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AIM:SUMM

Summit Therapeutics PLC

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New Science

Innovation drives success in medicine. In the field of antibiotics research, no new classes of antibiotics have been approved in 15 years. With our promising pipeline and the ability of our Discuva Platform to develop future new mechanism antibiotics, we aim to change that.

Our proprietary Discuva Platform is designed to uncover novel bacterial targets and develops new mechanism antibiotics against them. To date, the Discuva Platform has developed two new targets for gonorrhoea, an ESKAPE programme and undisclosed programmes with Roche.

In addition, ridinilazole, our Phase 3-ready new mechanism antibiotic for C. difficile infection (‘CDI’), is being supported by an award worth up to $62 million from BARDA.

New Philosophy

We think about antibiotics differently. We design our new mechanism antibiotics to be specific for the pathogen or infection. We believe this allows us to develop antibiotics capable of meeting the unmet needs of patients and healthcare providers, show clear advantages over current therapies and create value for payors and healthcare systems. We aim to develop antibiotics for high-volume use, not to be held in reserve. Our targeted approach supports antibiotic stewardship, improved outcomes for patients and healthcare savings.

New Opportunity

We believe our strategy creates new opportunities that are untapped in the antibiotics space. We have the potential to develop antibiotics that beat out the current standards of care and ultimately achieve commercial success. We plan to execute this strategy by becoming a fully integrated, global biopharmaceutical company. Our experienced team of scientists, clinical and regulatory developers and executives spans the drug development spectrum, from research through commercialisation.

Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol ‘SMMT’) and the AIM Market of the London Stock Exchange (symbol ‘SUMM’). We are headquartered in Oxfordshire, UK, and have offices in Cambridge, Massachusetts, US, and Cambridge, UK.

Infectious Diseases

The world is entering an era of untreatable infections. There is overuse of existing antibiotics, and the last new mechanism antibiotic to be approved by the US FDA was in 2003. Without urgent action, once easily curable infections could become global health crises.

We believe that new mechanism antibiotics are the solution to combating today’s bacterial threats. With new mechanism antibiotics in development for C. difficile infection (‘CDI’), gonorrhoea and our Discuva platform to expand our pipeline, we believe we are a leader in antibiotic innovation.

At the core of our strategy, we are using new science and a new philosophy to create new opportunities in infectious diseases.

To execute this strategy, we are developing new mechanism antibiotics:

. Designed to be specific to a pathogen or infection.
. Aimed at meeting the unmet needs of patients and healthcare providers.
. Developed to be commercially attractive with compelling value for payors and healthcare systems.

Our goal is to achieve commercial success by replacing the current standards of care.

Our focus is on developing new mechanism antibiotics for bacteria listed as urgent or serious threats by the US Centers for Disease Control or the World Health Organization.

Learn More about how our Phase 3-ready precision antibiotic, ridinilazole, exemplifies our strategy.

OUR BOARD

Robert W. Duggan, Executive Chairman and Chief Executive Officer

Mr Robert W. Duggan has served as Summit’s Chief Executive Officer since April 2020 and a member of the Board of Directors since December 2019. He is a serial US based entrepreneur who has built several successful companies across different industries, including biotechnology. Mr Duggan is currently the Chief Executive Officer of Duggan Investment Inc., a private US investment firm. Mr Duggan has served on the boards of a number of US public and private companies and he is currently chairman of the board of the Nasdaq listed company, Pulse Biosciences, Inc. He was previously a substantial shareholder in and the Chairman of the Board and Chief Executive Officer of Pharmacyclics, Inc., which was sold to AbbVie Inc., in 2015. Previously, he was the Chairman of the Board and Chief Executive Officer of Computer Motion, Inc., which later merged with Intuitive Surgical, Inc.

