11th Oct 2024 15:53
(Alliance News) - Sareum Holdings PLC on Friday said that it has completed a fundraise of GBP2.4 million before expenses via a subscription.
Sareum Holdings is a Cambridge, England-based pharmaceutical company, focused on developing next-generation kinase inhibitors for autoimmune disease and cancer.
The subscription was for a total of 11.8 million new ordinary shares at 20 pence each.
This funding, alongside a GBP1 million tax credit received on October 8, will help the company to further develop SDC-1801, it said. More specifically, the funds will go towards longer-term toxicology studies, to prepare the asset for phase two clinical trials, thereby enhancing its potential value.
"The recent successful completion of our Phase 1 trial, demonstrating SDC-1801's favourable safety profile, combined with impressive pharmacokinetics and biomarker effects, has reinforced our confidence in its potential as a best-in-class TYK2/JAK1 inhibitor," said Executive Chair Stephen Parker.
"We believe SDC-1801 has the potential to offer increased efficacy compared to existing therapies in a number of autoimmune conditions where there is a serious unmet medical need. This funding brings us closer to realising that potential and potentially delivering a new, more effective treatment option for millions of patients worldwide."
Shares in Sareum Holdings were trading 1.8% higher at 28.00 pence each in London on Friday afternoon. The firm has a market cap of GBP30.2 million.
By Holly Beveridge, Alliance News senior reporter
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