(Alliance News) - Summit Therapeutics PLC on Tuesday said it has completed a subscription and placing of new shares and warrants, raising USD50 million.
The 166.2 million subscription shares and 9.2 million placing shares were admitted to trading on AIM on Tuesday, Summit said.
The fund raise was done at 22.1 pence per share. The stock was 4.7% lower on the day in London in morning trade at 20.02p.
The clinical-stage drug discovery and development company said the completed fundraising triggers the proposed restructuring of its board of directors.
The board now consists of non-executive directors Robert Duggan, Manmeet Soni, Elaine Stracker and Ventzislav Stefanov, plus Glyn Edwards as chair & chief executive.
Frank Armstrong, Leopoldo Zambeletti and David Wurzer have stepped down from the board with immediate effect, Summit said.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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