Summit Therapeutics Reports Nasdaq Rule 5635(c)(4) Incentive Grants

MIAMI, October 4, 2024–(BUSINESS WIRE)–Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit”, “we” or the “Company”) today announced the grant of incentive awards consisting of options to purchase an aggregate aggregate amount of up to 249,550 shares of common stock. Ten new employees of the Company were awarded. The awards are provided as incentives to new employees who become employees of the Company pursuant to Rule 5635(c)(4) of the Nasdaq Stock Exchange and are approved by the Company’s Compensation Committee. The incentive awards were granted on October 1, 2024. The options have a term of ten (10) years and an exercise price of $20.10 per share, which is the closing price per share of the Company’s common stock as reported by Nasdaq on October 1, 2024. The options were granted from the pool of equity incentives set aside by the Compensation Committee on May 3, 2024 for issuance as an incentive to new employees pursuant to Nasdaq Listing Rule 5635(c)(4).

Options granted to recipients will vest in equal annual installments over a period of four years. Options granted are subject to the terms of the stock option agreement, which will be entered into by the recipient of the option granted.

About Summit Therapy

Summit Therapeutics Inc. is a biopharmaceutical oncology company committed to the discovery, development and commercialization of patient-, physician-, caregiver- and society-friendly therapeutic therapies designed to improve quality of life, extend potential lifespan and solve serious unmet problems. medical needs.

Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol “SMMT”). We are headquartered in Miami, Florida, with additional offices in Menlo Park, California and Oxford, United Kingdom.

For more information, visit https://www.smmttx.com and follow us on X @SMMT_TX.

Forward-Looking Statements at the Summit

All statements contained in this press release about the Company’s future expectations, plans and prospects, including, without limitation, statements regarding the clinical and preclinical development of the Company’s product candidates, the entry into and activities related to the Company’s collaboration with Akeso Inc., the allocation of net proceeds from the offerings private equity, the Company’s projected expenses and cash flow, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the start date, completion date and availability of clinical trial data, potential submission of applications for marketing approvals, potential acquisitions, statements regarding the previously disclosed program offering of shares on the market (“ATM Program”), expected proceeds and how they will be used, as well as other statements containing the words “anticipate”, “believe”, “continue”, “may”, “estimate”, “expect”, “intend “, “may”, “plan”, “potential”, “anticipate”, “project”, “should”, “target”, “would” and similar expressions constitute forward-looking statements within the meaning of the Law Reform Act. securities 1995. Actual results may differ materially from those indicated in such forward-looking statements due to various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, conditions affecting the capital markets, general economic, industry or political conditions, including the results of our assessment of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials , the availability and timing of data from ongoing and future clinical trials, the results of such trials and their success, and global public health crises that may impact the timing and status of our clinical trials and surgeries, whether the preliminary results of a clinical trial will be predictive of the final results of that trial, whether the results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether there will be business development opportunities to expand the pipeline of drug candidates, including, but not limited to, through potential acquisitions and/or collaborations with other entities, expectations regarding regulatory approvals, laws and regulations affecting government contracts and funding awards, the availability of sufficient funds to cover the Company’s predictable and unpredictable operating expenses and capital expenditure requirements, and other factors discussed in the “Risk Factors” section of the Company’s filings at the Securities and Exchange Commission. Any change in our ongoing research could result in delays, impact our future expenses and increase uncertainty in our commercialization efforts and affect the likelihood of successful completion of ivonescimab clinical trials. Accordingly, readers should not place undue reliance on forward-looking statements or information. Further, any forward-looking statements contained in this press release represent the views of the Company only as of the date hereof and should not be relied upon as representing the views of the Company as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements contained in this press release.

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Communication

Contact Summit Investor Relations:
Dave Gancarz
Director of Business and Strategy

Nathan LiaBraaten
Senior Director of Investor Relations

[email protected]