Summit Therapeutics Inc Stock Price, News & Analysis

Summit Therapeutics Inc. (NASDAQ: SMMT) is conducting a rights offering aimed at raising up to $500 million before the expiration date of March 1, 2023. Each shareholder is entitled to purchase 2.152353 shares per existing share owned, at a subscription price of either $1.05 or the volume-weighted average price leading up to the expiration date. The rights are non-transferable and will expire if not exercised. The offering is linked to a registration statement effective from February 3, 2023, and details are available in the filed prospectus with the SEC.

Summit Therapeutics Inc. (NASDAQ: SMMT) announced a rights offering scheduled for February 6, 2023, allowing current shareholders to purchase up to 476,190,476 shares of Common Stock at a price of $1.05 or the volume weighted-average price over the five days leading to the offering's expiration on March 1, 2023. If fully subscribed, the offering could generate gross proceeds of $500 million. Notably, CEO Robert W. Duggan and Co-CEO Maky Zanganeh plan to participate in the offering. A registration statement for the offering has been filed with the SEC but is yet to be effective. Investors are advised to read the final prospectus once available.

Summit Therapeutics Inc. (NASDAQ: SMMT) has finalized a definitive agreement with Akeso Inc. to in-license ivonescimab, a bispecific antibody aimed at treating non-small cell lung cancer (NSCLC). Summit will pay an upfront fee of $500 million, with $300 million already disbursed and $200 million due by March 5, 2023. Akeso retains rights for other global markets, while Summit will receive milestone payments potentially totaling $4.5 billion and royalties on net sales. Following the deal, Akeso's CEO, Dr. Michelle Xia, joins Summit's board. A rights offering is also planned for shareholders, promising $500 million in gross proceeds.

Summit Therapeutics (NASDAQ: SMMT) will present at the 41st Annual J.P. Morgan Healthcare Conference on January 9, 2023, at 3:45 PM PST. Robert W. Duggan, Chairman and CEO, along with Dr. Maky Zanganeh, Co-CEO and President, will discuss the newly licensed bispecific antibody, ivonescimab (SMT112). Additionally, a Special Meeting of Stockholders is scheduled for January 6, 2023, at 10:00 AM PST. Summit aims to develop innovative therapies that enhance quality of life and address significant healthcare needs.

Summit Therapeutics Inc. (SMMT) has entered a definitive agreement with Akeso Inc. for a $500 million upfront payment to in-license ivonescimab, a bispecific antibody aimed at oncology treatments. This partnership allows Summit to develop and commercialize ivonescimab in the U.S., Canada, Europe, and Japan, while Akeso retains rights in other regions. The deal could reach a total value of $5 billion, contingent on regulatory milestones. Additionally, Summit is launching a rights offering to raise up to $500 million to support clinical development activities.

Summit Therapeutics Inc. (NASDAQ: SMMT) has appointed Dr. Alessandra Cesano to its Board of Directors as of November 17, 2022. Dr. Cesano brings over 25 years of experience in oncology drug development, previously serving as CMO at Essa Pharma and holding roles at Biogen and Amgen. Her expertise in developing therapies for solid tumors aligns with Summit's plans to expand its oncology portfolio. Chairman Robert W. Duggan emphasized Dr. Cesano's role in guiding the company toward advancements in medicinal therapies for cancer patients.

Summit Therapeutics Inc. (NASDAQ: SMMT) reported its Q3 2022 financial results, showcasing significant cash reserves of $122 million, up from $71.8 million in Q4 2021. The company experienced a net loss of $21.4 million for Q3 2022, slightly higher than the $19.6 million loss in Q3 2021. For the nine months ended September 30, 2022, the net loss totaled $59.6 million. Operating cash outflow decreased to $46.8 million compared to $63.4 million for the same period last year. The company raised $100 million through a Rights Offering and received non-dilutive funding of $2.4 million from BARDA and CARB-X.

Summit Therapeutics presented data on its antibiotic candidate, ridinilazole, at IDWeek 2022, highlighting its efficacy against C. difficile infection. The Phase 3 trial, Ri-CoDIFy, involving 759 patients, showed a 53% relative risk reduction in recurrence rates compared to vancomycin. Ridinilazole achieved an 8.1% recurrence rate, while vancomycin had 17.3%. Notably, ridinilazole preserved gut microbiome diversity and did not increase antibiotic resistance. Despite these results, ridinilazole did not meet superiority endpoints. The drug remains unapproved by regulatory authorities.

Summit Therapeutics (NASDAQ: SMMT) announced its participation at IDWeek 2022, featuring an oral and poster presentation on its antibiotic candidate, ridinilazole. The oral presentation will discuss the Phase 3 Ri-CoDIFy study, highlighting ridinilazole's effectiveness in reducing C. difficile infection recurrence rates (8.1% vs. 17.3%) compared to vancomycin. Additionally, a poster showcases a national surveillance study on C. difficile isolates. The presentations aim to underscore ridinilazole's microbiome-sparing effects, although it remains unapproved by any regulatory body.