Summit Therapeutics plc
("Summit" or the "Company")
SUMMIT FILES FORM 6-K CONTAINING ADDITIONAL INFORMATION ON LICENSING AND COLLBORATION AGREEMENT WITH SAREPTA AND UPDATED CASH GUIDANCE
Oxford, UK, 4 October 2016- Summit Therapeutics plc (NASDAQ: SMMT, AIM: SUMM) announces it has filed on Form 6-K with the US Securities and Exchange Commission ("SEC") additional information about the licensing and collaboration agreement ("Collaboration Agreement") that it has entered into with Sarepta Therapeutics Inc. (see separate announcement issued on 4 October 2016). This information includes further details on: the financial terms; research and development obligations; manufacture and supply of licensed products; intellectual property ownership; termination provisions; and the option to expand the license territory to include Latin America.
Summit also included updated cash guidance to reflect the impact of the licensing and collaboration agreement. The Company believes that its existing cash and cash equivalents, and the receipt of a $40.0 million upfront payment in connection with its entry into the Collaboration Agreement and an anticipated $22.0 million payment for a near-term regulatory milestone under the Collaboration Agreement, will be sufficient to enable the Company to fund its operating expenses and capital expenditure requirements through 31 December 2018.
A copy of the Form 6-K is available to download, either from the Investors section of the Company website at www.summitplc.com or from the SEC website at www.sec.gov.
About Summit Therapeutics
Summit is a biopharmaceutical company focused on the discovery, development and commercialisation of novel medicines for indications for which there are no existing or only inadequate therapies. Summit is conducting clinical programmes focused on the genetic disease Duchenne muscular dystrophy and the infectious disease C. difficile infection. Further information is available at www.summitplc.com and Summit can be followed on Twitter (@summitplc).
Glyn Edwards / Richard Pye (UK office)
Erik Ostrowski / Michelle Avery (US office)
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|Cairn Financial Advisers LLP|
Liam Murray / Tony Rawlinson
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Aubrey Powell / Jen Boorer
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|MacDougall Biomedical Communications|
(US media contact)
Chris Erdman / Karen Sharma
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|Consilium Strategic Communications|
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Mary-Jane Elliott / Sue Stuart /
Jessica Hodgson / Lindsey Neville
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Summit Forward-looking Statements
Any statements in this press release about Summit's future expectations, plans and prospects, including but not limited to, statements about the potential benefits and future operation of the collaboration with Sarepta Therapeutics Inc., including any potential future payments thereunder, clinical and preclinical development of Summit's product candidates, the therapeutic potential of Summit's product candidates, and the timing of initiation, completion and availability of data from clinical trials, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, expectations for regulatory approvals, availability of funding sufficient for Summit's foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of filings that Summit makes with the Securities and Exchange Commission including Summit's Annual Report on Form 20-F for the fiscal year ended January 31, 2016. Accordingly readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent Summit's views only as of the date of this release and should not be relied upon as representing Summit's views as of any subsequent date. Summit specifically disclaims any obligation to update any forward-looking statements included in this press release.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Summit Therapeutics plc via Globenewswire