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Is anyone going on the 4th January for the Summit shareholders meeting in London - I will be supporting the motions but will not be going.I see it as just a legal necessity & the motions will get passed. I only had wished that they had delayed to after the launch of C-Diff phase 3 for fund raising & maybe been able to negotiate a higher price than 25p.Hey Ho.
Sounds positive
Summit tweet:
Dr. Martinello (Yale) described his views on #antimicrobialstewardship, #Cdiff & #ridinilazole in our @Slingshot_Invst call: "Once you know the bacteria that is causing the problem, you use the most focused antibiotic possible." transcript available at http://summitplc.com .
Link:
https://www.summitplc.com/investors/events-presentations
Appears it was a buy - like you Chris I wondered why someone would sell on the recent good news..
I wonder if we will see a shareholdings change RNS following the two very large Sells today & who it will be.
Glyn's tweet this morning:
'Great to have a new investor who is committed to out antibiotic vision.'
My reply:
'But Glyn at a huge discount half the company for an extra 4 months added to the cash run way.However I will be supporting the motion in January & now holding half of my % of the company now looking to double up when cash allows.Bitter sweet RNS.'
No one gets involved in pharma or any business to fail guys....grow up and remember that your choice is yours alone.
Good deal for further development.
Well for those of us who purchased after the major fall I think this is a very reassuring development. Yes some dilution in value but a welcome injection of cash and an endorsement that he thinks some of the products under development will get to market.
The RNS is effectively a sale of the Company at 25p which for me is giving the company away & only takes the company to January 2020 so will still need funds beyond that point my holding % has now halved (I think we have been here before).Clearly the Directors must have felt the Company was in 'The last chance saloon'.
Duggan will then own practically 49% of the company...he must have at least a small idea of a takeover.
Well I am not surprised at the news as Summit needed funds to get them into 2020 & at current exchange rates values the shares at 25p (approx).Well lets see what happens at 8.00 this morning.At the moment I have it as Hold.GLA.
Couldn’t buy any at 20p at close could have a good run now
I totally agree, In fact at this tiny mkp we could be looking at a ten bagger in 2019 or even more. My only concern it past September however risk reward I am only going to keep buying. Any hint of success here and we are over £1
Baffles me how PIs don’t read RNS’s properly and jump to conclusions. The highlight / big news in the rns today is that they are well funded and EXPECT to start trial in Q1. If you ain’t got enough you wouldn’t be starting a
Trial would you! Lol
https://www.google.co.uk/amp/s/www.proactiveinvestors.co.uk/companies/amp/news/210983
There will be a fund raise, unless there is interest from a larger pharma in taking a slice. That will depend on if any trials are underway and how they seem to be going.
What did you think would happen?
Today but still my question goes unanswered what happens after September
..pleased with the news.
Personally thought they won’t have enough and delay trial. So, personally very pea
This doesn't look good at all. I am a LTH and will stick with the company but do not now expect any return on my investment.
Below is an extract from the notes to the accounts & reflects that the Company does not have a 12 months cash runway & puts Summit back to a part qualified position a situation Summit have been in before.Within the paragraph below are the following words :
'These circumstances represent a material uncertainty which may cast and raise substantial doubt on the Group’s ability to continue as a going concern.' see included below:
'The Group is evaluating various options to finance its cash needs, through a combination of some, or all, of the following: equity offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organisations and patient advocacy groups, debt financings, and marketing, distribution or licensing arrangements. Whilst the Group believes that funds would be available in this manner before the end of September 2019, there can be no assurance that the Group will be able to generate funds in this manner, on terms acceptable to the Group, on a timely basis or at all, which would impact the Group’s ability to continue as a going concern. The failure of the Group to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Group’s business, results of operations and financial condition. These circumstances represent a material uncertainty which may cast and raise substantial doubt on the Group’s ability to continue as a going concern. The interim financial statements do not contain any adjustments that might result from the outcome of this uncertainty'
The cash forecast has not been extended beyond September 2019 as also reported in the previous quarters accounts
and this will look even worse if as at 31st January 2019 this remains the same.In the belief that Summit will find additional funds before next September the current SP makes for a Strong Buy.However Summit , in my opinion, has some 6 months to find additional funds or it will be in 'the last chance saloon'.
Results out and directors now out of the closed period. Expecting directors to load up now at these unreal prices.
I agree these are very cheap and could easily 10 bag. I wasn’t making a point I was asking a question what happens after September ? How are operations funded????
Don’t understand your point? Important thing is the trial is due to start in Q1 shortly and they have sufficient funds to cover the trial. BoD have no funding worries and can concentrate on the delivering the trials. The SP will be way hire by then..
What happens after that tho?
Rns extract - he Group believes that its existing cash and cash equivalents, anticipated payments from BARDA under its contract for the development of ridinilazole, the cost-sharing arrangement under its licence and collaboration agreement with Sarepta, and anticipated payments from CARB-X under its contract for the development of its gonorrhoea antibiotic candidate, will be sufficient to enable the Group to fund its operating expenses and capital expenditure requirements through 30 September 2019.