Surrender of Share Options
08 Octobre 2018 - 4:00AM
Summit Therapeutics plc (‘Summit’ or the
’Company’)
Surrender of Share Options
Oxford, UK, and Cambridge, MA, US, 8
October 2018 – Summit Therapeutics plc (NASDAQ: SMMT, AIM:
SUMM), a leader in new mechanism antibiotic innovation, announces
that UK-based Executive Director and PDMRs, and employees have
voluntarily surrendered options to subscribe for a total of
5,532,461 of the Company’s ordinary shares of one penny nominal
value. Following the surrender, the total number of share options
which remains outstanding is 3,073,330 (representing 3.7% of the
Company’s issued share capital). The surrendered options all have
exercise prices in excess of 105p. The changes to Executive
Director and PDMR option holdings are summarised in the following
table:
Name |
Position |
Number of share options surrendered |
Number of share options still held |
Glyn Edwards |
Chief Executive Officer |
3,055,096 |
409,959 |
David Roblin |
Chief Operating Officer and President of
R&D |
666,208 |
100,000 |
The Company’s remuneration policy, last approved
by shareholders in July 2017, has been effective in attracting and
retaining talent within the business as well as aligning the
long-term interests of Executive Directors and employees with those
of shareholders. The majority of the share options held by
employees are significantly below their exercise price, due to the
recent decline in the Company’s share price following its lead
Duchenne muscular dystrophy candidate missing its primary and
secondary endpoints in a Phase 2 clinical trial, with the
consequence that they no longer represent a meaningful
incentive.
Summit is now focussed on creating a successful
antibiotics business. Its strategy is developing new mechanism
antibiotics to become the new standards of care with this activity
spearheaded by its Phase 3 ready antibiotic candidate ridinilazole
and supported by its proprietary Discuva Platform.
In light of these developments, Summit’s Board
of Directors is actively looking at ways to re-align the interests
of all its employees as it seeks to deliver its business strategy
and create value for shareholders. One potential method is to make
a new award of share options to all employees on terms and
performance conditions which reflect the current business strategy,
provide the persons charged with executing that strategy with
meaningful and targeted incentives, and better align their
interests with those of shareholders. For this to be viable, the
Company would need to increase the size of its available option
pool to avoid exceeding the limit within Company policy on its
ability to issue shares in the form of share options. This
surrender of share options has increased the size of the option
pool. The surrender will have a non-cash impact on the Company
financial statements.
The Remuneration Committee of the Board of
Directors continues to evaluate the choices available to it and has
not as yet made any decisions or commitments with regard to the
granting of new share options.
About Summit Therapeutics
Summit Therapeutics is a leader in antibiotic innovation. Our new
mechanism antibiotics are designed to become the new standards of
care for the benefit of patients and create value for payors and
healthcare providers. We are currently developing new mechanism
antibiotics for C. difficile infection and gonorrhoea and are using
our proprietary Discuva Platform to expand our pipeline. For more
information, visit www.summitplc.com and follow us on Twitter
@summitplc.
This announcement contains inside information
for the purposes of Article 7 of EU Regulation 596/2014 (MAR).
Contacts
Summit Therapeutics |
|
|
Glyn Edwards / Richard Pye (UK office) |
Tel: |
+44 (0)1235 443 951 |
|
|
|
Cairn Financial Advisers
LLP (Nominated Adviser) |
Tel: |
+44 (0)20 7213 0880 |
Liam Murray / Tony Rawlinson |
|
|
Summit Forward-looking Statements
Any statements in this press release about the
Company’s future expectations, plans and prospects, including but
not limited to, statements about the impact of share option
surrenders on the Company’s financial statements, the clinical and
preclinical development of the Company’s product candidates, the
therapeutic potential of the Company’s product candidates, the
potential of the Discuva Platform, the potential commercialisation
of the Company’s product candidates, the sufficiency of the
Company’s cash resources, the timing of initiation, completion and
availability of data from clinical trials, the potential submission
of applications for marketing approvals 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, laws and regulations affecting government contracts,
availability of funding sufficient for the Company’s foreseeable
and unforeseeable operating expenses and capital expenditure
requirements and other factors discussed in the "Risk Factors"
section of filings that the Company makes with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
20-F for the fiscal year ended 31 January 2018. 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 the Company’s
views only as of the date of this release and should not be relied
upon as representing the Company’s views as of any subsequent date.
The Company specifically disclaims any obligation to update any
forward-looking statements included in this press release.
-END-
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