team Summit,” said Robert W. Duggan, our Chairman and Chief Executive Officer.  “Our inclusion within the Russell 3000 Index represents the recognition of the work Team Summit has put in thus far in the important journey to achieve our mission.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.  Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes.  Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000 Index and the Russell indexes reconstitution, please visit the “Russell Reconstitution” section on the FTSE Russell website.

About Summit Therapeutics
Summit Therapeutics, empowered by its Discuva Platform, the Company’s innovative antibiotic discovery engine, supported by BARDA and CARB-X funding, intends to be the leader in patient-friendly and paradigm-shifting treatments for infectious diseases and other significant unmet medical needs while being an ally to physicians.  Our new mechanism pipeline product candidates are designed with the goal to become the patient-friendly, new-era standard of care, by working in harmony with the human microbiome to treat prospective patients suffering from infectious disease, initially focusing on Clostridioides difficile infections (CDI).  The overriding objective of Summit Therapeutics is to create value for patients, hospital caregivers, and community-based healthcare providers, as well as healthcare payers around the world.  We seek to create value by developing drugs with high therapeutic efficacy - curing the cause of the patient's condition with minimal or zero disease recurrence or antimicrobial resistance, for the longest extent possible - and minimizing the trauma caused to the patient and healthcare ecosystem by minimizing serious side effects, disease recurrence, and inaccessibility to our treatments as a result of financial or other barriers.  Currently, Summit’s lead product candidate, ridinilazole, is engaged in two pivotal global Phase 3 trials, Ri-CoDIFy 1 & 2, each enrolling approximately 680 patients vs. the standard of care (vancomycin) for the treatment and reduction of recurrence of C. difficile infections, in addition to an adolescent trial, Ri-CoDIFy 3.  Commercialization of ridinilazole for the treatment and the reduction of recurrence of CDI is subject to regulatory approvals.  SMT-738, the second candidate within Summit’s portfolio, is currently in the IND-enabling phase for the treatment of multidrug resistant infections, specifically those caused by carbapenem-resistant Enterobacteriaceae (CRE).