(Alliance News) - Shares in antibiotics developer Summit Therapeutics PLC were cancelled in London on Monday, a condition of its USD50 million fundraise announced in December.
Back in early December, Summit warned it only had enough cash to keep going until January 31 and was seeking shareholder approval to raise USD50 million via a placing and subscription.
One condition of the placing was that Summit delist from London's AIM market. The reasoning behind this was Summit's increasing focus on the US, where it will retain its New York listing. The firm has offices in both Cambridge in the UK and Cambridge, Massachusetts.
By Anna Farley; annafarley@alliancenews.com
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