Summit Therapeutics rises on $235 mln capital-raise

Summit Therapeutics

12/09/2024 12:38

** Shares of drug developer Summit Therapeutics  SMMT.O  up
7% at $24.29 premarket
    ** Company raises $235 mln in a private placement
    ** Says multiple biotech and institutional investors
purchased about 10.35 mln shares of SMMT at $22.70 per share
    ** SMMT says $79 mln of the funding was raised by insiders
    ** Company intends to use some of the net proceeds to
advance clinical development of its experimental lung cancer
therapy ivonescimab
    ** Earlier this week, SMMT shares hit a record high as
results from a study in China showed some lung cancer patients
on the company's experimental drug had better survival rates
than those on Merck's  MRK.N  blockbuster Keytruda
    ** SMMT stock has jumped more than eightfold so far this
year

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))