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Sareum Holdings - SDC-1801 prepping to enter Phase II

Sareum Holdings’ FY24 results summarised an active period for lead asset SDC-1801, a dual TYK2/JAK1 inhibitor, which successfully completed Phase I trials in Australia and is now undergoing preparatory work to commence Phase II studies, likely in psoriasis patients. The recently reported unblinded data noted robust pharmacokinetic (PK)/pharmacodynamic (PD) properties and reiterated the drug’s desirable safety profile. While Sareum had previously proposed a smaller Phase Ib study, the plan has pivoted to running a larger Phase II trial, which requires a long-term (c 16 weeks) toxicology study before initiation. Sareum recently secured £3.4m in equity funding and a further c £1m in R&D tax credits, which management believes will be sufficient to complete the Phase II preparatory activities and fund preclinical work on its second asset, SDC-1802. We believe Sareum will be seeking partnering opportunities to support Phase II development of SDC-1801.