Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Can anyone here tell me if we have had a consolidation of shares in the last 18 months, as i`m trying to get my broker to do a transfer to NASDAQ as my shares were frozen for 11 months, when my previous broker went down and everything was held in limbo? Thanks in advance
mikem004 - I think that now the funding is complete & with Polar Capital and the Mahkam Zanganeh Revocable Trust (the “Additional Investors”), & funds to 4th Qtr 2021 & a multiple $ billionaire backing the Company has sunk in & the SP was undervalued we now have had a re-rate.
https://www.summittxinc.com/app/uploads/2020/11/2020_PR_22_Financing-closed.pdf
16 times the normal volume traded yesterday, up 18%.
Have they discovered a new vaccine or something ?!
Thanks Ollieh - It was good to see I have decided to Sell some of my shares & have a forward contract Sell of 2,500 at $0.50 which is just short of break even for me having Sold 50% of my holding earlier this year to pay off a car loan & made a 50% loss.However when I consider where the SP was its better than a smack in the eye.I intend holding my remaining 3,000 shares into next year.
I wonder why we have a re-rate I guess it is because of the vaccine news which means the C-Diff trials should start increasing recruitment say second qtr next year.
Great to see the sp moving up towards the $5 mark.
Summit Announces Closing of Private Placement of $50 Million
https://www.summittxinc.com/app/uploads/2020/11/2020_PR_22_Financing-closed.pdf
Edit: Note new investors - this company is still to play for.
Found it: SMMT on NASDAQ
Where can I view the current price for this stock?
Summit Therapeutics files for $200M mixed shelf:
https://seekingalpha.com/news/3620011-summit-therapeutics-files-for-200m-mixed-shelf?
Edit : Topped up yesterday & now have access to the replaced shares now on II & with no charge.
Good to hear from you Gerry! Thought of you recently with Ferrex/Keras finally moving.
Mr. Duggan does indeed seem confident
- EP
Hi Gerry - Thanks for your post & you take care. I now hold 5,200 ADD's having sold 50% earlier in the year to pay off my car liability with VW at a 50% loss but over 3 years I am just break even.
No longer a SUMM investor but note Chris/EP still involved .Good luck hopefully Ridinilazole will eventually get approved . Mr Duggan seems confident . kind regards Gerry
"Summit Therapeutics Inc.
(“Summit” or the “Company”)
Summit Announces Agreement For a Fundraising of approximately $50 Million
Cambridge, MA, October 2, 2020 – Summit (NASDAQ: SMMT) today announces that it has entered into a binding agreement with the Company’s Chief Executive Officer and Executive Chairman, Robert W. Duggan, for a fundraising of approximately $50 million (the “Fundraising”) through the issuance and sale in a private placement of shares of common stock to Mr. Duggan. The transaction provides Summit the ability to place up to 14,970,060 new shares of common stock with Mr. Duggan in exchange for up to $50 million in new investment. The aggregate purchase price will reflect a price of $3.34 per share of common stock. The price per share of the common stock sold in the Fundraising represents the Nasdaq closing price per share immediately preceding the entry into the binding agreement for the Fundraising.
The purchase agreement also affords Summit the flexibility to place fewer than the maximum shares of common stock with Mr. Duggan, in the Company’s discretion, provided that no less than 9,730,539 shares of common stock shall be sold to Mr. Duggan in the offering. Prior to the closing of the Fundraising, which Summit expects to occur in approximately two weeks’ time, the Company intends to engage with third parties who may have an interest in making an investment in the Company on similar terms as those agreed with Mr. Duggan.
Summit believes that the net proceeds of the Fundraising will extend its cash runway to the third quarter of 2021. The Company expects to use these funds to support the following activities:
Ridinilazole: Continued patient enrolment into the Ri-CoDIFy Phase 3 clinical trial program of ridinilazole for the treatment of Clostridium difficile infection.
Ridinilazole: Preparatory activities to support the commercial launch of ridinilazole, if approved.
Development of early-stage research projects using the Company’s Discuva Platform.
General corporate purposes.
The securities issued to Mr. Duggan at the closing and any securities issued to third parties on similar terms on or around such date will not be registered under the Securities and Exchange Act of 1933, as amended, and may not be offered or sold absent registration or an applicable exemption from registration requirements"
Results Out YE 30TH June 2020 (contd)
Covid 19 (contd)
There continues to be a negative impact on patient enrollment into the Ri-CoDIFy clinical trials. We are working to implement a number of initiatives and considering alternative courses of action to mitigate the impact of the COVID-19 pandemic on our clinical trials, although there can be no assurance that such actions will be successful.
