Sareum posts maiden profits
Cancer drug discovery and development business Sareum Holdings has posted a maiden profit in its interim figures.
The Cambridge UK quoted company reports “a spectacular first half” thanks to the licencing of Chk1 targeting various cancers, the positive TYK 2 feasibility study targeting cancer and the completion of IP protection for Aurora FLT3.
Sareum intends to accelerate research into TYK2 and Aurora FLT3 whilst seeking new auto-immune and anti-cancer candidates.
During the six months to end-December, Sareum expanded its reach globally through a number of initiatives.
Its Chk1 inhibitor cancer drug candidate CCT245737 (renamed SRA737) was licensed to NASDAQ-quoted Sierra Oncology, Inc. formerly ProNAi Therapeutics, Inc. by co-investment partner, the CRT Pioneer Fund triggering an upfront payment to Sareum of $1.9 million.
The company also celebrated a successful outcome from a TYK2 cancer feasibility study with results supporting the case to advance the programme further.
Further patent grants were achieved for Sareum’s Aurora+FLT3 kinase programme in Japan, Singapore, China and Hong Kong, completing IP protection for the candidate in all major territories.
The company posted a maiden profit on ordinary activities (after taxation) of £573k compared to a £485k loss year-on-year.
Cash at the bank at period end was £2.305m compared to £335k the year before.
In 2017, Sareum has clocked up its first milestone for a Chk1 licence agreement following the successful transfer of two ongoing Phase 1 clinical trials to Sierra Oncology; Sareum will receive $550k as its share of this.
CEO Dr Tim Mitchell said: “With the share of income from the upfront and the first milestone payments for Chk1 we intend to accelerate research into our three other programmes while seeking to develop or in-license new autoimmune or anti-cancer candidates. We expect to report a modest profit for the full year.”