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Summit Therapeutics Reports Financial Results and Operational Progress for the Second Quarter and Six Months Ended June 30, 2021
Cambridge, Massachusetts, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) ("Summit," "we," or the "Company") today reports its
About this update from Summit Therapeutics Inc.
[{"type":"text","content":"Cambridge, Massachusetts, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) (\"Summit,\" \"we,\" or the \"Company\") today reports its financial results and provides an update on its operational progress for the second quarter and six months ended June 30, 2021. Note: A glossary of terms is included at the end of this document in order to allow for the ease of understanding of terms or concepts used throughout this release. Financial Highlights Cash and cash equivalents on June 30, 2021, was $103.4 million, as compared to $66.4 million on December 31, 2020.In April, the Company commenced a Rights Offering for our existing shareholders to participate in the purchase of additional shares of our common stock, in which the associated subscription rights expired on May 10, 2021. Through this Rights Offering, the Company raised $75 million through the issuance and sale of 14.3 million shares of common stock. Of the $75 million raised through the Rights Offering, $55 million was used to repay an outstanding note payable, which was issued in the previous quarter to initiate our fund raising for the current year.The Company’s existing cash and cash equivalents and committed external funding are expected to be sufficient to enable the Company to fund its operating expenses and capital expenditure requirements for at least the next twelve months.Net loss for the three months ended June 30, 2021, was $24.4 million, as compared to a net loss of $15.3 million for the three months ended June 30, 2020. Net loss for the six months ended June 30, 2021, was $41.9 million, as compared to a net loss of $21.4 million for the six months ended June 30, 2020. BARDA, in its support of our Ri-CoDIFy clinical trials and regulatory development of ridinilazole, has provided Summit with a financial award, potentially funding of up to $72.5 million. As of June 30, 2021, an aggregate of $54.7 million had been received by Summit from BARDA. Ridinilazole for C. difficile Infection (‘CDI’)In conjunction with this release, we have simultaneously issued a press release today providing an update with respect to our Phase III Ri-CoDIFy clinical trials. Please refer to that release for our current operational progress with respect to ridinilazole. Discuva PlatformSMT-738 for Carbapenem-Resistant Enterobacteriaceae Infections The DDS-04 compound ...