Sareum Holdings - 5m funding to see SDC-1801 through Phase I
Ahead of its full FY23 results, Sareum Holdings has received the first instalment (£2m) of its newly announced funding facility (£5m in total). Additionally, management shared an operational update on its lead asset, SDC-1801. The Phase Ia study is progressing as planned and the second part of the study (multiple ascending doses) is expected to start in Q323, subject to approval from the safety review committee. Sareum ended FY23 with a cash balance of £1m, further supported by the announced £5m (gross proceeds) equity prepayment facility, which will be split in five deposits at defined time intervals. Management believes that the prepayment facility, along with expected tax credits of £1.6m, should fund its operations into Q424, thus covering the Phase Ia/b study of SDC-1801.
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