Summit Therapeutics ( (SMMT) ) just unveiled an update.
Summit Therapeutics Inc. successfully secured a substantial $235 million in a private stock sale, offering over 10 million shares at the price of $22.70 each, the same as the closing stock price on the day of the announcement. Noteworthy participants included major internal figures and leading biotech investors, showing strong insider confidence. The funds are earmarked for the advancement of clinical trials for ivonescimab, a promising investigational cancer treatment, among other corporate purposes. The shares sold will be subject to registration for resale, aligning with SEC regulations.
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