I am very interested in Summit. It’s a real company. Not a meme stock. Analyst rating of target price $4. Current market cap is only $112mln, the stock got crushed by market selloff this year.
July 27, 2022 (the CEO/COO previously had a $21 billion exit to AbbVie): “Billionaire Bob Duggan gets CEO help as Summit tests investor interest in $100M offering”
“Bob Duggan is getting help in the chief executive spot. The billionaire’s title looks a little different as of Tuesday, when Summit Therapeutics COO Maky Zanganeh was promoted to co-CEO and president.
Both sit on the board of directors of the California biotech, which is in the midst of raising $100 million in a public offering to boost the company’s coffers ahead of a likely new Phase III trial for a C. difficile asset that has been through multiple hurdles in recent memory. Duggan became CEO in April 2020, and Zanganeh joined in November of that year. The two previously worked together at Duggan’s Pharmacyclics, with the executive partners architecting a $21 billion exit to AbbVie in 2015.”
August 9: Summit Therapeutics Closes Fully-Subscribed $100 Million Rights Offering
Business Development opportunities :
Summit Therapeutics reported that, “Our intention is to expand our pipeline product portfolio in the therapeutic area of oncology and/or product offerings that are designed to work in harmony with the human gut microbiome. We intend to enact this through business development activities, including possible acquisitions and/or collaborations in addition to internal research and discovery efforts.”
Summit Therapeutics 2022 JP Morgan Presentation:
https://www.summittxinc.com/presentations/
External Partners:
BARDA (Biomedical Advanced Research and Development Authority)
Summit is proud to partner with the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response (ASPR) at the U.S. Department of Health and Human Services (HHS), as initially announced on September 11, 2017, on its Phase III Ri-CoDIFy trial program investigating ridinilazole for the treatment and reduction of recurrence of C. difficile infection.
As of June 30, 2022, an aggregate of $58.0 million out of a potential award of $72.5 million has been received from BARDA
CARBX (The Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator)
Summit is proud to partner with CARB-X, as announced on May 18, 2021, to progress the development of its precision antibiotic candidate, SMT-738, through its IND-enabling and Phase Ia clinical trials for the treatment of highly-resistant CRE bacterial infections.
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