Drug discovery group Sareum Holdings (LON:SAR) says it's optimistic about next year with two planned in-human clinical trials for its lead cancer candidate expected to start in early 2016.
Releasing final results for the year to end June today, the pre-revenue firm reported a widened pre-tax loss of £1.4mln compared to a loss of £837,000 in 2014.
Net assets as at June 30 were £1.86 million (2014: £1.72 million), of which £1.48mln is cash.
In its most advanced programme - CHK1, CCT245737, the clinical development candidate, has shown potent efficacy against various cancers, orally as a single agent as well as in combination with chemotherapies, the firm said.
These cancers include lung, colon and pancreatic, as well as certain types of Acute Myeloid Leukaemia (AML), neuroblastoma and B-cell lymphoma.
One trial plans to examine CCT245737 in combination with other chemotherapies, ultimately targeting lung and pancreatic cancers, and the second clinical trial plans to assess CCT245737 as a single agent in various cancer types, the firm added,
In its inhibitor programme, pre-clinical development of Aurora+FLT3 inhibitor, is progressing to plan and, in collaboration with Chinese partner, HMUBEC, the group can now manufacture the larger scale batches needed for Phase 1 clinical trials.
Sareum said it also continues to make good progress with its TYK2 programme, targeting auto-immune diseases, including psoriasis and rheumatoid arthritis
The lead molecule demonstrates striking decrease in psoriasis pathology in a disease model and encouraging results in a rheumatoid arthritis model, it added.
Dr Tim Mitchell, chief executive, said: "Good progress has been made in the last year, with two cancer programmes advancing through pre-clinical validation and potential new indications for our auto-immune disease programme.
"With the two planned in-human clinical trials for CHK1 commencing in early 2016, as well as the progress in our other programmes adding further commercial value, we look forward to next year with real anticipation and optimism."
Shares fell almost 9% to 0.26p.