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Summit Therapeutics to raise £15M in share offering

Summit Therapeutics plc is looking to raise up to about £15.0 million via the sale of 8,333,333 shares at £1.80 each.

The U.K. biotechnology company will use the funds to develop its Duchenne muscular dystrophy drug ezutromid and to further its utrophin modulator and infectious disease pipeline.

Panmure Gordon (U.K.) Ltd. and Nplus1 Singer Advisory LLP are acting as joint brokers and joint book runners in the placing, with Cairn Financial LLP as a nominated adviser.