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Sareum Holdings PLC raises funds

The proceeds will be used to advance the company drug development programme
Cash
The company has raised £1.1mln

Cancer drug discovery and development firm Sareum Holdings Plc (LON:SAR) has raised around £1.1mln by placing shares at 0.7p each.

The proceeds will be used to advance the company drug development programme, and for general working purposes.

After issuing 157.8mln shares, the company now has 2.65bn shares in issue.

Hybridan, joint-broker to the company, said Sareum is “now in an even stronger place going forward” as their lead product Checkpoint Kinase 1 is due to begin Phase I trials by H1 2016. 

“We believe the monies raised will put the company in a better position when they talk to potential licensing partners whilst at the same time enable them to rapidly develop their other pre-clinical programmes,” Hybridan said.

Sareum shares closed at a mid-market price of 0.815p last night; as usually happens when share issues announced, the share price has moved towards the issue price, with Sareum shares trading at 0.618p in the lunchtime trading session.

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