26th Oct 2015 08:59
LONDON (Alliance News) - Drug discovery and development business Sareum Holdings PLC Monday reported a widened pretax loss as it continued to progress its key Checkpoint Kinase 1 programme in cancer towards clinical trials.
Sareum reported a pretax loss of GBP1.4 million for the year to end-June, widened from a pretax loss of GBP837,125 a year before. It did not post revenue in either period. The company attributed the wider loss to a financial commitment of GBP497,000 it made to progressing its CHK1 programme during the year, as well as additional investment in its TYK2 programme.
The company said preclinical studies of its development candidate for various cancers, CCT245737, are on track to complete in the fourth quarter of the year. It is planning two clinical trials of the compound, one in combination with other chemotherapies and the other as a single agent. It intends to submit its application for these two trials as early as the first quarter of 2016.
"Good progress has been made in the last year, with two cancer programmes advancing through preclinical validation and potential new indications for our autoimmune disease programme. With the two planned in-human clinical trials for CHK1 commencing in early 2016, as well as the progress in our other programmes adding further commercial value, we look forward to next year with real anticipation and optimism," said Chief Executive Officer Tim Mitchell in a statement.
Shares in Sareum Holding were down 11% at 0.255 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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