Sareum Holdings - Fund raising to cushion pipeline risk
Sareum released a trading update on 19 August ahead of its full-year results (financial year end 30 June 2021) expected in October 2021. Final pre-clinical studies on the lead asset, TYK2/JAK1 inhibitor SDC-1801, are now expected to commence in Q421 (previously Q321) due to COVID-19 induced supply disruptions. The timeline for the clinical trial application (CTA) and Phase I clinical trials, however, remains unchanged (end Q421 and early 2022 respectively). Short-term liquidity issues have been alleviated following two subscriptions to high net-worth individuals raising £2.37m in June and a further c £2.18m in July and August 2021. Although increased R&D expenses widened the FY21 net loss to £1.6m (versus £0.96m in FY20), the cash balance has improved (£2.7m at the end of June 2021 versus £1.3m at the end of December 2020).Sareum Holdings is a holding company. Through its subsidiary, Co. is engaged as a specialist drug discovery and development company delivering targeted small molecule therapeutics, focusing on cancer and autoimmune disease, and licensing them to international pharmaceutical and biotechnology companies at the preclinical or early clinical trials stage. Co.'s drug development pipeline includes: Chk1 (SRA737), which targets genetically defined solid cancers; TYK2, which targets autoimmune diseases and cancer; and Aurora+FLT3, which targets Acute Myeloid Leukemia and other blood cancers.
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