Virobay, Inc.

SAN CARLOS, Calif.--(BUSINESS WIRE)-- Acurex Biosciences Corporation, a biopharmaceutical company with a mission to stop neurodegeneration before it begins, announces the appointment of renowned biopharmaceutical industry leader Dr. Robert Booth to its Board of Directors. Dr. Booth, distinguished for his invaluable contributions to the biopharmaceutical industry, brings over 30 years of experience in drug discovery, development, and executive leadership. Dr. Booth earned his Ph.D. in biochemistry from University College London and rose to Senior Vice President at F. Hoffmann-La Roche AG early in his career. As the Chief Scientific Officer at Celera Genomics, Dr. Booth initiated the BTK inhibitor program that led to the development of Imbruvica, a revolutionary treatment for many hematological cancers. This groundbreaking inhibitor was later licensed to Pharmacyclics, where Dr. Booth served on the Board of Directors until its acquisition by AbbVie. Within academia, Dr. Booth has been an adjunct professor at Stanford University School of Medicine where his work led him to co-found CuraSen Therapeutics, Inc. He also served as the founder and CEO of Virobay Inc. and was an instrumental operating partner and senior advisor at TPG Biotech. He presently serves on the boards of Thryv Therapeutics and Summit Therapeutics, bringing his industry expertise to provide strategic direction. On his appointment to Acurex’s board, Dr. Booth commented, "I am truly excited to join the board of Acurex Biosciences. The company's unique approach to neurodegeneration, backed by solid science and a dedicated team, aligns with my passion for innovative and impactful drug development. I look forward to contributing to Acurex’s trailblazing work, which holds enormous promise for patients affected by neurodegenerative disorders." Acurex CEO and CSO William D. Shrader, Ph.D., expressed his enthusiasm stating, "Dr. Booth’s deep insights based on extensive experience in building successful biopharmaceutical companies will be instrumental in Acurex’s pursuit to reshape the disease landscape for neurodegenerative disorders. We are thrilled to be able to attract such an esteemed industry leader and welcome Dr. Booth to our Board of Directors." About Acurex Biosciences: Acurex was co-founded by a distinguished team of experts, including accomplished drug developer Dr. William Shrader, Stanford Professor Dr. Xinnan Wang, and successful life-science entrepreneurs Lev and Galina Leytes. Acurex has secured over $18M in private and grant seed funding, with substantial contributions from Stanford University, the Silverstein Foundation, the Michael J. Fox Foundation, and the NIH. Acurex is raising its Series A to finance the continued development of its biomarker and advancement of its therapeutic programs into initial human clinical trials. For more information, please visit . View source version on businesswire.com: Contacts Source: Acurex Biosciences Corporation View this news release online at:

Menlo Park, California, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) ("Summit," "we," or the "Company") today reports its financial results and provides an update on operational progress for the third quarter and nine months ended September 30, 2022. Financial Highlights Aggregate cash, accounts receivable, and tax credits receivable on September 30, 2022 totaled $138.4 million as compared to $89.0 million on December 31, 2021. Our cash balance on September 30, 2022 was $122.0 million as compared to $71.8 million on December 31, 2021. Accounts receivable and research and development tax credits receivable on September 30, 2022 were $16.4 million as compared to $17.2 million on December 31, 2021. Net loss for the three months ended September 30, 2022 and 2021 was $21.4 million and $19.6 million, respectively. Net loss for the nine months ended September 30, 2022 and 2021 was $59.6 million and $61.5 million, respectively. Operating cash outflow for the nine months ended September 30, 2022 and 2021 was $46.8 million and $63.4 million, respectively. On June 22, 2022, the Company announced a Rights Offering for its existing shareholders to participate in the purchase of additional shares of its common stock. The Rights Offering commenced on July 18, 2022, and the associated subscription rights expired on August 8, 2022. Through the fully subscribed Rights Offering, the Company raised $100.0 million in gross proceeds through the issuance and sale of 103,092,783 shares of its common stock at a price per share of $0.97. Issuance costs associated with the Rights Offering were $0.1 million, resulting in net proceeds of $99.9 million. In connection with the closing of the rights offering, a $25.0 million note payable with the Company's Chairman and CEO, Robert W. Duggan, matured and became due, and the Company repaid all principal and accrued interest