Sareum Holdings PLC AGM Statement (2254Z)
14 December 2017 - 6:00PM
UK Regulatory
TIDMSAR
RNS Number : 2254Z
Sareum Holdings PLC
14 December 2017
(AIM: SAR) 14 December 2017
Sareum Holdings plc
("Sareum" or "the Company")
AGM Statement
Sareum Holdings plc (AIM: SAR), the specialist cancer drug
discovery and development business, will be holding its Annual
General Meeting today, at 10:00 at the offices of Citigate Dewe
Rogerson, 3 London Wall Buildings, London Wall, London EC2M 5SY. At
the AGM, the Chairman, Dr Stephen Parker, will make the following
statement:
The Board is pleased to report on a year of significant progress
for Sareum. The licensing of our lead candidate, SRA737, to
Nasdaq-listed Sierra Oncology is an important validation of our
business model, which is based on expertise in small molecule drug
design, and early development of novel drug candidates that offer
attractive licensing opportunities for potential partners. SRA737,
a novel Chk1 inhibitor, was discovered as the result of a research
collaboration between Sareum, the Institute of Cancer Research and
Cancer Research Technology.
Our partner for SRA737, Sierra Oncology, is highly committed,
well-funded and has proven experience in oncology drug development.
We are delighted with the progress it is making through innovative
clinical trial designs to realise the value of this exciting drug
candidate. Sierra Oncology intends to provide an update on the
SRA737 development programme at an R&D Day in late February
2018 and expects to present data from its studies at a medical
conference in the second half of 2018. The company has also said
that it is considering further clinical development opportunities
for SRA737 in 2018 in combination with targeted cancer therapies to
broaden its potential.
The transfer of development costs to Sierra Oncology, alongside
nearly GBP2 million received from the licensing agreement, is
enabling Sareum to allocate more resources to advance our internal
programmes. Encouraging progress has been made in the TYK2
programme, and we anticipate undertaking studies required to
complete the selection of clinical candidates targeting autoimmune
and cancer indications in 2018. In addition, the Aurora+FLT3
programme for acute leukaemias continues to advance through
preclinical development, which we expect to complete in 2018.
The Company continues to engage with potential partners with a
view to securing commercial licences for its products and
programmes. In addition, Sareum is exploring new research
programmes from its in-house drug discovery platform, as well as
external early stage opportunities that can be potentially
in-licensed and progressed into the clinic.
The Company ended its fiscal year 2016/2017 with a maiden profit
of GBP400,000 and strong cash position of GBP2.3 million reflecting
income received from the Chk1 licensing agreement, unspent R&D
funds invested in the Chk1 development programme and driven by
continued, rigorous capital management.
In November, the Company successfully raised a further
GBP700,000 in a placing. This has further strengthened the cash
position, enabling increased investment to advance the TYK2 and
Aurora+FLT3 programmes into preclinical and clinical studies,
respectively, and providing sufficient working capital to take the
Company beyond the two key data reports on SRA737 that Sierra
Oncology has signalled for 2018.
The Directors consider the year 2017 to have been
transformational for Sareum, and I would like to thank our
shareholders for their continued support and look forward to
providing further updates on progress in 2018.
For further information, please contact:
Sareum Holdings plc
Tim Mitchell 01223 497 700
WH Ireland Limited (Nominated Adviser and
Co-Broker)
Chris Fielding / James Sinclair-Ford 020 7220 1666
Hybridan LLP (Co-Broker)
Claire Noyce 020 3764 2341
Citigate Dewe Rogerson (Media
enquiries)
Shabnam Bashir/ Mark Swallow/
David Dible 020 7282 9571
Notes for editors:
Sareum is a specialist drug discovery and development company
delivering targeted small molecule therapeutics, focusing on cancer
and autoimmune disease, and generating value through licensing them
to international pharmaceutical and biotechnology companies at the
preclinical or early clinical trials stage.
Its most advanced programme, SRA737, is a novel Checkpoint
kinase 1 (Chk1) inhibitor licensed to NASDAQ-listed Sierra Oncology
and in clinical trials targeting a range of advanced cancers. The
key role of Chk1 in cancer cell replication and DNA damage repair
suggests that SRA737 may have broad application as a targeted
therapy in combination with other oncology and immune-oncology
drugs in genetically defined patients.
Sareum is also advancing programmes to develop novel tyrosine
kinase 2 (TYK2) inhibitors in autoimmune diseases and cancers, and
Aurora+FLT3 inhibitors in haematological cancers, which are in the
IND-enabling preclinical and lead optimisation stages.
The Company's drug discovery technology platform (SKIL(R) -
Sareum Kinase Inhibitor Library) is being applied to generate drug
research programmes against other kinase targets.
Sareum Holdings plc is listed on the AIM market of the London
Stock Exchange, trading under the ticker SAR. For further
information, please visit www.sareum.co.uk
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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