Cambridge, Massachusetts, Feb. 09, 2022 (GLOBE NEWSWIRE) — Summit Therapeutics Inc. (NASDAQ: SMMT) today announced the postponement of its previously announced rights offering to stockholders of record on February 4, 2022.
The Company had previously announced topline results for its Phase III Ri-CoDIFy study evaluating ridinilazole for the treatment of and Sustained Clinical Response (“SCR”) for patients suffering from C. difficile infection (“C. diff. infection” or “CDI”). The Company is continuing to evaluate the underlying data and perform additional analyses, including analyses specific to the microbiome, in order to discuss its complete package with the regulatory authorities, including the Food and Drug Administration, and make decisions about next steps with respect to ridinilazole. In addition, the Company is considering potential business development opportunities to expand its pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities.
The Company has determined, based on its aforementioned status and range of potential alternative next steps, and in light of the Company’s cash balance as of December 31, 2021 of approximately $71 million (unaudited), that it was advisable and in the best interests of stockholders to postpone the rights offering at this time. The Company will continue to evaluate its status with respect to potential next steps, and anticipates setting a new record date and commencing the rights offering in the next several months.
About Summit Therapeutics
The overriding objective of Summit Therapeutics is to create value for patients, hospital caregivers, community-based healthcare providers, and healthcare payers around the world, in addition to our highly valued stakeholders and shareholders. We intend to create value by developing drugs with high therapeutic efficacy – intending to cure the cause and related effects of the patient’s condition in need with minimal patient trauma over time. Summit Therapeutics, supported by BARDA, CARB-X, and Wellcome Trust funding, intends to be the leader in patient-friendly and paradigm-shifting treatments for significant unmet medical needs, including infectious diseases. Our new era, novel mechanism pipeline product candidates are designed with the goal to become the patient-friendly, new-era standard of care, and are designed to work in harmony with the human microbiome. Currently, Summit’s lead product candidate, ridinilazole, is a novel, first-in-class drug engaged in a global Phase III trial program. Commercialization of ridinilazole is subject to regulatory approvals. SMT-738, the second candidate within Summit’s portfolio, is currently in the IND-enabling phase for the treatment of multidrug resistant infections, specifically those caused by carbapenem-resistant Enterobacteriaceae (CRE).
For more information, please visit https://www.summittxinc.com and follow us on Twitter @summitplc.