of $0.4 million via a portion of the proceeds from this Rights Offering. During the three months ended September 30, 2022, the Company received non-dilutive funding of $0.8 million from the Biomedical Advanced Research and Development Authority ("BARDA"), part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services, in support of the Company's Ri-CoDIFy clinical trials and clinical development of ridinilazole. As of September 30, 2022, an aggregate of $58.8 million out of a potential award of $72.5 million has been received from BARDA under contract number HHSO100201700014C. The contract with BARDA was set to expire on April 30, 2022 and was extended through December 2022 as a no cost contract, solely to close out open activities. Remaining potential funding from BARDA has not been included in aggregate cash and receivables balances, above. During the three months ended September 30, 2022, the Company received non-dilutive funding of $1.6 million from the Trustees of Boston University under the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator ("CARB-X") program, in support of IND-enabling activities for SMT-738. As of September 30, 2022, an aggregate of $2.9 million of funding has been received from CARB-X. CARB-X previously announced changes to its funding arrangements, including its terms and conditions going forward. As a result, the current arrangement concluded as of June 30, 2022; funds previously spent in accordance with the original agreement were able to be submitted for reimbursement in the third quarter of 2022. The Company is in current discussions with CARB-X to negotiate a new agreement; the original agreement was for an aggregate potential of up to $7.8 million of funding. Remaining potential funding from CARB-X has not been included in aggregate cash and receivables balances, above. Operational & Corporate Updates Our intention is to expand our pipeline product portfolio in the therapeutic area of oncology and/or product offerings that are designed to work in harmony with the human gut microbiome. We intend to enact this through business development activities, including possible acquisitions and/or collaborations in addition to internal research and discovery efforts. In July 2022, we elevated Dr. Mazy Zanganeh, DDS, MBA, as Co-Chief Executive Officer & President of Summit. Dr. Zanganeh was formerly our Chief Operating Officer having served in that capacity since she joined the Company as an employee in November 2020, in addition to her responsibilities as a member of the our Board of Directors. Dr. Zanganeh is also the founder of Maky Zanganeh and Associates and was previously the Chief Operating Officer at Pharmacyclics until Pharmacyclics was purchased by AbbVie in 2015 for $21 billion. In September 2022, we determined that we would seek partners for ridinilazole. As a result of this determination, the Company discontinued its pediatric clinical trial evaluating ridinilazole for treating adolescent patients with CDI. In October 2022, we appointed renowned biotech executive and scientific leader, Dr. Robert Booth, PhD, to our Board of Directors. Dr. Booth initiated the BTK inhibitor program at Celera Genomics, Inc. that ultimately became Pharmacyclics, Inc.’s IMBRUVICA® (ibrutinib), the blockbuster drug that changed the paradigm of treatment for many hematological cancers. In addition to his scientific breakthrough discoveries, Dr. Booth was an adjunct professor at Stanford University School of Medicine. He is the co-founder of CuraSen Therapeutics and its former Executive Chairman, and was the co-founder and CEO of Virobay Inc. in addition to his previous role as a Senior Vice President at Roche. Dr. Booth previously served on the boards of Pharmacyclics and CymaBay Inc. We are continuing to perform IND-enabling activities for our second drug candidate, SMT-738. Summit Therapeutics’ Mission Statement To build a viable, long-lasting health care organization that assumes full responsibility for designing, developing, trial execution and enrollment, regulatory submission and approval, and successful commercialization of patient, physician, caregiver, and societal-friendly medicinal therapy intended to: improve quality of life, increase potential duration of life, and resolve serious medical healthcare needs. To identify and control promising product candidates based on exceptional scientific development and administrational expertise, develop our products in a rapid, cost-efficient manner, and to engage commercialization and/or development partners when appropriate. We accomplish this by building a team of world class professional scientists and business administrators that apply their experience and knowledge to this mission. Team Summit exists to pose, strategize, and execute a path forward in medicinal therapeutic health care that places Summit in a well-deserved, top market