Financial Highlights
Cash and cash equivalents at June 30, 2020, of $36.4 million compared to $63.8 million at December 31, 2019.
The Company's existing cash and cash equivalents and committed external funding are expected to be sufficient to enable the Company to fund its operating expenses and capital expenditure requirements through January 31, 2021. The Principal shareholder of the Company, Mr. Robert W. Duggan, has given his intention to the Board of Directors to participate in a future fundraise as required in order to support the Company with its clinical operations and planned research and development efforts.
Loss for the six months ended June 30, 2020, of $21.6 million compared to a loss of $13.7 million for the six months ended June 30, 2019.
Results Out YE 30TH June 2020 (contd)
Discuva Platform
Enterobacteriaceae
DDS-04 compound series is a new class of precision antibiotics, with new mechanism of action, which is in lead optimization that acts via the novel bacterial target LolCDE with the potential to treat multidrug resistant infections caused by the Gram-negative bacteria Enterobacteriaceae.
Gonorrhoea
Based on results from recent preclinical studies, the DDS-01 series of antibiotics against Neisseria gonorrhoeae was determined not to have suitable qualities for further development as it had shown toxicity in animal studies and therefore, Summit is ceasing work on the gonorrhea program. The Company expects CARB-X will cover its remaining share of the work that has been funded under the award.
Corporate Highlights
Mr. Michael Donaldson was appointed as Chief Financial Officer in June 2020. Previously, Mr. Donaldson served as Vice President, Finance, and Corporate Controller for Goldfinch Bio, Inc. from 2018 to 2020 and Vice President, Finance, Corporate Controller and Assistant Treasurer at ARIAD Pharmaceuticals, Inc., which was acquired by Takeda, Inc. in 2017, from 2016 to 2017. Prior to that, he was the Corporate Controller for Hittite Microwave Corporation, which was acquired by Analog Devices in 2014. Mr. Donaldson spent the first 11 years of his career at PricewaterhouseCoopers
Dr. Jos Houbiers was promoted to Chief Medical Officer in July 2020. Dr Houbiers brings to Summit over 20 years of experience in pharmaceutical clinical development, where he’s implemented clinical development strategies, creative trial design and comprehensive medical safety monitoring across therapeutic areas, including functional urology, immunology and transplantation. He was most recently at Astellas, where he served in roles of increasing responsibility in clinical development from the Global Development hub, where he ended as Executive Medical Director and Group Head for the Medical Science Urology department. Dr. Houbiers received his MD from Leiden University Medical Center and PhD (immunology) and MSc in medicine from Leiden University.
Ms. Ujjwala Mahatme was appointed as a Director in July 2020.
Mr. Robert W. Duggan was appointed as Chief Executive Officer and Dr. Ventzislav Stefanov was appointed Executive Vice President and President of Discuva, the Company's discovery engine employing 14 people, in April 2020. Mr. Glyn Edwards stepped down as Chief Executive Officer in April 2020 and from the Board of Directors in June 2020.
Summit has redomiciled to the United States, effective September 18, 2020.
COVID-19
In light of the ongoing COVID-19 pandemic, Summit's employees continue to work remotely, enabling the majority of day to day business operations to continue. Summit's own laboratory facilities have begun to reopen to resume work on key projects; site access by staff is being monitored closely and is limited to ensure the safety of Summit researchers.
Summit Therapeutics Inc.
(‘Summit’, the ‘Company’ or the ‘Group’)
Summit Therapeutics Reports Financial Results and Operational Progress for the Second Quarter and Six Months Ended June 30, 2020
Cambridge, MA, September 29, 2020 - Summit Therapeutics Inc. (NASDAQ: SMMT) today reports its financial results and provides an update on its operational progress for the second quarter and six months ended June 30, 2020.
Ridinilazole for C. difficile Infection (‘CDI’)
Summit published data from its Phase 2 clinical trial of ridinilazole evaluating the effects of a narrow-spectrum (ridinilazole) or broad-spectrum antibiotic (vancomycin) on intestinal bile acid profiles. This was the first study to demonstrate in humans the relationships between Clostridioides difficile antibiotic treatment choice and bile acid metabolism both during therapy and after treatment cessation. The results indicated that ridinilazole maintained an intestinal bile acid profile associated with a lowered risk of recurrence. The data were published in the American Journal of Physiology – Gastrointestinal and Liver Physiology.
