(AIM: SAR)

14 October 2014

Sareum Holdings plc

(“Sareum” or “the Company”)

Final Results

 

Sareum Holdings plc (AIM: SAR), the specialist cancer drug discovery and development business, is pleased to announce its final results for the year ended 30 June 2014.

Operational Highlights

  • Co-development agreement to advance CHK1 programme signed in September 2013 - making good progress as it moves through pre-clinical development and towards Phase 1 clinical trials
  • Co-development agreement to advance Aurora+FLT3 signed in December 2013 - successfully synthesised in multi-gram quantities and optimising process for larger scale production
  • Currently selecting molecules for TYK2 programme for progression into disease models of psoriasis and other autoimmune disorders

Financial Highlights

  • Cash at bank at period end was £701,000 (2013: £422,000) 
  • Loss on ordinary activities (after tax credit) of £763,000 (2013: Loss of £539,000) in line with expectations and reflecting commitments to co-development agreements
  • Oversubscribed placing in December 2013 to raise £1.67 million (before expenses) to satisfy commitment to CHK1 co-development payments and to provide additional working capital
  • Further funds raised via a Placing and Equity Swap agreement in June 2014

Dr Tim Mitchell, Chief Executive Officer of the Company, said:

“We have reached a key phase in two of our development programmes where we are progressing rapidly towards human trials.  As we achieve significant milestones the commercial interest in, and value of, our programmes are increasing. The next period will prove to be a pivotal one for the Company.  With multiple research programmes in progress, we are giving ourselves every chance of success in commercialising and/or conducting human clinical trials in at least one of them.”

Enquiries:

Sareum Holdings plc

 

Tim Mitchell

01223 497 700

Sanlam Securities UK Limited (NOMAD)

Simon Clements / James Thomas

020 7628 2200

Hybridan LLP (Broker)

 

Claire Noyce / William Lynne

0203 713 4581 / 4582

The Communications Portfolio (Media enquiries)

 

Ariane Comstive

+44 (0) 20 7536 2028

ariane.comstive@communications-portfolio.co.uk

 

 

Annual Results 2014 available as PDF document: Annual Results 2014