(MENAFN- ProactiveInvestors) Drug development firm Summit reached another milestone on Thursday as it announced its NASDAQ listing in the US will begin today and unveiled a US$34mln fundraising alongside the IPO.
The initial public offering will see 3.45mln American Depositary shares offered at a price of US$9.90 each to raise around US$34mln. They are expected to begin trading today under the symbol SMMT.
Each ADS represents five Summit shares and the offer price is equivalent to around £1.30p a share which is an around 20% discount to last night's London closing price of 161p.
Summit said it had also granted the underwriters 30 days to purchase an additional 517500 ADSs to cover any over-allotments.
The offer is expected to close on or about March 10 this year.
"Today's successful listing on NASDAQ achieves a significant milestone that we believe will support the Company's future growth and development" commented Glyn Edwards Chief Executive Officer of Summit.
"We believe being dual listed will enhance the profile of Summit amongst the investment community and will mean we are better able to continue advancing our mid-stage clinical programmes in Duchenne muscular dystrophy and C. difficile infection."
He has said the proposed listing was aimed at providing greater access to a "wider set of healthcare investors generate greater liquidity in the company's shares and increase awareness of Summit in geographies outside of the UK".
"As a complement to Summit's current quotation on AIM the proposed NASDAQ listing and US public offering are also expected to support the on-going development of our DMD and CDI programmes" he said.
Summit is developing treatments for muscle wasting disease Duchenne Muscular Dystrophy (DMD) and hospital superbug C. difficile infection (CDI).
Highlights of the nine months to end-October last year saw it receive approval to commence a Phase 1b clinical trial of lead utrophin modulator SMT C1100 for Duchenne's and top line data is expected in mid-2015.
On the C-diff programme a phase 2 Proof of Concept clinical trial is on-going in the US and Canada and enrolment and dosing of patients is underway with top line data expected in the second half of 2015.
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