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Sareum secures funding for drug programme

The company has raised £850,000 before expenses, which will be used to develop potential treatments for cancer and autoimmune diseases
researcher filling testtube
“We believe we have strong candidates with optimised profiles in these areas and are focused on advancing these into preclinical development towards clinical trials,” said chief executive, Dr Tim Mitchell.

Sareum Holdings Plc (LON:SAR) said it had completed a share placing that has raised £850,000.

The proceeds will be used for working capital purposes and to fund the development of its TYK2/JAK1 targets, which are being developed to treat autoimmune disease and cancer.

READ: Sareum selects potential anti-cancer molecule for further development

“We believe we have strong candidates with optimised profiles in these areas and are focused on advancing these into preclinical development towards clinical trials,” said chief executive, Dr Tim Mitchell.

“These new funds, added to our current cash, will enable us to advance these studies and build up the evidence required to facilitate a licensing agreement at an optimal value."

The stock, which closed Thursday at 0.78p, was sold in placing for 0.65p a share.

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