Summit Announces Effectiveness of Scheme of Arrangement and Completion of Redomiciliation to Delaware, USA
18 September 2020 - 9:10PM
Summit Therapeutics Inc.
(“Summit” or the “Company”)
Summit Announces Effectiveness of Scheme
of Arrangement and Completion of Redomiciliation to Delaware,
USA
Cambridge, MA, September 18, 2020
– Summit (NASDAQ: SMMT) today announces the completion of
the company’s redomiciliation to Delaware, USA. Previously, Summit
Therapeutics plc announced that the High Court of Justice in
England and Wales had sanctioned the scheme of arrangement under
Part 26 of the Companies Act 2006 (the “Scheme”) pursuant to which
Summit Therapeutics Inc. is becoming the new Delaware, USA
incorporated holding company of Summit Therapeutics plc and its
subsidiaries. Following the delivery today of the Court Order
to the Registrar of Companies in the U.K., the Scheme has become
effective and every five ordinary shares, £0.01 par value per
share, of Summit Therapeutics plc were exchanged for one share of
common stock, $0.01 par value per share, of Summit Therapeutics
Inc. The entire issued share capital of Summit Therapeutics plc is
now owned by Summit Therapeutics Inc.
It is expected that the last day of trading in
the Summit Therapeutics plc American Depositary Shares on the
Nasdaq Global Market will be on September 18, 2020 and trading in
the shares of common stock of Summit Therapeutics Inc. on the
Nasdaq Global Market will commence on September 21, 2020 under the
ticker symbol “SMMT”, which was the symbol for the American
Depositary Shares of Summit Therapeutics plc. Since the ratio at
which the ordinary shares of Summit Therapeutics plc are being
exchanged for shares of common stock of Summit Therapeutics Inc. is
equal to the ratio of its ordinary shares to the American
Depositary Shares, no adjustment to the Nasdaq trading price is
being made in connection with the listing of the common stock of
Summit Therapeutics Inc.
About Summit Therapeutics
Summit Therapeutics, empowered by its Discuva
Platform, the Company’s innovative antibiotic discovery engine, led
by Dr. Ventzislav Stefanov and supported by BARDA and Carb-X
funding, intends to be the leader in patient and physician friendly
paradigm shifting antibiotic innovation. Our new mechanism
antibiotics are designed to become the patient-friendly, new era
standard-of-care, by working in harmony with the human microbiome
to treat prospective patients suffering from infectious disease,
initially focussing on Clostridioides difficile infections (“CDI”)
which is estimated to impact over 3 million patients worldwide
annually. Commercialization of ridinilazole for the treatment of
CDI is subject to regulatory approvals. The overriding objective of
Summit Therapeutics is to create value for patients, hospital
infectious disease care givers, community based infectious disease
healthcare providers, as well as healthcare payors around the
world. Currently, Summit’s lead product candidate
ridinilazole is engaged in two global phase III trials, Ri-CoDIFy 1
& 2, each enrolling 680 patients vs standard of care
(Vancomycin) for the treatment of C. difficile infections.
Summit’s vision and mission is to extend our
pipeline through the development of new mechanism, narrow spectrum,
microbiome sparing antibiotics targeting C. difficile,
Gram-negative Enterobacteriaceae such as Escherichia coli and
Klebsiella pneumoniae and other bacterial infections with high
unmet medical need.
For more information, visit www.summitplc.com
and follow us on Twitter @summitplc. For more information on the
Company’s Discuva Platform, visit
https://www.summitplc.com/our-science/discuva-platform.
Contacts Summit Press Office |
investors@summitplc.com |
Summit Forward-looking
Statements
Any statements in this press release about the
Company’s future expectations, plans and prospects, including but
not limited to, statements about the timing for the common stock of
Summit Therapeutics Inc. to begin trading on the Nasdaq Global
Market, clinical and preclinical development of the Company’s
product candidates, the therapeutic potential of the Company’s
product candidates, the potential commercialization of the
Company’s product candidates, the timing of initiation, completion
and availability of data from clinical trials, the potential
submission of applications for marketing approvals 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: the uncertainties inherent in the initiation of
future clinical trials, availability and timing of data from
ongoing 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, laws and regulations affecting government contracts and
funding awards, availability of funding sufficient for the
Company’s foreseeable and unforeseeable operating expenses and
capital expenditure requirements and other factors discussed in the
"Risk Factors" section of filings that the Company makes with the
Securities and Exchange Commission, including the Company’s
Transition Report on Form 20-F for the eleven months ended December
31, 2019. 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
the Company’s views only as of the date of this release and should
not be relied upon as representing the Company’s views as of any
subsequent date. The Company specifically disclaims any obligation
to update any forward-looking statements included in this press
release.
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