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SMMT: Subtext being, Joe's a JERK??? Well, Trump can attempt a coupe attempt on Joe's White House kitchen!! I'll lead the attack!!! (HA-HA!!)
Bottom line, SMMT to-dah-MOON!!! (Tomorrow, maybe!!)
SMMT: Just now FINALIZED!!! (See below!! I DO have 'connections', ya know!!)
"Here ya go, Invest-In-America!! Tell Admiral Subslover that the SMMT launch is all set for early next week!!"
SMMT: I'll sign THAT Bill; then pass it to the Senate & Joe for Ratification, Mr. Speaker!!!
SMMT: Hey, & THANKS for that too!!! (It's a NICE one!!)
Nice correction... Keep an eye out for the bottom. Then I'll reload.
I need to correct an earlier post of mine. I didn't fully understand the mechanics of the deal and got the companies involved confused. I thought it was Akeso Therapeutics that was funding Summit Therapeutics, but it's the other way around...
Bob Duggan, Summit Therapeutics co-CEO
December 6, 2022 11:41 AM EST Financing Deals
Bouncing from major setback, Summit hands out $500M cash for cancer drug —
thanks to a loan from billionaire CEO
After hitting a dead end with Summit Therapeutics’ lead program, Bob Duggan
has found the drug that he believes will usher into a compelling second act. So
compelling, in fact, that it involves $500 million cash — and he’s taking money out
of his own pocket to fund the deal.
Striking a partnership with Akeso Therapeutics out of China, Summit is bringing in
a bispecific antibody that blocks both PD-1 and VEGF called ivonescimab. Akeso,
which has a PD-1/CTLA-4 bispecific approved in China, has already taken
ivonescimab into multiple clinical trials, including a Phase III in lung cancer.
With respect to financing the transaction, we will start with debt of $520M that
was entered into with Bob Duggan and Maky Zanganeh, our Co-CEOs. However,
we intend to hold a public offering, a rights offering, in early 2023, which will be
available to all shareholders as of the record date, which will be in Q1’2023. The
rights offering is contemplated to be at $500M. We anticipate that a portion of
the debt will be repaid by the funds raised from the anticipated rights offering.
So far a steady climb today... No circuit breakers. But over twice yesterday's volume and continuing to climb. Now @ $5.20
I agree. Also, the fact that the CEO owns aprox. 80% of the total shares prevents a hostile takeover by any company that would not want a cancer cure to become available. It has always been very upsetting to me to hear how new companies that have discovered new cures or that have invented new revolutionary devices get bought out and canceled, just so those doing the buying are able to continue selling their non-curing treatments and inferior products.
they got 500 mil and market cap only 650 mil. very undervalued $$$$$$$$$$$$$$$$$$$
more buys than sells
Second circuit breaker halt on volume today. I'm starting to really not like these. But they do give me an opportunity to go to the kitchen for another cup of coffee.
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