Summit Biosciences, Inc. files $750,000 equity and rights offering

Summit Biosciences, Inc., headquartered in Lexington, KY, is gearing toward raising $750,000 in equity and rights from at most 7 outside investors. No placement agent has been retained for the offering. The company develops, manufactures and commercializes generic and innovative nasal spray drug products. It had revenues between $1 and $5 million over the last fiscal year. In the first quarter of 2008, Summit benefited from $250,000 forgivable loan and $500,000 in tax incentives from Kentucky Economic Development Finance Authority. The incentives came also with a $5 million investment from the state. Yearling Partners is an investor in the company as well. The company is lead by Edwin A. Cohen (CEO and COB) who founded Barr Laboratories. Other executives include Gregory Plucinski (COO) and Sonia Egbert (CFO). Directors include: Richard Cohen, William Lamicka, Charles Moyer and Robert Saunders.


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