Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery and services business, is pleased to announce its results for the twelve month period ended 30 June 2006.

 

  • Financial highlights:

      - Revenues increased 440% to £1.5M (2005: £0.3M)
      - Loss on ordinary activities for period (after taxation) reduced 50% to £0.6M (2005: £1.2M)
      - Loss on ordinary activities Jan-June 2006 (after taxation) reduced 96% to £22,000 (2005: £631,000)
      - Exercise of £500,000 Put and Call option
      - Cash in bank increased 20% to £528,000 (2005: £441,000)

  • Business highlights:

      - Major in-house drug discovery collaboration announced with the Institute of Cancer Research and
        Cancer Research Technologies Ltd
      - Ten revenue generating collaborations announced, the largest of which is worth up to $5M
      - "Crystal Bank" protein structure resource launched

  • Post year end highlights:

      - Substantial progress with in-house drug discovery collaboration with the Institute of Cancer Research
         and Cancer Research Technologies Ltd
      - Repeat business with Almirall and Lundbeck

 

Dr Paul Harper, Chairman of Sareum Holdings plc, said: "Sareum has enjoyed a particularly productive and successful second full year of trading. The Company and its management have made great progress, with financial performance being close to market expectations. The Board envisages strong growth in both research activities and the generation of revenues for the year ahead.

The Board and the entire Sareum team remains dedicated to generating shareholder value. The Sareum directors continue to work to develop the Company's in-house structure-based cancer drug discovery and development pipeline and remain confident about its future prospects."

For further information:

Sareum Holdings 01223 497700
Tim Mitchell, Chief Executive Officer

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

Annual results 2006 available as PDF document: Annual Results 2006