Sareum raises capital to fund cancer drug development
Source - SMW
Cancer drug developer Sareum Holdings said it had raised £850k through a share placement.
New shares in the company were issued at 0.65p each.
Proceeds would be used to progress the company's drug development programmes and for working capital purposes.
'We are excited about the potential of the recently nominated lead candidates from our proprietary TYK2/JAK1 inhibitor programmes in autoimmune diseases and cancer,' chief executive Tim Mitchell said.
'TYK2/JAK1 inhibition is a novel mode of action in these indications and one that is gaining credibility among leading companies.'
'We believe we have strong candidates with optimised profiles in these areas and are focused on advancing these into preclinical development towards clinical trials.'
'These new funds, added to our current cash, will enable us to advance these studies and build up the evidence required to facilitate a licensing agreement at an optimal value.'
At 9:40am: (LON:SAR) Sareum Holdings PLC share price was -0.04p at 0.76p