TIDMSAR
RNS Number : 4152D
Sareum Holdings PLC
26 June 2019
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES,
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WOULD BE PROHIBITED BY ANY APPLICABLE LAW.
(AIM: SAR) 26 June 2019
Sareum Holdings PLC
("Sareum" or the "Company")
Successful Fundraising
Sareum Holdings PLC, the specialist small molecule drug
development business announced on 25 June 2019 the launch 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 9:00 p.m. on 25 June 2019.
Following the successful closing of the Offer, the Company has
raised gross proceeds of GBP681,484 at 0.4 pence per ordinary share
via the Fundraising.
The Company will therefore issue and allot a total of
170,371,000 New Ordinary Shares to satisfy the Fundraising.
Application has been made to the London Stock Exchange for these
New Ordinary Shares, which 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 2 July 2019.
Total Voting Rights
Following the issue of the New Ordinary Shares, the Company will
have 3,046,364,219 ordinary shares of 0.025 pence in issue. No
Ordinary Shares are held in treasury. The figure of 3,046,364,219
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 Rules
and Transparency Rules.
Dr Tim Mitchell, CEO of Sareum Holdings plc, said: "We are
pleased to have successfully completed this new fundraising,
particularly the participation from retail investors, as well as
the continued support from our existing shareholder base. The funds
will be used to advance our lead internal TYK2/JAK1 inhibitor
programmes towards human trials. We believe we have the potential
to generate significant value with these candidates, which
represent exciting prospects in an area of increasing interest in
the pharmaceutical industry. We look forward to putting our
strengthened financial position to work and to updating
shareholders on progress as milestones are reached."
Defined terms in this announcement shall have the same meaning
as in the Company announcement of 25 June 2019, unless otherwise
specified.
For further information, please contact:
Sareum Holdings plc
Tim Mitchell 01223 497 700
PrimaryBid Limited
Kieran D'Silva 020 3026 4750
WH Ireland Limited (Nominated Adviser)
Chris Fielding / James Sinclair-Ford 020 7220 1666
Hybridan LLP (Nominated Broker)
Claire Noyce 020 3764 2341
Citigate Dewe Rogerson (Media enquiries)
Shabnam Bashir/ Mark Swallow/ David
Dible 020 7638 9571
Notes for editors:
Sareum is a specialist drug development company delivering
targeted small molecule therapeutics, to improve the treatment of
cancer and autoimmune disease. The Company generates value through
licensing its candidates to international pharmaceutical and
biotechnology companies at the preclinical or early clinical trials
stage.
Sareum's leading clinical-stage programme, SRA737, a novel
Checkpoint kinase 1 (Chk1) inhibitor licensed to NASDAQ-listed
Sierra Oncology, is in Phase 2 clinical trials targeting multiple
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.
SRA737 was discovered and initially developed by scientists at
The Institute of Cancer Research, London, UK in collaboration with
Sareum, and with funding from Cancer Research UK. SRA737 was
licensed to Sierra Oncology for up to $328.5 million plus royalties
by Sareum's co-investment partner, CRT Pioneer Fund. Sareum is
eligible to receive up to $88 million in milestone payments, plus
sales royalties as SRA737 advances.
Notable highlights from the Phase 1/2 preliminary results
reported by Sierra at ASCO (June 2019) were:
SRA737 + low dose gemcitabine (LDG) combination
-- Striking anti-tumour activity was observed in patients with
anogenital cancer, including examples where metastatic disease was
cleared from liver and lung.
-- Tumour size decreased by more than a third in 30% of the
evaluable anogenital cancer patients and a further 30% had durable
stable disease.
-- Sierra outlined a potential route to market for SRA737+LDG in
anogenital cancer via a registration-intent Phase 2 trial.
SAR737 monotherapy
High-grade serous ovarian cancers (HGSOC) appeared to be the
most sensitive tumour to SRA737, with the disease being controlled
(stable disease) in 54% of evaluable patients.
Sareum is also advancing internal programmes focused on distinct
dual tyrosine kinase 2 (TYK2) /Janus kinase 1 (JAK1) inhibitors
through preclinical development as therapies for autoimmune
diseases (SDC-1801) and cancers (SDC-1802). TYK2 and JAK1 have
roles in pro-inflammatory responses in autoimmune diseases (e.g.
psoriasis, rheumatoid arthritis, inflammatory bowel diseases and
lupus) and tumour cell proliferation in certain cancers (e.g.
T-cell acute lymphoblastic leukaemia and some solid tumours). The
Company is targeting first human clinical trials in each indication
in 2020.
The Company also has an Aurora+FLT3 inhibitor targeting
haematological cancers, which is at the preclinical development
stage.
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 -
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END
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