Summit Therapeutics Share Discussion Threads

[1gw] 04/3/2020 19:10

Tiny volume, but at $1.59 bid ($1.63 ask), we're close to 25p bid equivalent for the UK shares. And a much smaller spread than we had towards the end.

So far, so good.

[1gw] 02/3/2020 19:31

Yes, I've also got my UK shares converted to ADRs now. No complaints from me about HL this time.

--------------------------------------------
1gw - 13 Feb 2020 - 13:21:00 - 25476 of 25548

Just spoke to HL to ask about timetable and they said that ADRs should appear on our (HL) accounts within about 1 week of the deadline - so presumably end of Feb or early March.

Having been disappointed in the past with delays in UK-US transfers I will believe this when I see it, but it certainly sounds good at this point.

[waterloo01] 02/3/2020 17:46

Yes it does and I can now live trade. Trade costs are like any other share.

[chrisatrdg] 02/3/2020 17:39

NASDAQ currently looking good✌️.

[kirk 6] 29/2/2020 08:18

Mine is live Monday

[chrisatrdg] 28/2/2020 11:15

I am now live on the NASDAQ from this morning on II.Regards to all.

[sikhthetech] 27/2/2020 20:48

1gw,

If things are going well, Mr Duggan & Mr Zanganeh will have close to 90%, in which case they will take it over, leaving PIs with little...

[1gw] 27/2/2020 20:36

How about the SEC rules, stt, what do they say?

[sikhthetech] 27/2/2020 20:34

1gw,

"if they can come up with a new form of antibiotic that gains widespread acceptance then there is potentially a lot of money to be made."


Why do you think Mr Duggan and Mr Zanganeh have around 75% holding between them, PLUS the warrants at 10% above placing price of 21p

If they are successful they will it over at around the placing price of 21p...

They only have enough money for less than a year.. If it's not successful then diluted placing or bust..


Takeover waiver no longer applies from 24th Feb

" The Takeover Panel has confirmed that the Company will remain subject to
the Code until such time as both (1) the proposed Board Restructuring
has occurred, resulting in the Company's place of central management and
control no longer being in the United Kingdom, Channel Islands and Isle
of Man and (2) the Company's shares are no longer admitted to trading on
AIM. Subject inter alia to the Cancellation Resolution being approved,
it is expected that the Company will no longer be subject to the Code
from 24 February 2020. "

" For so long as both the Company's place of central management and
control is outside the United Kingdom, Channel Islands and Isle of Man
and the Company's shares are not traded on a regulated market or
multilateral trading facility in the UK, the Code will not apply to the
Company. Therefore in those circumstances Shareholders would not receive the protections afforded by the Code in the event there is a subsequent
offer to acquire their shares in the Company."

[1gw] 27/2/2020 20:23

STT - placings/dilutions are par for the course in biotech, especially early-stage biotechs with no revenues to speak of. What you hope as an investor is that the clinical progress they make means the share price goes up between placings. It's a high risk game, but if they can come up with a new form of antibiotic that gains widespread acceptance then there is potentially a lot of money to be made.

[sikhthetech] 27/2/2020 20:20

waterloo,

"I agree shareholders will get further dilluted"

It's not the dilution.... the holding currently equate to 75% plus the warrants at 10% above placing price . If Mr Duggan wishes to take the company out, he will have the necessary votes to do so... the warrants are priced at only 10% above the placing price of 21p...



"My shares have not as yet converted."

Not surprising, did mention it...

but 1gw/Kirk have been trying to persuade everyone the process is straight forward and it'll only a few days..

Let's see if they are converted by Monday morning, which will be a whole week...
and PIs can't sell their holdings until the conversion is complete..




kirk 6 - 23 Feb 2020 - 17:57:38 - 25523 of 25539 Summit - Climbing to new heights - SUMM
Yes that’s right but it’s only a conversion process which should take a few days then we will have Nasdaq shares!

