LONDON (Alliance News) - Summit Corporation Wednesday said it raised gross proceeds of GBP1.0 million in an oversubscribed subscription offer, meaning it raised GBP22.0 million through its recent placing and the subscription.
In a statement, Summit said it had to scale back allocations after the subscription offer was more than seven times over-subscribed.
Oxford-nased Summit is a drug discovery and development company working on therapies for Duchenne Muscular Dystrophy and C. difficile infection.
It conducted its GBP21.0 million placing February 11.
Summit Corporation shares were up 2.9% at 8.75 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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