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Summit Therapeutics raises $40m, completes board restructuring
24th Dec 2019 09:09
(Sharecast News) - Antibiotic innovation company Summit Therapeutics raised $50.0m on Tuesday by way of a subscription and placing of new ordinary shares and warrants.
The subscription shares, made up of 166.15m new ordinary shares, and the placing shares, comprising 9.22m new ordinary shares, were admitted to trading on AIM at 0800 GMT.
Summit said completion of the fundraising meant that the proposed restructuring of its board was now effective - making Robert W. Duggan, Manmeet Soni, Dr Elaine Stracker and Dr Ventzislav Stefanov all non-executive directors of the group and elevating Glyn Edwards to the role chairman in addition to his role as chief executive.
Former executive Dr Frank Armstrong, Leopoldo Zambeletti and David Wurzer all stepped down from the board, effective immediately.
As of 0915 GMT, Summit shares were down 4.67% at 20.02p.
The subscription shares, made up of 166.15m new ordinary shares, and the placing shares, comprising 9.22m new ordinary shares, were admitted to trading on AIM at 0800 GMT.
Summit said completion of the fundraising meant that the proposed restructuring of its board was now effective - making Robert W. Duggan, Manmeet Soni, Dr Elaine Stracker and Dr Ventzislav Stefanov all non-executive directors of the group and elevating Glyn Edwards to the role chairman in addition to his role as chief executive.
Former executive Dr Frank Armstrong, Leopoldo Zambeletti and David Wurzer all stepped down from the board, effective immediately.
As of 0915 GMT, Summit shares were down 4.67% at 20.02p.