Shares in drug discovery group Sareum Holdings (LON:SAR) shot up as it updated on the clinical trial process for its lead cancer candidate.
Applications for phase I trials of CCT245737, the group's clinical development candidate drug, are planned to be submitted to the UK medicines and healthcare products regulatory agency (MHRA) in January next year.
Its co-development partner for the drug is the CRT Pioneer Fund.
Sareum's chief executive Dr Tim Mitchell told investors: "We are delighted to report this significant step towards these two planned clinical trials with cancer patients, and look forward to reporting further progress in due course."
In line with the CHK1 programme's co-investment agreement, Sareum will therefore satisfy its next financial contribution, for its 27.5% investment share, of £797,500 by December 29 this year.
Ultimately, two clinical trials in cancer patients are planned - one with CCT245737 as a single agent and one in combination with chemotherapy.
The funds required for the company's financial contribution to these trials will be met from existing cash resources, the group said today.
CCT245737 has shown potent efficacy against various cancers, orally as a single agent as well as in combination with chemotherapies.
These cancers include lung, colon and pancreatic, as well as certain types of Acute Myeloid Leukaemia (AML), neuroblastoma and B-cell lymphoma.
In October this year, the firm said net assets as at June 30 were £1.86 million (2014: £1.72 million), of which £1.48mln was cash.
Sareum shares added 16.22% to stand at 0.215p.
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