Summit Therapeutics Announces Pricing of Public Offering of 1,459,000 American Depositary Shares
14 September 2017 - 1:03PM
Summit Therapeutics plc (NASDAQ:SMMT) (AIM:SUMM), the drug
discovery and development company advancing therapies for Duchenne
muscular dystrophy and C. difficile infection, announces the
pricing of its underwritten public offering of 1,459,000 American
Depositary Shares (“ADSs”) at a public offering price of $12.00 per
ADS, before underwriting discounts and commissions. Each ADS
represents five ordinary shares of Summit. Following the offering,
the ADSs will trade on the NASDAQ Global Market.
In addition, Summit has granted the underwriters an option for a
period of 30 days to purchase, at the public offering price less
underwriting discounts and commissions, up to an additional 218,850
ADSs. Gross proceeds from the offering are expected to be
approximately $17.5 million (or approximately $20.1 million if the
underwriters exercise in full their option to purchase additional
ADSs). Closing of the offering is expected to occur on or about
18 September 2017, subject to customary closing
conditions.
Canaccord Genuity Inc. and JMP Securities LLC are acting as
joint lead book-running managers for the offering. Needham &
Company, LLC is acting as lead manager and H.C. Wainwright &
Co., LLC is acting as co-manager.
The securities are being issued and sold pursuant to an
effective shelf registration statement (including a base
prospectus) that was previously filed with the Securities and
Exchange Commission (the “SEC”). A preliminary prospectus
supplement relating to and describing the terms of the offering was
filed with the SEC on 13 September 2017. The final prospectus
supplement relating to the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov. Copies of
the final prospectus supplement and the accompanying prospectus
relating to 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.
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.
For more information, please contact:
Summit
Glyn Edwards / Richard Pye (UK office)Erik Ostrowski / Michelle
Avery (US office) |
Tel: +44 (0)1235 443
951 +1 617 225 4455 |
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 satisfaction of customary closing
conditions, 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. 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.
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