Summit Therapeutics Inc (NASDAQ:SMMT) shares are trading higher by 9.25% to $24.80 Thursday morning after the company announced it raised $235 million in net proceeds.

What Happened: Summit Therapeutics announced that it raised approximately $235 million by selling 10.35 million shares at $22.70 per share, matching the closing price on September 11.

The capital raise, completed without bankers' fees, involved investments from both biotech institutional investors and company insiders, including key executives and Board members. Insiders, led by figures like Robert W. Duggan and Dr. Maky Zanganeh, contributed $79 million, while institutional investors raised the remaining $156 million.

The funds will be used to advance clinical development of ivonescimab for lung cancer and other cancers, as well as for general corporate purposes.