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Cambridge, Massachusetts, May 12, 2021 -Summit Therapeutics Inc. (NASDAQ:SMMT) Announced today that it has successfully concluded its fully subscribed allotment and related results.
Through the rights issue, the company sold 14,312,976 shares of the company’s shares at a price of $5.24 per share, each with a par value of $0.01 each (“share”, “share”). The company’s total income from the allotment is 75 million US dollars, the expenses related to the issuance are approximately 200,000 US dollars, and the Summit net income is 74.8 million US dollars! After the newly issued shares take effect, Summit has issued and issued 97,244,567 ordinary shares.
It is worth noting that Mr. Dugan, Chief Executive Officer and Executive Chairman, and Dr. Zanganeh, Chief Operating Officer, acquired the available shares for this offering.
Mr. Dugan said: “We have chosen to raise funds through allotment in order to provide all shareholders with the opportunity and flexibility to participate in the summit based on their shareholding ratio in the summit. I sincerely thank each shareholder who chose to join to gain confidence for this. The funding allows us to continue an important journey to provide patient- and doctor-friendly solutions to address the serious unmet medical needs of human healthcare.
Supplementary information related to the issuance of the prospectus was submitted to the United States Securities and Exchange Commission (“SEC”) on April 21, 2021, and can be found on the SEC website. The subscription rights that have not been exercised before 5:00 pm Eastern Daylight Time on May 10, 2021 have expired.
Contact Summit Investor Relations:
Dave Gancarz
Vice President of Investor Relations and Corporate Strategy
david.gancarz@summitplc.com
General enquiries:
investors@summitplc.com
Rights issue information and subscription agent:
Broadridge Corporation Issuer Solutions Ltd
+1 855 793 5068
owner@broadridge.com
Summit forward-looking statement
Any statements in this press release about the company’s future expectations, plans and prospects, including but not limited to the clinical and preclinical development of the company’s product candidates, the therapeutic potential of the company’s product candidates, and the company’s potential commercialization statement. Product candidate products, the timing of the start, completion and availability of clinical trial data, possible market approval applications, the impact of the COVID-19 pandemic on company operations and clinical trials, and others including “expectations, “believes”, and “continues” , “May”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “forecast”, “project”, “should”, “target”, “will” and similar The statements constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such predictions. Forward-looking statements are due to various important factors, including: the uncertainty inherent in the initiation of future clinical trials, the availability of ongoing and future clinical trial data, and Time and the results of such trials, the global public health crisis, including the coronavirus COVID-19 outbreak, may affect the timing and status of our clinical trials and operations, whether the preliminary results of the clinical trials can predict the final results of the trial, or Whether the results of early clinical trials or preclinical studies can indicate the results of subsequent clinical trials, expectations of regulatory approvals, laws and regulations affecting government contracts and funding rulings, are sufficient to meet the company’s foreseeable and unforeseeable operating expenditures and capital expenditure requirements Available funds, as well as other factors discussed in the “Risk Factors” section, documents submitted by the company to the US Securities and Exchange Commission. Therefore, readers should not rely excessively on forward-looking statements or information. In addition, any forward-looking statements contained in this press release only represent the company’s views as of the date of this press release and should not be construed as representing the company’s views on any subsequent date. The company expressly disclaims any obligation to update any forward-looking statements contained in this press release.
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