Look­ing to climb out of bear mar­ket and FDA hur­dles, Sum­mit of­fers up $100M worth of stock

While the road has cer­tain­ly been rocky for bil­lion­aire Bob Dug­gan’s biotech amidst a bear mar­ket and FDA trou­bles, Sum­mit Ther­a­peu­tics is still look­ing to forge ahead with a new stock of­fer­ing.

Sum­mit an­nounced on Mon­day that it has kicked off a pre­vi­ous­ly an­nounced rights of­fer­ing of up to $100 mil­lion of its com­mon stock. Ac­cord­ing to the com­pa­ny, the sub­scrip­tion rights will ex­pire if they are not ex­er­cised be­fore Aug. 8.

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