RNS
Sareum Holdings PLC

Sareum Holdings PLC - Successful Fundraising

RNS Number : 7481O
Sareum Holdings PLC
03 June 2020
 

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(AIM: SAR)

03 June 2020

Sareum Holdings plc

("Sareum" or the "Company")

Successful Fundraising

Sareum Holdings plc (AIM: SAR), the specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of cancer and autoimmune diseases, announced on 02 June 2020 the completion of a fundraising comprising a placing by Hybridan LLP (the "Placing") in conjunction with an offer via PrimaryBid (the "Offer") (together the "Fundraising").

The Company is pleased to announce that the PrimaryBid Offer successfully completed and closed at 9:00p.m. on 02 June 2020, raising gross proceeds of £303,722.40 at 0.6 pence per ordinary share. Accordingly, combined with the Placing, the Company has raised a total of £1,022,222.40 (gross) in the Fundraising.

The Company will issue and allot a total of 50,620,400 New Ordinary Shares to satisfy the PrimaryBid Offer (the "Offer Shares"), in addition to the 119,750,000 Placing Shares to be issued in connection with the Placing. Application will be made to the London Stock Exchange for the Offer Shares and the Placing Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 10 June 2020 ("Admission")

Total Voting Rights

Following the issue of the Placing Shares and the Offer Shares, the Company will have 3,241,734,619 ordinary shares of 0.025 pence in issue. No Ordinary Shares are held in treasury. The figure of 3,241,734,619 may be used by the Company's shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Dr Tim Mitchell, CEO of Sareum Holdings plc, said: "We believe that our TYK2/JAK1 inhibitor candidates - SDC-1801 and SDC-1802 - represent exciting prospects. The way they act continues to be a focus for the broader industry interested in treating autoimmune diseases, cancer and more recently in addressing the severe respiratory symptoms associated with advanced COVID-19. These new funds will be used to advance their preclinical studies targeting completion in at least one indication late this year, pending successful progress. In addition, we will be making applications for grant funding to investigate their potential in COVID-19. Our aim is to generate an attractive data package for both compounds that will support our dialogue with potential partners.

"We thank our new and existing shareholders for their support and look forward to providing further updates as appropriate."

Defined terms in this announcement shall have the same meaning as in the Company announcement of 02 June 2020, unless otherwise specified.

For further information, please contact:

Notes for editors: 

Sareum Holdings plc

Tim Mitchell, CEO                                                             01223 497 700

PrimaryBid Limited        

Kieran D'Silva / James Deal                                          020 3026 4750

Strand Hanson Limited (Nominated Adviser)

James Dance / Richard Tulloch                                   020 7409 3494

Hybridan LLP (Nominated Broker)

Claire Noyce / John Beresford-Peirse                     020 3764 2341

Citigate Dewe Rogerson (Financial PR)

Mark Swallow / David Dible                                         020 7638 9571

About Sareum

Sareum is a specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of cancer and autoimmune diseases. The Company aims to generate value through licensing its candidates to international pharmaceutical and biotechnology companies at the preclinical or early clinical trials stage.

Sareum is advancing internal programmes focused on distinct dual tyrosine kinase 2 (TYK2) / Janus kinase 1 (JAK1) inhibitors through preclinical development as therapies for autoimmune diseases, including the "cytokine storm" immune system overreaction to Covid-19 and other viral infections, (SDC-1801) and cancer immunotherapy (SDC-1802). The Company is targeting completion of preclinical development for each molecule in 2020.

The Company's preclinical FLT3+Aurora inhibitor programme targeting haematological cancers is licensed to a China-based specialty pharma company.

Sareum also has an economic interest in SRA737, a clinical-stage oral, selective Checkpoint kinase 1 (Chk1) inhibitor that targets cancer cell replication and DNA damage repair mechanisms. Preliminary data suggest SRA737 may have broad application in combination with other oncology and immune-oncology drugs in genetically defined patients.

SRA737 was discovered and initially developed by scientists at The Institute of Cancer Research in collaboration with Sareum, and with funding from Sareum and Cancer Research UK. SRA737 was licensed by CRT Pioneer Fund (CPF) to Sierra Oncology Inc., which is currently seeking to on-license SRA737 to a third party for further development.

Sareum Holdings plc is listed on the AIM market of the London Stock Exchange, trading under the ticker SAR. For further information, please visit the Company's website at www.sareum.com.

- Ends -

 

 


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