22 October 2010

SAREUM HOLDINGS PLC

(“Sareum” or the “Company”)

 

FINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2010

Sareum (AIM: SAR), the specialist cancer drug discovery business, is pleased to announce its final results for the year ended 30 June 2010.

Operational highlights:

  • On track and in-line with budget with the development of cancer research programmes. Progress presented at major international partnering events
  • Launched “SKIL” drug discovery platform
  • Three patent applications published

Financial highlights:

  • Loss on ordinary activities for period (after taxation): £0.57 million (2009: £1.1 million)
  • Cash in bank at period end: £0.52 million (2009: £0.27 million)
  • Placings in the period to raise £815,000 (before expenses)

Post year end highlights:

  • Placing in August 2010 to raise £200,000 (before expenses)
  • Cash resources sufficient for the foreseeable future
  • Additional patent application filed

Dr Paul Harper, Chairman of Sareum, said: “Sareum continues to focus its research and cash resources on its pipeline of anti-cancer programmes and its commercial energies on engaging the attention of potential licencees for all its programmes.

We continue to supplement the data package for each of our programmes and take every reasonable opportunity to update those companies that have shown interest in these programmes, as well as using major international partnering events to engage new interest in our oncology programmes. The most advanced of these is still the Chk1 programme carried out in conjunction with the Institute of Cancer Research (ICR) and Cancer Research Technology Limited (CRT). We have demonstrated that our compounds compare favourably with those of our competitors. 

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 2010 available as PDF document:Annual Results 2010

For further information please contact:

Sareum Holdings plc

 

Tim Mitchell

01223 497700

Merchant Securities Limited

Simon Clements/Bidhi Bhoma

020 7628 2200

Hybridan LLP

 

Claire Noyce

020 7947 4350