[waterloo01] 27/2/2020 19:56

My shares have not as yet converted. I wonder if someone is making their buck by arbitraging the price down. Not unlikely but admit I'm guessing.

[waterloo01] 27/2/2020 19:53

Yes and a lesson learnt, and some time ago by Glyn, as noted in presentations since the DMD failure. I agree shareholders will get further dilluted but I can live with that as long as they eventually deliver a pie worth eating.

[sikhthetech] 27/2/2020 19:49

From the article...


"Duggan has spent $75 million building up a 65% stake in Summit Therapeutics and his investment partner, Maky Zanganeh, the former chief operating officer of Pharmacyclics, has also purchased about 10% of the company."


75% plus warrants at 10% above the placing price.




"But the last time Duggan bet on an antibiotics company, it collapsed into bankruptcy."



From SMMT's rns:
The placing provides funding until Jan 2021, so less than a year.

"The Company's existing cash and funding arrangements will be sufficient
to fund the Company's operating expenses, including the ongoing Phase 3
clinical trial of ridinilazole for the treatment of C. difficile
infection, and capital expenditure requirements through to 31 January
2020. If approved and completed, the Company expects that the
Fundraising will extend this runway by approximately 12 months to 31
January 2021. "


Substantial holdings - Placing and warrants at 10% above placing price.

"Robert W. Duggan is a substantial Shareholder and Glyn Edwards is a
director of the Company. Both Mr Duggan and Mr Edwards are therefore
related parties pursuant to the AIM Rules. Mr Duggan's participation in
the Subscription and Mr Edwards' participation in the Placing, by way of
subscription for 452,475 Placing Shares and receipt of 67,870 Investor
Warrants, are deemed to be related party transactions (the "Related
Party Transactions"). "

[chrisatrdg] 27/2/2020 19:45

Just seen your tweet Bermudashorts great find & a very positive article.Currently the share price on the NASDAQ still going down hopefully this will reverse.Now waiting for Final Accounts 31.12.19 I believe now overdue.

PS They changed their YE to 31st December late last year.

[1gw] 27/2/2020 19:09

Good article.

[waterloo01] 27/2/2020 19:04

Great find. Thanks. I agree with him about superiority. Still aboard, although in a much smaller way, the good ship Thetan.

[bermudashorts] 27/2/2020 18:58

Article in Forbes today:-

'Billionaire Robert Duggan’s New Biotech Chapter: An Antibiotics Quest'

[someuwin] 26/2/2020 12:16

February 26, 2020 07:00 ET

Summit Therapeutics plc

(‘Summit’; or the ‘Company’;)

Summit Appoints Robert W. Duggan as Executive Chairman

Oxford, UK, and Cambridge, MA, US, 26 February 2020 – Summit Therapeutics plc (NASDAQ: SMMT) today announces it has appointed Robert W. Duggan as Executive Chairman of the Board of Directors with immediate effect. Glyn Edwards will continue as an Executive Director and Chief Executive Officer.

“Mr Duggan has a track record of building successful commercial organisations aimed at bettering people’s lives,” said Mr Glyn Edwards, Chief Executive Officer of Summit. “We believe his guidance will help us ensure our targeted antibiotic product candidate ridinilazole has the best opportunity to reach patients with C. difficile infection who desperately need novel treatment options.”

“Targeted antibiotics have the potential to improve the way infectious diseases are treated by targeting the infectious bacteria and minimising the damage of the healthy and protective microbiome. In C. difficile infection, the selective targeting of the infectious bacteria has significant potential to reduce recurrence and improve patient outcomes,” commented Mr Robert W. Duggan. “I look forward to being part of the Summit team to realise the full potential of these medicines in bettering patients’ lives.”

