29th Oct 2024 14:27
(Alliance News) - Sareum Holdings PLC on Tuesday said it is excited about the future of its potential new therapeutic for autoimmune diseases such as psoriasis, as it posted an increased annual loss.
The Cambridge, England-based pharmaceutical company focused on developing next-generation kinase inhibitors for autoimmune disease and cancer said pretax loss widened to GBP4.6 million in the financial year ended June 30, from GBP4.0 million a year ago. The company did not generate revenue in either financial year.
Administrative cost increased to GBP4.6 million from GBP4.0 million.
The company is focused on its TYK2/JAK1 inhibitor SDC-1801, which could be a potential new therapeutic for several autoimmune diseases with an initial focus on psoriasis, an autoimmune condition that affects the skin.
"We're excited about the future of SDC-1801 and are committed to building a strong data package to advance to the next stage of its development and will be presenting the clinical data at upcoming partnering and scientific conferences, with the aim of further engaging with potential licensing and commercialisation partners. We look forward to sharing further updates in due course," Sareum said.
Apart from SDC-1801, the company is developing SDC-1802, a TYK2/JAK1 inhibitor with a potential application for cancer immunotherapy.
Early September, the company said it received a notice of allowance from the US Patent & Trademark Office for a patent on SDC-1801. The US patent will offer "substantial protection on the chemical structure of SDC-1801 and an analogue, their use in treating inflammatory diseases and in certain methods of their chemical synthesis."
Sareum shares fell 6.0% to 23.50 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.