27 October 2009

 

 SAREUM HOLDINGS PLC

(“Sareum” or the “Company”)

FINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2009

 

Sareum (AIM: SAR), the specialist cancer drug discovery business, is pleased to announce its final results for the year ended 30 June 2009. 

Operational highlights:

  • Strategic review and restructuring completed
  • Relocation of office premises, resulting in significant cost savings
  • On track with the development of cancer research programmes
  • Three further patent applications filed

Financial highlights:

  • Loss on ordinary activities for period (after taxation): £1.1 million (2008: £1.7 million), includes one-off re-structuring costs of £0.36 million
  • Cash in bank at period end: £0.27 million (2008: £0.48 million) 

Post year end highlights:

  • Placings to raise £815,000 (before expenses)
  • Based on current working capital requirements cash resources are sufficient for the foreseeable future
  • Progress in Chk1 programme announced at NCRI cancer conference in early October

Dr Paul Harper, Chairman of Sareum, said: “The Company now focuses all its research resources on its pipeline of anti-cancer programmes. We have established a world-wide network of quality research providers and progress on the programmes is on-track and in-line with their budgets.

The strategic review of the business, completed at the beginning of this period, resulted in the sale of Sareum’s service business and associated assets.  In parallel with this review, the Company made major cost savings through staff reductions and closure of its laboratories.

We are actively talking to third parties who have shown interest in one or more of our oncology programmes.  The most advanced of these is the Chk1 programme carried out in conjunction with the Institute of Cancer Research and Cancer Research Technologies Limited. This is a programme that attracts broad interest since it is focused upon potentiating the efficacy of a variety of marketed cancer chemotherapeutics, opening the possibility of better patient outcomes or of lower drug dosages to reduce toxicity.

The recent fund raisings will support increased investment in the development of our in-house programmes and satisfy our working capital requirements for the foreseeable future.”

Annual Results 2009 available as PDF document:Annual Results 2009

For further information please contact:

Sareum Holdings plc

 

Tim Mitchell, Chief Executive Officer

01223 497700

 

 

Merchant John East Securities Limited

Simon Clements/Bidhi Bhoma

020 7628 2200

 

 

Hybridan LLP

 

Claire Noyce/Stephen Austin

020 7947 4350