 

Ramses Erdtmann, Non-Executive Director

Mr. Erdtmann has over 25 years of experience in the investment banking and the financial industries. He currently is a Portfolio Manager and General Partner at Point Sur Investors, a biotech focused investment fund. He also serves as President and co-founder of Biomea Health, a precision oncology company creating new generations of molecular scaffolds of targeting genetically defined diseases. Prior to Biomea Health, Mr. Erdtmann was 8 years at Pharmacyclics, Inc. (NASDAQ: PCYC) and oversaw a broad range of departments while helping to grow the company from 47-634 employees. He began leading the Finance Department and managed all Accounting, SEC Reporting, Audits and Investor Relations. He also built up and ran IT, HR, Legal, Facilities and Events for the company. Later, as the Executive Vice President of Corporate Affairs, he assumed additional responsibilities for Corporate Communications. Mr. Erdtmann actively participated in the final execution of key corporate milestones for Pharmacyclics, among them the Collaboration Agreement with J&J in 2011 (value $1.0 Billion) and the merger agreement with AbbVie in 2015 (value $21 Billion). Mr. Erdtmann served on the board of PolarityTE (NASDAQ PTE), a regenerative medicine company, where he was its Audit Committee Chair until March 2020. Mr. Erdtmann began his career at Commerzbank in Germany, where he was an investment banker and portfolio manager for large institutional accounts. He earned the Diplom Kaufmann degree with honors in finance and banking from the Westfaelische Wilhelms Universitaet of Muenster, Germany, the equivalent to a US Master of Business Administration degree.

 

Manmeet Soni, Non-Executive Director

Mr Manmeet Soni has extensive experience in transitioning biotechnology companies from development stage through commercialisation and globalisation. He is currently the Chief Financial Officer and Executive Vice President of Reata Pharmaceuticals, Inc. where he is responsible for overall global functions of finance, tax, treasury, internal audit, information technology, investor relations, corporate communication and strategy functions. He has served as the Chief Financial Officer of several publicly-listed life science companies, including Pharmacyclics, Inc., where he played a vital role in the acquisition by Abbvie, Inc. for $21 billion in 2015, Ariad Pharmaceuticals Inc., where he played a major role in the acquisition by Takeda Inc. for $5.1 billion in 2017, and Alnylam Pharmaceuticals, Inc., where he raised over $2.5 billion in cash. Mr Soni currently serves on the board of Arena Pharmaceuticals, Inc. and Pulse Biosciences, Inc. He is a certified public accountant and chartered accountant from India and received his Bachelor of Commerce from Hansraj College, Delhi University, India.

 

Dr Ventzislav Stefanov, Executive Director

Dr Ventzislav Stefanov joined our company in December of 2019 as Non-Executive Director and took an executive position in April 2020. Previously he was independent consultant providing advice, including to Duggan Investments Inc, on the therapeutic and commercial prospects of marketed and investigational antibiotics. In his previous tenures, Dr Stefanov held commercial  and marketing positions with Bayer, Merck Sharp & Dohme, AstraZeneca and Eli Lilly. He had been involved in launching and marketing across Europe several classes of antibiotics including quinolones, carbapenems, cephalosporins and vancomycin. Dr Stefanov received his MD degree from the Medical University in Sofia, Bulgaria.

 

OUR PEOPLE

Mike Donaldson

CHIEF FINANCIAL OFFICER‍

Mr Donaldson joins Summit from Goldfinch Bio, Inc., where he led finance and accounting as Vice President, Finance, and Corporate Controller. Previously, he served as Vice President, Finance, Corporate Controller and Assistant Treasurer at ARIAD Pharmaceuticals, Inc., which was acquired by Takeda for $5.2 billion in February 2017. Prior to that, he was the Corporate Controller for Hittite Microwave Corporation, which was acquired by Analog Devices for $2.4 billion in July 2014. Mr Donaldson spent the first 11 years of his career at PricewaterhouseCoopers. He received his undergraduate degree in accounting and information systems from the University of Massachusetts and is a Certified Public Accountant in Massachusetts.

 

Ventzislav Stefanov

EXECUTIVE VICE PRESIDENT AND PRESIDENT OF DISCUVA‍

Dr Ventzislav Stefanov joined our company in December of 2019 as Non-Executive Director and took executive position in April 2020. Previously he was independent consultant providing advice, including to Duggan Investments Inc, on the therapeutic and commercial prospects of marketed and investigational antibiotics. In his previous tenures, Dr Stefanov held commercial  and marketing positions with Bayer, Merck Sharp & Dohme, AstraZeneca and Eli Lilly. He had been involved in launching and marketing across Europe several classes of antibiotics including quinolones, carbapenems, cephalosporins and vancomycin. Dr Stefanov received his MD degree from the Medical University in Sofia, Bulgaria.

