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Summit Therapeutics proposes $50M stock offering for drug development

Summit Therapeutics PLC proposed a public offering of its common stock to raise $50 million in gross proceeds.

The Abingdon, U.K.-based company intends to have a subscription offering of 166,157,050 new ordinary shares and a placement offering of 9,221,400 shares. All shares will be offered at 22.1 pence apiece.

Participants in the offering, which is subject to certain shareholder approvals, will also receive 26,306,765 warrants exchangeable for an equal number of shares at a premium of 10% to the offer price.

Robert Duggan, an existing shareholder of the company, will hold 72.78% of the company's shares post-offering.

The company's American depository shares, each of which represents 5 ordinary shares, will remain listed on the Nasdaq stock market. However, the fundraising will require the company to delist its ordinary shares from AIM, the London Stock Exchange’s international market for smaller growing companies.

Summit Therapeutics intends to use proceeds to continue phase 3 trials of drug candidate ridinilazole to treat a colon problem known as clostridium difficile infection, develop early-stage research projects using the company's Discuva platform and for general corporate purposes.