Summit Therapeutics plc Summit Therapeutics Announces Closing Of Its Ads Public Offering Raising Usd20.1m Before Expenses

 
TIDMSUMM 
 
 
   NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR 
INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A 
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 
 
   Summit Therapeutics plc 
 
   ("Summit" or the "Company") 
 
   SUMMIT THERAPEUTICS ANNOUNCES CLOSING OF ITS PUBLIC OFFERING OF AMERICAN 
DEPOSITARY SHARES 
 
   Oxford, UK, 18 September 2017 - 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 closing of its previously announced public offering of 
1,677,850 American Depositary Shares ("ADSs") at a public offering price 
of $12.00 per ADS, including 218,850 ADSs sold pursuant to the 
underwriters' exercise in full of their over-allotment option. Gross 
proceeds from the public offering were approximately USD20.1 million. 
All of the ADSs in the public offering were sold by Summit and trade on 
the NASDAQ Global Market. Each ADS represents five ordinary shares of 
Summit. 
 
   Canaccord Genuity Inc. and JMP Securities LLC acted as joint lead 
book-running managers for the public offering. Needham & Company, LLC 
acted as lead manager and H.C. Wainwright & Co., LLC acted as 
co-manager. 
 
   Application has been made for 8,389,250 new ordinary shares in the 
Company represented by the 1,677,850 ADSs sold in the public offering to 
be admitted to trading on the AIM market. It is expected that admission 
and dealing in these new ordinary shares will commence at 8:00am BST on 
19 September 2017. The new ordinary shares will rank pari passu with the 
Company's existing ordinary shares. 
 
   Following the close of the offering, the issued share capital of the 
Company is 70,316,908 ordinary shares and this figure may be used by 
shareholders as a denominator for the calculations by which they will 
determine if they are required to notify their interest in, or change to 
their interest in, the Company under the Disclosure and Transparency 
Rules. 
 
   The securities were 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"). The final 
prospectus supplement relating to the offering was filed with the SEC on 
14 September 2017.  The final prospectus and the accompanying prospectus 
are 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: [phone] or JMP Securities LLC, 
Prospectus Department, 600 Montgomery Street, 10th Floor, San Francisco, 
California 94111, telephone: [phone].  This press release is 
being issued pursuant to and in accordance with Rule 135e under the 
United States Securities Act of 1933, as amended (the "Securities Act"). 
 
   This press release does not constitute a prospectus and does not 
constitute or form part of any offer or invitation to sell or issue, or 
the solicitation of an offer to purchase or acquire, any of the ordinary 
shares or ADSs or any other securities in the United States of America 
or in any other jurisdiction. Securities may not be offered or sold in 
the United States of America absent registration or an exemption from 
registration under the Securities Act. Any public offering of securities 
to be made in the United States will be made by means of a prospectus. 
Such prospectus will contain or incorporate by reference detailed 
information about the issuer and its management and financial 
statements. 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 Therapeutics 
 
   Summit 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)        Tel: [phone] 
Erik Ostrowski / Michelle Avery (US office)            [phone] 
 
Cairn Financial Advisers LLP 
(Nominated Adviser) 
Liam Murray / Tony Rawlinson                  Tel: [phone] 
 
   Forward Looking Statements 
 
   Any 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 31 January 
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. 
 
   -END- 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Summit Therapeutics plc via Globenewswire 
 
 
  http://www.summitplc.com/ 
 

(END) Dow Jones Newswires

September 18, 2017 13:00 ET (17:00 GMT)

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