24 April 2013

SAREUM HOLDINGS PLC

(“Sareum” or “the Company”)

SAREUM NOTIFIED OF GRANT AWARD FROM UK TECHNOLOGY STRATEGY BOARD

Award worth up to £150,000 to support Fatty Acid Synthase research programme

Sareum, the specialist cancer drug discovery business, is pleased to announce that it has received notification from the Technology Strategy Board (‘TSB’) that it has been offered a grant worth up to £150,000 from the Biomedical Catalyst. The grant will provide financial support for the Company’s Fatty Acid Synthase (FASN) research programme.  

Overexpression of FASN is common in many cancers and has been linked to poor prognosis and reduced disease-free survival.  Sareum has developed a novel chemical series which shows promising efficacy in breast cancer cell models.  The funding will enable the Company to explore further the potential of the chemical series over the next nine months. 

Receipt of the grant is conditional on Sareum contributing up to £50,000 from its working capital during the funding period, as well as a compliance review by the TSB and agreement of terms between both parties.

The £180 million Biomedical Catalyst is an integrated translational funding programme jointly operated by the Medical Research Council and the Technology Strategy Board providing responsive and effective support for the best life science opportunities arising in the UK. The programme was announced by the Prime Minister David Cameron in December 2011 as part of the UK Government’s Life Sciences Strategy.

Sareum’s CEO, Dr. Tim Mitchell, commented:

“We are delighted to have been offered this financial support from the Biomedical Catalyst, which gives us the opportunity to demonstrate the potential of our novel FASN inhibitors.  Success from this funding period may open up the opportunity of additional awards to advance further the programme. We believe this award is a positive validation of Sareum’s science as competition for these grants is very strong.”

For further information:

Sareum Holdings plc

 

Tim Mitchell

01223 497 700

Sanlam Securities UK (Nomad)

Simon Clements

020 7628 2200

Hybridan LLP (Broker)

 

Claire Noyce / Deepak Reddy

020 7947 4350

The Communications Portfolio (Media enquiries)

 

Ariane Comstive
Ariane.comstive@communications-portfolio.co.uk

 

020 7536 2028

Notes for editors:

Sareum is a drug discovery company, headquartered in Cambridge UK, that produces targeted small molecule therapeutics, focusing on cancer and auto-immune disease. Sareum aims to successfully deliver drug candidates for licensing to pharmaceutical and biotechnology companies at the pre-clinical or early clinical trials stage.

Sareum Holdings plc is listed on the AIM market of the London Stock Exchange and trades under the symbol SAR.  For further information, please visit www.sareum.co.uk

Fatty acid synthase (FASN) is a key enzyme responsible for de novo synthesis of fatty acids in mammals. Overexpression of FASN is common in many cancers including prostate, breast, and colon cancer, and elevated expression of FASN has been linked to poor prognosis and reduced disease-free survival.  It plays an important role in tumor growth and survival, and therefore is an attractive target for cancer therapies.

The Technology Strategy Board is the UK’s innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.

The Biomedical Catalyst is a competitive awards programme which supports activities in three stages:

  • Feasibility Studies to gather evidence and make an initial evaluation of the potential for an idea
  • Early Stage Awards enabling applicants to evaluate the technical feasibility of an idea and establish proof of concept in a model system.
  • Late Stage Awards which enable applicants to take a well developed concept and demonstrate its effectiveness in a relevant environment. The award is designed to support applicants seeking to evaluate the clinical utility of their new product, process or service.