Business
Summit Therapeutics Closes Fully-Subscribed $500 Million Rights Offering
Successful capital raise provides a present-time cash runway into the second half of 2024 Company to host Q4 Earnings Call on March 9, 2023 at 9:00am ET
About this update from Summit Therapeutics Inc.
[{"type":"text","content":"\nSuccessful capital raise provides a present-time cash runway into the second half of 2024\n\nCompany to host Q4 Earnings Call on March 9, 2023 at 9:00am ET\n\n MENLO PARK, Calif.--(BUSINESS WIRE)--\nSummit Therapeutics Inc. (NASDAQ: SMMT) (“Summit,” “we,” or the “Company”) today announced the successful closing of its fully-subscribed $500 million rights offering.\n\nThe rights offering resulted in the sale of approximately 476.2 million shares of the Company’s common stock, par value $0.01, at a price of $1.05 per share. The Company received aggregate gross proceeds from the rights offering of $500 million; expenses associated with the offering are estimated to be approximately $0.5 million, yielding net proceeds of roughly $499.5 million from the offering. After giving effect to the rights offering, Summit has approximately 697.7 million shares of common stock issued and outstanding.\n\nRobert W. Duggan, Chairman and CEO, and Dr. Maky Zanganeh, Co-CEO and President, each acquired available shares in the offering. Updated positions of their shares held and their respective ownership percentages in Summit will be disclosed via Form 4 filings with the US Securities and Exchange Commission (“SEC”).\n\nWith the successful completion of the rights offering, we believe that we have sufficient funds to carry out our planned operations into the second half of 2024. Our planned operations at this time are substantially focused on ivonescimab, known as SMT112 in our license territories, which include the United States, Canada, Europe, and Japan.\n\n“As an organization, we are enthusiastic about the opportunity we have moving forward with SMT112,” stated Mr. Duggan. “This successful rights offering provides our company with the requisite capital needed to support our mission to develop SMT112 with the intention to improve the quality and potential duration of patients’ lives who may benefit from this therapy. A rights offering also allows us to provide all stockholders with the opportunity to participate according to their proportional ownership share in Summit and avoid dilution to their current holdings. We continue to appreciate our long-term shareholders’ trust and support in Team Summit through participation in this offering.”\n\nA prospectus relating to the offering was filed with the SEC on February 7, 2023 and is available on th...