 

Dave Powell

CHIEF SCIENTIFIC OFFICER‍

Dr Dave Powell joined Summit from GSK where he served as Director and Head of the Crick-GSK Biomedical LinkLabs, based at GSK’s UK R&D hub at Stevenage, UK, and The Francis Crick Institute in London.

Dr Powell held a number of positions of increasing seniority in his time at GSK. As part of his work there, he participated in antibiotic discovery, assay development, high throughput screening design and implementation, and lead optimisation support. In his most recent role at GSK, he led a collaboration with the Crick Institute, in addition to providing support to GSK’s ‘Discovery Partnerships with Academia’ team which collaborated with academic groups in downstream drug discovery. He was awarded a BSc and MSc from the National University of Ireland Galway, before completing a PhD in biochemistry at Cardiff University.

Oxford Office (UK)

136a Eastern Avenue
Milton Park
Abingdon
Oxfordshire
OX14 4SB
United Kingdom

Cambridge Office (UK)

Merrifield Centre
Rosemary Lane
Cambridge
CB1 3LQ
United Kingdom

Cambridge Office (US)

One Broadway
14th Floor
Cambridge
MA 02142
United States

Phone: UK: +44 (0)1235 443 939 / US: +1 617 514 7149

Fax: +44 (0)1235 443 939

General Enquiries: [email protected]
Investor Enquiries: [email protected]
Finance Enquiries: [email protected]

Nominated Adviser: Cairn Financial Advisers LLP
Address: Cheyne House, Crown Court, 62-63  Cheapside
Postcode EC2V 6AX
Region: London
Country: United Kingdom
Phone: +44 (0)20 7213 0880

Joint Brokers: N+1 Singer
Address: One Bartholomew Lane
Region: London
Postcode EC2N 2AX
Country: United Kingdom
Phone: +44 (0)20 7496 3000

Panmure Gordon
Address: One New Change
Region: London
Postcode EC4M 9AF
Country: United Kingdom
Phone: +44 (0)20 7886 2500

Financial PR (UK): Consilium Strategic Communications
Country:United Kingdom
Address: 41 Lothbury
Region: London
Postcode EC2R 7HG
Phone: +44 (0)20 3709 5700

Registrars: Link Asset Services
Address: 34 Beckenham Road
Region: Beckenham
Postcode BR3 4TU
Country: United Kingdom

Accountants and Auditors: PricewaterhouseCoopers LLP
Address: 3 Forbury Place, 23 Forbury Road
Region: Reading
Postcode RG1 3JH
Country: United Kingdom

MAJOR SHAREHOLDERS

 


Summit had been notified of the following holdings of more than 3% or more of the issued share capital of the Company

Name

% Holding

Robert W. Duggan

48.8%

Lansdowne Partners Limited

13.2%

Polar Capital

3.3%

Information reviewed on 15 February 2019

Nominated Adviser: Cairn Financial Advisers LLP
Address: Cheyne House, Crown Court, 62-63  Cheapside
Postcode EC2V 6AX
Region: London
Country: United Kingdom
Phone: +44 (0)20 7213 0880

Joint Brokers: N+1 Singer
Address: One Bartholomew Lane
Region: London
Postcode EC2N 2AX
Country: United Kingdom
Phone: +44 (0)20 7496 3000

Panmure Gordon
Address: One New Change
Region: London
Postcode EC4M 9AF
Country: United Kingdom
Phone: +44 (0)20 7886 2500

Financial PR (UK): Consilium Strategic Communications
Country:United Kingdom
Address: 41 Lothbury
Region: London
Postcode EC2R 7HG
Phone: +44 (0)20 3709 5700

Registrars: Link Asset Services
Address: 34 Beckenham Road
Region: Beckenham
Postcode BR3 4TU
Country: United Kingdom

Accountants and Auditors: PricewaterhouseCoopers LLP
Address: 3 Forbury Place, 23 Forbury Road
Region: Reading
Postcode RG1 3JH
Country: United Kingdom