As of August 31, 2020, Summit had enrolled a total of 369 patients into its Phase 3 Ri-CoDIFy clinical trials of ridinilazole. Below is a table outlining the enrollment statistics by calendar quarter and for this past July and August since the opening of the trials in February 2019.
Quarter Number of patients enrolled Cumulative Patients Enrolled
Q1 2019 9 9
Q2 2019 21 30
Q3 2019 43 73
Q4 2019 78 151
Q1 2020 101 252
Q2 2020 73 325
July 2020 22 347
August 2020 22 369
Due to the uncertainties surrounding COVID-19, Summit is withdrawing public commentary on the timing of completion of the Phase 3 Ri-CoDIFy clinical trials. The Company plans to publicly update stakeholders quarterly as to enrollment status.
The Ri-CoDIFy clinical trials aim to support application for marketing approval of the precision antibiotic ridinilazole in the United States and other territories and the goal of it being used as a first-line treatment for CDI by:
testing for superiority over the current standard of care, vancomycin, in the primary endpoint of sustained clinical response at 30 days after treatment has ended;
generating health economic data to support ridinilazole's commercial launch, when as and if approved by regulatory authorities; and
undertaking microbiome and metabolome analysis that aims to show ridinilazole’s impact on the gut microbiome and bile acids composition
BARDA is supporting the Phase 3 clinical trials and regulatory development of ridinilazole with a financial award of potential funding of up to $72.5 million. As of June 30, 2020, an aggregate of $46.6 million had been received.
Summit Therapeutics +3.8% as Zanganeh reports 7.8% stake
https://seekingalpha.com/news/3617844-summit-therapeuticsplus-
Hi EP - Circa £121 for me.I am with Interactive Investors & I am now waiting for the instruction to authorise the change of shares into the new company.Hey ho. PS I hope my holding & not selling will be worth it.
3 cents per ADD => circa £70 for me ?!
Not overly happy that I’m having to fork out for the pleasure of the company relocating the company ...
Anyone following todays meeting's outcome.
'On 19 August 2019, Summit will hold a Court Meeting at 1:30pm BST followed by a General Meeting at 1:40pm BST to approve the introduction of a new US-incorporated holding company to be effected by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006. Below, you will find the Scheme Circular and supporting documents.'
https://www.summitplc.com/investors/annual-general-meeting/
PS: I have heard that to transfer our ADDS will cost us 5 cents an ADD.
Hi EP - So good to see a positive RNS I had given up any hope but it is positive news.At present there is no 'Pre-Market' activity moving the SP from last Fridays close of $3.08.
It is certainly good to have had peer review of the Phase 2 C-Diff trials lets hope for positive market reaction.
At last, good news :)
Beating the current industry standard against CDI by a far way!
Fingers crossed that the market should like this
GLA - EP
Hi EP I am fine thanks but share your sentiments & yes the SP has dropped but made a small climb back recently.I think we will have a better idea when we see the half year results I guess next month when they will publish the trial numbers registered.
Sad times.
Been a little anxious myself watching the SP fly around the place at the moment.
I sincerely hope that 2021 is going to be our year and that all their hard work bears the fruit we want, notably for CDiff.
Hope you're keeping well Chris.
- EP
The following was a reply I had today having sent Richard an e-mail this morning with questions about the AGM.For me it is the end of an era & somewhat sad.
Not sure where this leaves us UK investors?
----Original Message-----
From: Richard Pye
To: XXXXXX
Sent: Fri, 3 Jul 2020 11:25
Subject: Automatic reply: Summit AGM
I have now left Summit. For investor related enquiries, please contact Michelle Avery (michelle.avery@summitplc.com). For other enquiries, please contact switchboard on +44 1235 443939 or email on info@summitplc.com.
Best wishes,
Richard
I note that SP on NASDAQ rose last night 9.57% to $3.55 being 57p old money on current exchange rates.
PS: Is anyone tuning into next weeks AGM & has anyone voted yet.
Link for AGM & 11 months accounts
htTps://www.summitplc.com/investors/annual-general-meeting/
PPS I note there was no Bonus for Glyn as targets not met there was a payment of £2,000 being for 'Short-term incentives'.