23rd Apr 2021 12:17
(Alliance News) - Shares in Sareum Holdings PLC rose on Friday after announcing improved trading results for its first six months of the year.
Shares in the Cambridge-based drug development firm were 6.1% higher at 2.20 pence each on Friday in London.
Sareum said its pretax loss narrowed to GBP610,000 for the six months ended December 31 from GBP691,000 in the prior year. While cash at December month-end was GBP1.3 million, down from GBP1.8m at June 30 but improved from GBP1.0m at December 2019.
AIM-listed Sareum said its UK grant-funded research project, to investigate the potential of SDC-1801 in severe phase Covid-19, was progressing well and that results would be reported in mid 2021.
"Sareum has continued to make good progress with the preclinical development of our proprietary dual TYK2/JAK1 inhibitor programmes," said Sareum Chief Executive Dr Tim Mitchell.
"We were also pleased to receive UK grant funding to investigate the therapeutic potential of SDC-1801 in severe phase Covid-19. Early indications are encouraging, and we expect to see the final results from this initial six-month study mid-year 2021.
"If this study continues to be successful, it may allow us to apply for further non-dilutive government funding from the recently announced Agile platform to advance this programme into clinical trials."
By Will Paige; [email protected]
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