Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery business, is pleased to announce that, at the Company's AGM held at 10am this morning, all resolutions were passed. At the Meeting, the Company's Chairman, Dr Paul Harper, made the following statement:

"During the current financial period (1 July 2006 to date) we have continued to deliver increasing value in our in-house research whilst expanding our strong client base. Activities have included:

  • Substantial progress with our in-house cancer collaboration with the Institute of Cancer Research through the discovery of novel compound series that show efficacy in cancer cell models. This program is on-track to nominate a drug candidate for pre-clinical development in mid-2007.
  • The latest of a total of three multi-disciplinary drug discovery collaborations having average potential values in excess of £1.5million, with PIramed Ltd, plus good progress in our existing collaborations with Organon and Idenix.
  • A cancer collaboration with Roche, providing high throughput protein structure determination supporting Roche's search for improved cancer therapeutics. This is testimony that Sareum has established itself as partner of choice with major pharmaceutical companies.
  • Repeat business with Almirall and Lundbeck - proving that the high-level services offered by Sareum are valued by our existing clients.
  • Our internal drug discovery pipeline continues to be developed and our strengthened client base provides funding to move this forward.

    The total (success dependent) revenues from this new and repeat business potentially amounts to approx £1.75M, with up to £860K able to be invoiced during the current financial year. Additionally, our ongoing collaborations with Idenix, Organon, UCB and Sirtris, have a success dependent potential remaining value of approx £2.5M, thus we are confident that we are on-track to meet our revenue targets for the year."

    For further information:

    Sareum Holdings 01223 497700
    Tim Mitchell, Chief Executive Officer

    Buchanan Communications 020 7466 5000
    Tim Anderson, Mary-Jane Johnson

    Notes for editors:

    About Sareum Holdings plc

    Sareum Holdings plc is a structure-based drug discovery business headquartered in Cambridge, UK. Sareum Limited was formed in August 2003 to discover new drugs for the treatment of cancer and to provide a range of drug discovery services to the pharmaceutical industry. Sareum's unique approach aims to halve the time it takes to discover new drug candidates.

    A structure-based approach to drug discovery relies on knowledge of the three-dimensional structure of the proteins that cause disease. Once the structure is known, potential drugs are designed to 'lock-in' to the protein with the aim of reversing or arresting a disease's progression. Knowledge of the structure of the potential drugs and how they 'lock-in' to the protein permits the best potential drug to be discovered. Determining structure is a complex task and requires leading-edge equipment and experienced staff. Sareum's approach to structure determination is to produce multiple recombinant proteins primarily through a baculovirus expression system and to determine their structure using x-ray crystallography.

    When the structure is determined, the Company's innovative Template Screening platform is used to identify novel chemical starting material designed to interact with the target protein. Sareum then uses its high-throughput medicinal chemistry platform to rapidly optimise these molecules and develop the most promising into potential drug candidates.

    Sareum provides its specialist drug discovery capabilities to partners in the pharmaceutical and biotechnology industries. The Company aims to successfully deliver: Programmes for complete gene-to-candidate structure-based discovery; projects to accelerate or improve the productivity of specific activities; and drug candidates for licensing at the Phase I or Phase II clinical trials stage.

    Sareum joined the AIM market of the London Stock Exchange in October 2004 and trades under the symbol SAR. For further information, please visit www.sareum.co.uk