Summit Therapeutics Raises $235 Million
- Summit Therapeutics raised approximately $235 million by selling around 10.35 million shares at $22.70 each.
- The funds will support the clinical development of ivonescimab, a bispecific antibody targeting PD-1 and VEGF for non-small cell lung cancer.
- This capital raise is a crucial step for Summit as it aims to advance its investigational therapies and expand its market presence.
On September 12, 2024, Summit Therapeutics Inc. announced a successful capital raise, securing approximately $235 million through the sale of around 10.35 million shares of common stock at a price of $22.70 per share. This funding was facilitated by multiple leading biotech institutional and individual investors, and all of Summit's Section 16 officers participated in the offering. The proceeds are intended to support the company's ongoing clinical development efforts, particularly for its investigational therapy, ivonescimab. Ivonescimab, also known as SMT112 in various regions, is a novel bispecific antibody designed to target both PD-1 and VEGF, potentially offering enhanced therapeutic effects in treating non-small cell lung cancer (NSCLC). The company has initiated enrollment in two multi-regional Phase III clinical trials, HARMONi and HARMONi-3, with plans to start another trial, HARMONi-7, in early 2025. Positive results from related trials in China have bolstered confidence in ivonescimab's potential. The capital raised will not only aid in the clinical trials but also support the company's broader strategic goals, including potential partnerships and further development of its pipeline. However, the company acknowledges the inherent risks associated with clinical trials and market conditions that could impact its future operations and financial health. Summit Therapeutics remains focused on advancing ivonescimab through the regulatory process, aiming for eventual commercialization. The successful capital raise marks a significant step in the company's journey to bring innovative therapies to market, addressing unmet medical needs in oncology.