About Robert W. Duggan
Mr Robert W. Duggan is a serial US based entrepreneur who has built several successful companies across different industries, including biotechnology. Mr Duggan is currently the Chief Executive Officer of Duggan Investment Inc., a private US investment firm, and a member of the board of directors of Summit. Mr Duggan has served on the boards of a number of US public and private companies and he is currently chairman of the board of the Nasdaq listed company, Pulse Biosciences, Inc. He was previously a substantial shareholder in and the Chairman of the Board and Chief Executive Officer of Pharmacyclics, Inc., which was sold to AbbVie Inc. in 2015. Previously, he was the Chairman of the Board and Chief Executive Officer of Computer Motion, Inc., which later merged with Intuitive Surgical, Inc.

About Summit Therapeutics
Summit Therapeutics is a leader in antibiotic innovation. Our new mechanism antibiotics are designed to become the new standards of care for the benefit of patients and create value for payors and healthcare providers. We are currently developing new mechanism antibiotics for infections caused by C. difficile, Enterobacteriaceae and N. gonorrhoeae and are using our proprietary Discuva Platform to expand our pipeline. For more information, visit www.summitplc.com and follow us on Twitter @summitplc.

[sikhthetech] 24/2/2020 11:29

The placing provides funding until Jan 2021, so less than a year.

"The Company's existing cash and funding arrangements will be sufficient
to fund the Company's operating expenses, including the ongoing Phase 3
clinical trial of ridinilazole for the treatment of C. difficile
infection, and capital expenditure requirements through to 31 January
2020. If approved and completed, the Company expects that the
Fundraising will extend this runway by approximately 12 months to 31
January 2021. "


Substantial holdings - Placing and warrants at 10% above placing price.

"Robert W. Duggan is a substantial Shareholder and Glyn Edwards is a
director of the Company. Both Mr Duggan and Mr Edwards are therefore
related parties pursuant to the AIM Rules. Mr Duggan's participation in
the Subscription and Mr Edwards' participation in the Placing, by way of
subscription for 452,475 Placing Shares and receipt of 67,870 Investor
Warrants, are deemed to be related party transactions (the "Related
Party Transactions"). "


Takeover waiver no longer applies from 24th Feb

" The Takeover Panel has confirmed that the Company will remain subject to
the Code until such time as both (1) the proposed Board Restructuring
has occurred, resulting in the Company's place of central management and
control no longer being in the United Kingdom, Channel Islands and Isle
of Man and (2) the Company's shares are no longer admitted to trading on
AIM. Subject inter alia to the Cancellation Resolution being approved,
it is expected that the Company will no longer be subject to the Code
from 24 February 2020. "

" For so long as both the Company's place of central management and
control is outside the United Kingdom, Channel Islands and Isle of Man
and the Company's shares are not traded on a regulated market or
multilateral trading facility in the UK, the Code will not apply to the
Company. Therefore in those circumstances Shareholders would not receive
the protections afforded by the Code in the event there is a subsequent
offer to acquire their shares in the Company."

[chrisatrdg] 24/2/2020 08:52

Well its bye bye LSE postings from today hopefully this platform will remain.Regards to all on our NASDAQ journey.

[waterloo01] 24/2/2020 08:35

Antibiotics don't work on virus's

[sikhthetech] 23/2/2020 18:29

1gw,

"Well if you view them as red flags, stt, I'm guessing you won't be investing. "

You said you wanted to discuss the investment case here... yet you won't say anything about the funding concerns or the Warrants...
So you're BS then, as usual..

Why are you dodging the concerns???

[1gw] 23/2/2020 18:15

Well if you view them as red flags, stt, I'm guessing you won't be investing. In my opinion, you have demonstrated on TLY that you haven't a clue about the financial statements, and on SLN that you haven't a clue about the valuation of early-stage biotechs, so I am trying (maybe not too successfully, today, it could be said) not to clutter up this thread with unnecessary posts going down whatever ratholes you decide to present.

[sikhthetech] 23/2/2020 18:08

1gw,

"Are you long or short here stt"

Is that your reply to the red flags... Funding concerns, or why they have Warrants at 10% above placing price of 21p or my post on the affects of exchange rate on the holding???

Is that the best you can do???