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:
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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