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Sareum Holdings' chief says licensing deal with ProNai validates strategy

Sareum Holdings Plc's (LON:SAR) chief executive Dr Tim Mitchell told Proactive that the licensing of its cancer drug  Chk1 Inhibitor CCT245737 to New York listed  ProNAi Therapeutics validate the group strategy and provided it with useful cash.
Under agreements with Cancer Research Technology (CRT) and the CRT Pioneer Fund, the drug discovery group will receive US$1.9mln as an up-front payment and potential future milestone payments of up to US$88.4mln, some of which will be paid within the next year.
From future royalties of sales of the drug, the group could make 2/ 2.5% on royalties on a drug, which could sell hundreds of millions of dollars.
"Our model is to take our drug research through the discovery process and early clinical trials and then look for licensing deals and that's exactly what  we've done."
Dr Mitchell said that strategy would not change, with the other programmes in its pipeline.
Earlier the firm had said: “ProNAi is in a strong position to further the development of PNT737 and plans to expand its development into the United States and with broader clinical studies. We look forward to reporting on their progress."

 
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