17th Dec 2021 19:28
Sareum Holdings PLC - Cambridge, England-based drug developer for cancer and autoimmune diseases - Raises GBP1.6 million through a subscription of shares by new and existing "high net worth individuals" for 32.6 million shares at a price of 5.0 pence per share.
Proceeds from the subscription will go towards advancing its two TYK2/JAK1 inhibitor programmes, comprising SDC-1801 which targets autoimmune diseases and SDC-1802, which is targeting cancers through preclinical development.
"This new subscription brings the funds raised by Sareum this year to over GBP6 million, reflecting the strong and continuing interest in our proprietary TYK2/JAK1 development programmes. Our significantly strengthened financial position will now enable us to take SDC-1801 through Phase 1a clinical development to assess its safety in healthy human volunteers. We also have the resources to complete the preclinical development for SDC-1802 for cancer," says Chief Executive Officer Tim Mitchell.
Current stock price: 5.41 pence, up 4.0% on Friday
Year-to-date change: up sharply from 2.42p
By Dayo Laniyan; [email protected]
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