Summit Therapeutics PLC completed a private placement of 15,625,000 American depositary shares at $1.60 apiece to raise $25 million.

The ADS in the offering represented 78,125,000 new ordinary shares of Summit Therapeutics.

U.K.-based Summit Therapeutics said the new ordinary shares sold under the placement were listed on the London Stock Exchange's AIM market and started trading Jan. 9.

Summit Therapeutics is a biopharmaceutical company that focuses on the discovery, development and commercialization of novel medicines to treat rare and infectious diseases.