Summit Therapeutics Inc. (NASDAQ:SMMT) had a dazzling day of trading today as the company posted gains of nearly 200% to close Tuesday’s trading. That massive win came after the company partnered with Hong Kong firm Akeso to license an antibody known as ivonescimab.
Ivonescimab is a unique antibody that delivers multiple benefits for its users. Further, it’s regarded as the most advanced in its field. The Food and Drug Administration in the United States has approved no antibodies like it. Additionally, the antibody won Breakthrough Therapy Designation status in China, providing further proof of its capability.
Akeso spent eight years developing ivonescimab, recently bringing it to the Phase III stage of clinical trials. The drug successfully treated patients in a lung cancer study that featured non-small-cell cancers.
Summit will also engage in other fundraising efforts to help develop the drug. First is a rights offering valued at $500 million. Second is a new promissory note worth $520 million.
The funds raised will be used to address business development, clinical development, costs related to the new partnership between Summit and Akeso, and for general purposes.
Summit’s massive rise today follows a long downward trend over the last year. The company’s 52-week high, seen around this time last year, came in at $5.30. Until today’s rise, the company traded around $1 for several weeks. This development is major news for Summit. How Summit follows up will be the truest indicator of the company’s likely success to follow.
