Sareum Holdings Plc buoyed by white knight’s £900k investment
An unnamed entrepreneur has invested almost a million pounds in Cambridge drug development business Sareum Holdings.
The £900k before expenses represents a massive show of faith in AIM-quoted Sareum which is pledged to deliver targeted small molecule therapeutics to improve the treatment of cancer and autoimmune diseases.
The subscription price represents a premium of approximately eight per cent to the closing middle market price for Sareum shares on May 28. The net proceeds will be used to progress the company’s SDC-1801 TYK2/JAK1 inhibitor drug development programmes as well as for working capital purposes.
As we previously reported, the company is targeting the completion of its preclinical studies in Q3 2021, subject to successful progress. Clinical trial plans, including priority autoimmune indications and potential Covid-19 application, will be developed in parallel, subject to additional funding being raised.
Dr Tim Mitchell, CEO of Sareum Holdings plc, said: “The subscription will enable us to continue advancing our lead internal TYK2/JAK1 inhibitor programme, SDC-1801, through its final preclinical studies.
“We are targeting the completion of these studies in Q3 2021 and are finalising our plans for the initial clinical trials.
“This subscription, together with any further funds raised and grants awarded to Sareum, will also help us to further explore the potential benefit of SDC-1801 against Covid-19 and TYK2/JAK1 inhibitor SDC-1802 against cancers. We look forward to keeping investors informed on our progress and to providing further updates during the year.”