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Sareum Holdings - Positive clinical step forward in SDC-1801

Sareum Holdings has announced positive clinical progression for SDC-1801, its lead asset and novel TYK2/JAK1 inhibitor targeting the autoimmune space (with an initial focus on psoriasis). Preliminary data from the single ascending dose (SAD) study (part 1) and the food effects study (part 3), from its ongoing Phase Ia trial (in healthy volunteers) for SDC-1801, indicated a favourable safety profile and were supportive of once-daily oral dosing. The multiple ascending dose (MAD) arm continues to onboard patients and the Phase Ia trial’s full safety data are expected in H1 CY24. The swift progression of SDC-1801 through the clinic is encouraging, given that the study commenced in May 2023, and we see the initiation of a Phase Ib study (if Phase Ia data are supportive) in psoriasis patients in H224 (target completion end-CY24) as a major inflection point. Management expects to be funded to this milestone, supported by the £5m equity prepayment facility (£2.3m drawn down to date) and expected tax credits of £1.6m.