1st Nov 2013 10:17
LONDON (Alliance News) - Cancer drug company Sareum Holdings PLC Friday said it has raised GBP1.67 million in a placing of 278.5 million shares to fund a recently-announced collaboration deal to advance a potential treatment to clinical trials and to give it working capital through to early 2015.
The company in September signed a collaboration deal with the Cancer Research Technology Pioneer Fund & BACIT to advance the Checkpoint Kinase 1 inhibitor candidate through further pre-clinical development and get it ready for approval for Phase 1 clinical trials.
The money will also fund work on two other programmes: Sareum's Aurora+FLT3 programme, which is in pre-clinical development, and its TYK2 kinase inhibitor programme, which is moving towards pre-clinical development.
Sareum shares were up 16.1% at 0.65 pence Friday morning, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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