share, leadership position. Team Summit assumes full responsibility for stimulating continuous expansion of knowledge, ability, capability, and well-being for all involved stakeholders and highly-valued shareholders. About Summit Therapeutics Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol ‘SMMT’). We are headquartered in Menlo Park, California, and we have additional offices in Oxford, UK and Cambridge, UK. For more information, please visit and follow us on Twitter @summitplc. Contact Summit Investor Relations: Dave Gancarz Head of Stakeholder Relations & Corporate Strategy david.gancarz@summitplc.com General Inquiries: investors@summitplc.com Summit Forward-looking Statements Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the clinical and preclinical development of the Company’s product candidates, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the impact of the COVID-19 pandemic on the Company’s operations and clinical trials, potential acquisitions and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the results of our evaluation of the underlying data in connection with the topline results of our Phase III Ri-CoDIFy study evaluating ridinilazole, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, and global public health crises, including the coronavirus COVID-19 outbreak, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of filings that the Company makes with the Securities and Exchange Commission. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ridinilazole. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release. SUMMIT THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) In thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenue $220 $1,309 $705 $1,558 Operating expenses: Research and development 17,049 19,943 46,613 62,245 General and administrative 5,573 5,662 19,165 15,831 Total operating expenses 22,622 25,605 65,778 78,076 Other operating income 5,462 4,810 13,283 16,379 Operating loss (16,940) (19,486) (51,790) (60,139) Other expense, net (4,445) (113) (7,763) (1,364) Net loss $(21,385) $(19,599) $(59,553) $(61,503) Basic and diluted loss per share $(0.14) $(0.20) $(0.52) $(0.67) Comprehensive loss: Net loss $(21,385) $(19,599) $(59,553) $(61,503) Other comprehensive (loss) income: Foreign currency translation adjustments (49) (863) (1,020) 352 Comprehensive loss $(21,434) $(20,462) $(60,573) $(61,151) CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited) In thousands September 30, 2022 December 31, 2021 Cash $121,971 $71,791 Total assets $155,327 $113,374 Total liabilities $22,079 $30,090 Total stockholders' equity $133,248 $83,284 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Unaudited) In thousands Nine Months Ended September 30, 2022 2021 Net cash used in operating activities $(46,773) $(63,408) Net cash used in investing activities (634) (186) Net cash provided by financing activities 100,184 76,655 Effect of exchange rate changes on cash (2,597) 770 Increase in cash $50,180 $13,831

Menlo Park, California, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit,” “we,” or the “Company”) today announced that Dr. Robert Booth, PhD, has been appointed to its Board of Directors, effective immediately. Dr. Booth initiated the BTK inhibitor program at Celera Genomics, Inc. that ultimately became Pharmacyclics, Inc.’s IMBRUVICA® (ibrutinib), the blockbuster drug that changed the paradigm of treatment for many hematological cancers. “Our world class executives and leaders at Team Summit continue to demonstrate our convening power in our ability to attract such a stellar talent as Dr. Booth,” said Robert W. Duggan, Chairman and Chief Executive Officer of Summit. “As we seek to enhance our product pipeline through business development activities as well as internal research and discovery efforts, there are few parallels to the successful experience of Dr. Booth. Adding Robert to our excellent Board of Directors further enhances our incredible group of key subject matter experts, and we are excited to leverage Dr. Booth’s insights and knowledge as we seek to make a meaningful impact on the health and lives of patients facing serious unmet medical needs.” Dr. Booth was most recently an adjunct professor at Stanford University School of Medicine. He has over 30 years of experience in the biopharmaceutical industry from executive positions to research and scientific leadership primarily focusing in the areas of oncology, inflammation, and autoimmune disease. He is the co-founder of CuraSen Therapeutics, Inc. where he was previously the Executive Chairman and currently serves as an advisor. He was also the co-founder and CEO of Virobay, Inc. Prior to Virobay, Dr. Booth was an operating partner at TPG Inc. in its biotech fund and served as the Chief Scientific Officer of Celera Genomics. He spent more than a decade in roles of increasing responsibility in research