RESULTS FOR THE YEAR ENDED 30 JUNE 2008

 

Sareum(AIM: SAR), the specialist cancer drug discovery business, is pleased to announce its results for the year ended 30 June 2008.

 ·        Financial highlights:

–        Revenues from activities (discontinued post year end): £1.5 million (2007: £2.5 million)

–        Loss on ordinary activities for period (after taxation): £1.7 million (2007: £0.53 million)

–        Cash in bank at period end: £0.48 million (2007: £0.66 million)

 ·        Business highlights:

–        Commenced three additional in-house cancer drug discovery programmes

–        Five patent applications filed

–        Initiated a strategic review  of the business, culminating (post year end) to a focus on drug discovery and development

·        Post year end highlights:

–        Completed the sale of the service business and other assets, for £0.52 million cash after lease termination payments.

–        Proceeds from asset disposal, plus R&D tax credit claim, expected to provide at least 12 months working capital.

–        Three further patent applications filed

Dr Paul Harper, Chairman of Sareum, said:“During the period under review Sareum undertook a strategic review of the business which resulted in the sale of its service business and associated assets in August 2008.  In parallel with this review, the Company made major cost savings largely through staff reductions. This was necessary due to difficult trading conditions arising from the current economic climate, as reflected in our financial results.

The Company now has an exciting opportunity to concentrate solely on the development and licensing of cancer drug candidates from a strong pipeline of established in-house programmes, which are the key value driver for the Company.  The Company is actively continuing three out of six of its cancer research programmes with a view to generating sufficient data to initiate licensing discussions with third parties.  It is our aim to be finalising at least one such deal by the end of the next financial period.”

For further information please contact:

Sareum Holdings plc
01223 497700
Tim Mitchell, Chief Executive Officer
 
Grant Thornton UK LLP
020 7383 5100
Philip Secrett, Colin Aaronson,