City-based law firm, Druces, has advised AIM and NASDAQ-listed Summit Therapeutics PLC on its £15.0m fundraising. Summit raised the additional capital through an issue of 8,333,333 new ordinary shares (before expenses) whereby the proceeds will be used to:
- accelerate preparatory activities for a placebo controlled clinical trial of the utrophin modulator ezutromid in patients with Duchenne muscular dystrophy (DMD), and for a potential regulatory filing of ezutromid based on the 48-week results from the ongoing Phase 2 clinical trial called PhaseOut DMD;
- continue development of the Company’s utrophin modulator and infectious disease pipeline activities; and
- support initiation of the Phase 3 clinical trials of the antibiotic ridinilazole for C. difficile infection (“CDI”) that are planned to commence in Q1 2019.
Summit’s ordinary shares are quoted on AIM and its American Depositary Shares (ADSs) are traded on the NASDAQ Global Market.
Corporate Partner David Smith led the Druces team, supported by Associate Grace Shek and Jessica Wilson (trainee).
Erik Ostrowski, CFO of Summit, commented: “Having worked with Druces and David Smith for several years, they really understand our business and the importance of getting any funding arrangements across the line in a tight timeframe. It is an important time for our DMD programme and the funds from this placing will provide us with the clinical and regulatory flexibility to rapidly advance ezutromid and bring this potentially transformational therapy to patients as quickly as possible”.
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