11:15 AM EDT, 09/12/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

Summit Therapeutics ( SMMT ) shares were more than 21% higher in recent Thursday trading after the company raised around $235 million from the sale of about 10.35 million shares at $22.70 apiece, the closing price in the previous day.

About $79 million was raised from insiders, including Co-Chief Executive Officers Robert Duggan and Maky Zanganeh, while the remaining $156 million came from biopharma institutional investors, Summit said.

Net proceeds would be used to advance the clinical development of investigational cancer therapy, ivonescimab, as well as for general corporate purposes, the company said.

Price: 27.50, Change: +4.80, Percent Change: +21.15