Summit Therapeutics plc Completion Of $50 Million Fundraising And Directorate Change

 
TIDMSUMM 
 
   Summit Therapeutics plc 
 
   ("Summit Therapeutics" or the "Company") 
 
   Completion of $50 million Subscription and Placing and Directorate 
Changes 
 
   Oxford, UK, and Cambridge, MA, US, 24 December 2019 - Summit 
Therapeutics (AIM: SUMM, NASDAQ: SMMT), a leader in antibiotic 
innovation, announces that the subscription and placing of new ordinary 
shares and warrants (the "Fundraising") to raise approximately $50 
million, which was approved by shareholders at the Company's general 
meeting held on 23 December 2019, has completed. The subscription shares, 
comprising 166,157,050 new ordinary shares, and placing shares, 
comprising 9,221,400 new ordinary shares, were admitted to trading on 
AIM effective at 8:00 a.m. GMT on 24 December 2019. 
 
   Completion of the Fundraising means that the proposed restructuring of 
the Company's board of directors (the "Board") is now effective.  The 
restructured Board now comprises Mr Robert W. Duggan, Mr Manmeet Soni, 
Dr Elaine Stracker and Dr Ventzislav Stefanov as non-executive directors, 
and Mr Glyn Edwards as Chairman in addition to his role as the Company's 
Chief Executive Officer. Dr Frank Armstrong, Mr Leopoldo Zambeletti and 
Mr David Wurzer stepped down from the Board effective today. 
 
   This announcement contains inside information for the purposes of 
Article 7 of EU Regulation 596/2014. The person responsible for 
arranging for the release of this announcement on behalf of the Company 
is Richard Pye, Vice President, Investor Relations and Corporate 
Affairs. 
 
   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 to 
treat infections caused by C. difficile, N. gonorrhoeae and 
Enterobacteriaceae and are using our proprietary Discuva Platform to 
expand our pipeline. For more information, visit www.summitplc.com and 
follow us on Twitter @summitplc. 
 
   For more information, please contact: 
 
 
 
 
Summit 
Glyn Edwards / Richard Pye (UK office)             Tel:               44 (0)1235 443 951 
Michelle Avery (US office)                                               [phone] 
 
Cairn Financial Advisers LLP (Nominated Adviser)   Tel:              [phone] 
Liam Murray / Tony Rawlinson / Ludovico 
Lazzaretti 
 
N+1 Singer (Joint Broker)                          Tel:              [phone] 
Aubrey Powell / George Tzimas, Corporate Finance 
 Tom Salvesen, Corporate Broking 
 
Bryan Garnier & Co Limited (Joint Broker)          Tel:              [phone] 
Phil Walker / Dominic Wilson 
 
MSL Group (US)                                     Tel:                  [phone] 
                                                              mailto:[e-mail] 
Erin Anthoine                                                        [e-mail] 
                                                          ------------------------------ 
 
Consilium Strategic Communications (UK)            Tel:              [phone] 
Mary-Jane Elliott / Sue Stuart /                          mailto:summit@consilium-comms. 
 Sukaina Virji / Lindsey Neville                          com 
                                                          [e-mail] 
                                                          ------------------------------ 
 
 
   -END- 
 
 
 
 

(END) Dow Jones Newswires

December 24, 2019 03:30 ET (08:30 GMT)

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