25th Jun 2019 18:33
(Alliance News) - Sareum Holdings PLC said Tuesday it raised GBP513,000 through a discounted share placing by Hybridan LLP, whilst also opening the offer to retail investors through PrimaryBid.
The drug development firm explained Hybridan issued 128.3 million shares at 0.04 pence each, raising GBP513,200 before expenses for the firm. The funds will be used to progress development of its TYK2/JAK1 drug development programmes.
Shares in Sareum closed 3.5% higher at 0.57 pence in London on Tuesday.
"The potential for our two preclinical TYK2/JAK1 inhibitors in autoimmune diseases and cancer is gaining increasing clinical validation and we are convinced that SDC-1801 and SDC-1802 represent strong and well-differentiated candidates to address diseases within these areas," Sareum Chief Executive Officer Tim Mitchell said. "We are focused on advancing these exciting preclinical candidates towards human trials as quickly as possible, aiming for first-in-man studies to begin in 2020."
Of these placed shares by Hybridan , Sareum Non-Executive Director Clive Birch subscribed to 1.3 million shares.
In a separate announcement on Tuesday, Sareum also launched an offer through PrimaryBid for retail investors to purchase some of the placed shares at the same placing price.
After the admission of these placed shares - expected next Tuesday - Sareum will have 3.00 billion shares outstanding.
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