Summit Therapeutics Announces Proposed Public Offering of $15.0 Million of American Depositary Shares
14 September 2017 - 6:35AM
Summit Therapeutics plc (NASDAQ:SMMT) (AIM:SUMM), the drug
discovery and development company advancing therapies for Duchenne
muscular dystrophy and C. difficile infection, announces that it is
commencing an underwritten public offering of $15.0 million of
American Depositary Shares (“ADSs”) pursuant to a shelf
registration statement that was previously filed with and declared
effective by the Securities and Exchange Commission (“SEC”). All of
the ADSs in the offering are to be sold by Summit. Each ADS will
represent five ordinary shares of Summit. Summit’s ADSs trade on
the NASDAQ Global Market, and Summit’s ordinary shares trade on the
AIM market of the London Stock Exchange.
Canaccord Genuity Inc. and JMP Securities LLC are acting as
joint lead book-running managers for the offering.
The offering is subject to market and other conditions, and
there can be no assurance as to whether or when the offering may be
completed.
The securities will be issued and sold pursuant to an effective
shelf registration statement (including a base prospectus) that was
previously filed with the SEC. A preliminary prospectus supplement
relating to this offering will be filed with the SEC. When
available, copies of the preliminary prospectus supplement and
accompanying prospectus relating the offering may be obtained by
contacting Canaccord Genuity Inc., Attention: Syndicate Department,
99 High Street, 12th Floor, Boston, Massachusetts 02110, telephone:
+1 (617) 371-3900 or JMP Securities LLC, Prospectus Department, 600
Montgomery Street, 10th Floor, San Francisco, California 94111,
telephone: +1 (415) 835- 8985.Before investing in the offering,
interested parties should read the prospectus supplement and the
accompanying prospectus for the offering and the other documents
Summit has filed with the SEC, which are incorporated by reference
in the prospectus supplement and the accompanying prospectus for
the offering and provide more complete information about Summit and
the offering. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy any securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction. In particular, and without limitation,
no offer of securities to the public (as that term is understood in
the EU Prospectus Directive) is being made in the United Kingdom or
in any other country in the European Economic Area which has
implemented the EU Prospectus Directive.
About Summit TherapeuticsSummit is a
biopharmaceutical company focused on the discovery, development and
commercialization of novel medicines for indications for which
there are no existing or only inadequate therapies. Summit is
conducting clinical programs focused on the genetic disease
Duchenne muscular dystrophy and the infectious disease Clostridium
difficile infection. Forward Looking StatementsAny
statements in this press release about Summit’s future
expectations, plans and prospects, including but not limited to,
statements about whether or not Summit will consummate the offering
and the anticipated use of the proceeds from the offering, and
other statements containing the words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “would,” and
similar expressions, constitute forward looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, including: market conditions, the ability to complete the
offering, the uncertainties inherent in the initiation of future
clinical trials, availability and timing of data from on-going and
future clinical trials and the results of such trials, whether
preliminary results from a clinical trial will be predictive of the
final results of that trial or whether results of early clinical
trials or preclinical studies will be indicative of the results of
later clinical trials, expectations for regulatory approvals,
availability of funding sufficient for Summit’s foreseeable and
unforeseeable operating expenses and capital expenditure
requirements and other factors discussed in the “Risk Factors”
section of filings that Summit makes with the Securities and
Exchange Commission, including Summit’s Annual Report on Form 20-F
for the fiscal year ended January 31, 2017 and the preliminary
prospectus supplement related to the proposed offering filed with
the Securities and Exchange Commission on the date of this press
release. Accordingly, readers should not place undue reliance on
forward-looking statements or information. In addition, any
forward-looking statements included in this press release represent
Summit’s views only as of the date of this release and should not
be relied upon as representing Summit’s views as of any subsequent
date. Summit specifically disclaims any obligation to update any
forward-looking statements included in this press release.
Summit Therapeutics plc
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