3rd Aug 2023 14:16
Sareum Holdings PLC - Cambridge-based biotechnology company developing kinase inhibitors for autoimmune diseases and cancers - Agrees terms on equity prepayment facility of up to GBP5 million with RiverFort Global Opportunities PCC Ltd, as arranged by RiverFort Global Capital Ltd, with an initial deposit of GBP2 million. This is expected on August 4, net of associated costs.
Two further committed deposits of GBP300,000 each are due on the three month and six month anniversaries of the first deposit, as well as a fourth deposit on the six month anniversary of up to GBP1.4 million.
Riverfort Global Capital is a London-based firm, principally focused on investing in junior listed companies by way of debt or equity-linked debt investments.
If fully drawn, Sareum intends to use the facility - together with anticipated tax credits of GBP1.6 million - to complete the Phase 1a/b clinical development of its lead candidate, SDC-1801. This is a dual TYK2/JAK1 kinase inhibitor being developed as a potential new therapeutic for a range of autoimmune diseases, with an initial focus on psoriasis.
Current stock price: 100.00 pence
12-month change: down 47%
By Holly Beveridge, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Sareum