logo-loader

Full-year profits at Sareum to be better-than-expected

Published: 07:28 22 Aug 2017 BST

scientist in a laboratory
Sareum’s lead candidate was licensed by Sierra Oncology last September

Drug developer Sareum Holdings PLC (LON:SAR) expects profit and cash at bank to be ahead of market expectations when it reports its results for the 12 months ended 30 June 2017 later this year.

The AIM-listed firm gave no more details in the brief pre-close trading statement but said it would provide a more in-depth update in mid-late October when the results are due to be published.

READ: An in-depth look at Sareum Holdings

Only recently, chief executive Tim Mitchell said he expected Sareum to turn a “modest” profit.

Much of the financial progress made during the past year or so is down to a licensing deal the company inked with Sierra Oncology Inc (NASDAQ:SRRA) back in September.

Sierra has licensed Sareum’s lead candidate – a checkpoint kinase 1 (Chk1) inhibitor cancer candidate, named SRA737 – and holds the exclusive worldwide licence for this development.

READ: Sareum rockets after licensing deal

The Sierra licence triggered an upfront payment of US$1.9mln to Sareum, and that was followed by another US$550,000 in January.

Should everything go swimmingly, Sareum potentially has another US$88mln or so coming its way in future milestone payments from Sierra.

Chesnara reports strong 2023 results with improved cash generation and...

Chesnara PLC (LSE:CSN) chief executive Steve Murray discusses the company's full-year results for 2023 with Proactive's Stephen Gunnion, describing them as strong and particularly highlighting £53 million in commercial cash generation and a dividend coverage of around 150%. The company has...

1 hour, 39 minutes ago