Sareum Holdings swings to loss amid increased cancer treatment investment
Source - SMW
Small molecule drug developer Sareum Holdings swung to a full-year loss as it continued to invest in the development of cancer treatment candidates
Losses for the year through June amounted to £1.7m, compared to a profit of £353k on-year.
Sierra Oncology, the licence holder advancing clinical cancer candidate SRA737 -- which was discovered by Sareum and Cancer Research UK/Institute of Cancer Research -- made strong progress with its clinical development programmes during the reporting period, the company said.
'The year under review has seen important progress made by Sierra Oncology with SRA737 and internally with the nomination of lead candidates SDC-1801 and SDC-1802 from the Company's proprietary TYK2/JAK1 programme,' chief executive Tim Mitchell said.
'This progress and the increasing visibility on clinical inflection points positions the company well to generate value for shareholders.'
'We are very pleased with the confidence, commitment and decisiveness Sierra is showing with SRA737 in expanding and adapting the clinical development programme based on cutting-edge science and emerging data.'
'We look forward to the preliminary clinical data, which is expected from both ongoing Phase 1/2 studies in the first half of 2019, and the start of a third clinical trial of SRA737 in combination with niraparib before the end of 2018.'