and business development culminating in a Senior Vice President role at Hoffman-La Roche AG (“Roche”). Dr. Booth currently serves on the board of Thryv Therapeutics Inc.; he previously served on the boards of Pharmacyclics, Inc., and CymaBay Inc. He graduated from the University of London with his PhD in biochemistry. “Dr. Booth is a legend in drug discovery and development, and his decades of experience make him the ideal scientific leader to join Team Summit today,” added Dr. Maky Zanganeh, Co-Chief Executive Officer, President, and a member of the Board of Directors of Summit. “Bob and I have worked with Dr. Booth for almost 15 years. I am thrilled to be able to add a colleague with the poise, experience, and insight of Dr. Booth as we continue to evaluate opportunities to expand our pipeline in the field of oncology, while working to develop our own pipeline of assets through our discovery process. He will be an incredible asset now and throughout the next chapter of Team Summit as we advance medicinal therapies to the next level in oncology.” “I have had the great pleasure of a front-row seat observing the impact that Team Summit can have on improving the lives of patients with significant unmet medical needs,” stated Dr. Booth. “The caliber of this team with its goal to increase the quality and duration of lives while reducing trauma is unrivaled. I have no doubts that this team will fulfill its mission, and I am thrilled to join Team Summit in accomplishing its goals. I believe that patients will benefit from the dedication and character of Team Summit.” In conjunction with the appointment of Dr. Booth to the Company’s Board, Dr. Urte Gayko has resigned her position on the Board in order to focus on her full-time position as Summit’s Head of Regulatory, Quality, and Safety. “We thank Urte for her service as a member of our Board, but more importantly, are incredibly grateful that she decided to join us full-time as a member of our executive team,” stated Mr. Duggan. “She is an incredible leader, and we are fortunate to have her not only as an advisor, but as a core member of our leadership at Team Summit. She will be instrumental in our success going forward, and she represents the highest qualities of our team.” Summit Therapeutics’ Mission StatementTo build a viable, long-lasting health care organization that assumes full responsibility for designing, developing, trial execution and enrollment, regulatory submission and approval, and successful commercialization of patient, physician, caregiver, and societal-friendly medicinal therapy intended to: improve quality of life, increase potential duration of life, and resolve serious medical healthcare needs. To identify and control promising product candidates based on exceptional scientific development and administrational expertise, develop our products in a rapid, cost-efficient manner, and to engage commercialization and/or development partners when appropriate. We accomplish this by building a team of world class professional scientists and business administrators that apply their experience and knowledge to this mission. Team Summit exists to pose, strategize, and execute a path forward in medicinal therapeutic health care that places Summit in a well-deserved, top market share, leadership position. Team Summit assumes full responsibility for stimulating continuous expansion of knowledge, ability, capability, and well-being for all involved stakeholders and highly-valued shareholders. About Summit TherapeuticsSummit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol ‘SMMT’). We are headquartered in Menlo Park, California, and we have additional offices in Oxford, UK and Cambridge, UK.For more information, please visit https://www.summittxinc.com and follow us on Twitter @summitplc. Contact Summit Investor Relations:Dave GancarzHead of Stakeholder Relations & Corporate Strategydavid.gancarz@summitplc.com General Inquiries: investors@summitplc.com Summit Forward-looking StatementsAny statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the clinical and preclinical development of the Company’s product candidates, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the impact of the COVID-19 pandemic on the Company’s operations and clinical trials, potential acquisitions and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the results of our evaluation of the underlying data in connection with the topline results of our Phase III Ri-CoDIFy study evaluating ridinilazole, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, and global public health crises, including the coronavirus COVID-19 outbreak, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of filings that the Company makes with the Securities and Exchange Commission. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ridinilazole. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.