March 6 2008

 

SAREUM HOLDINGS PLC

(“Sareum” or “the Company”)

 

FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007

 

Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery business, is pleased to announce its financial results for the six month period ended 31 December 2007.

 

Financial highlights during period 1 July to 31 December 2007:

  • Revenues of £1,096,000 (2006: £1,205,000)
  • Loss on ordinary activities (after taxation) of £674,000 (2006: £208,000)
  • Cash in bank £920,000 (2006: £767,000)
  • Placing of £1,250,000 (gross) to advance in-house cancer drug pipeline
  • No significant financial impact on adopting IFRS

 

Business highlights during period 1 July to 31 December 2007:

  • Strengthened in-house drug discovery pipeline with the commencement of two further oncology drug discovery programs
  • Significant increase in patent application filings
  • Additional repeat business with H. Lundbeck A/S
  • Extension of research services agreement with Genentech, Inc.
  • Mr Giorgio Reggiani and Dr Alastair Riddell appointed to the Board

 

Post-period end highlights:

  • Additional in-house cancer research program and associated patent filings

 

Dr Tim Mitchell, CEO of Sareum Holdings plc, said: “We believe shareholder value can be maximised from our in-house cancer programmes and are pleased to report a productive research period where we have significantly progressed our internal pipeline.  Sareum has managed to maintain its level of fee for service work and we continue to focus on the development and commercialisation of our internal programmes.”

 

Sareum Holdings plc

01223 497700

Tim Mitchell, Chief Executive Officer

 

Buchanan Communications

020 7466 5000

Tim Anderson, Mary-Jane Johnson

 

Grant Thornton Corporate Finance

020 7383 5100

Philip Secrett, Colin Aaronson