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NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.
Sareum Holdings PLC
("Sareum" or the "Company")
Additional Funds Raised as part of Placing and Offer
Sareum Holdings PLC, the specialist small molecule drug development business announced on 26 June 2019 the completion of a fundraising comprising a placing by Hybridan LLP (the "Placing") in conjunction with an offer via PrimaryBid (the "Offer") (together the "Fundraising").
Subsequent to the successful closing of the Fundraising, the Company has raised a further £100,000 at 0.4 pence per ordinary share from an institutional investor which participated in the Placing. The total gross proceeds of the Fundraising have therefore increased to £781,484. The net proceeds will be used to progress the Company's TYK2/JAK1 drug development programmes as well as for working capital purposes.
The Company will therefore issue 25,000,000 New Ordinary Shares in addition to the 170,371,000 New Ordinary Shares previously allotted 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 3 July 2019.
Total Voting Rights
Following the issue of the New Ordinary Shares, the Company will have 3,071,364,219 ordinary shares of 0.025 pence in issue. No Ordinary Shares are held in treasury. The figure of 3,071,364,219 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.
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
01223 497 700
WH Ireland Limited (Nominated Adviser)
Chris Fielding / James Sinclair-Ford
020 7220 1666
Hybridan LLP (Nominated Broker)
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.
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 -