Summit Therapeutics (SMMT) Postpones Planned Rights Offering

Summit Therapeutics Inc. (NASDAQ: SMMT) today announced the postponement of its previously announced rights offering to stockholders of record on February 4, 2022.

The Company had previously announced topline results for its Phase III Ri-CoDIFy study evaluating ridinilazole for the treatment of and Sustained Clinical Response (“SCR”) for patients suffering from C. difficile infection ("C. diff. infection" or "CDI"). The Company is continuing to evaluate the underlying data and perform additional analyses, including analyses specific to the microbiome, in order to discuss its complete package with the regulatory authorities, including the Food and Drug Administration, and make decisions about next steps with respect to ridinilazole. In addition, the Company is considering potential business development opportunities to expand its pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities.

The Company has determined, based on its aforementioned status and range of potential alternative next steps, and in light of the Company’s cash balance as of December 31, 2021 of approximately $71 million (unaudited), that it was advisable and in the best interests of stockholders to postpone the rights offering at this time. The Company will continue to evaluate its status with respect to potential next steps, and anticipates setting a new record date and commencing the rights offering in the next several months.

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