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(Alliance News) - Sareum Holdings PLC on Monday said its loss widened in its most recently ended financial year as it lifted expenses for research & development of its inhibitor programmes.
The drug development company said its pretax loss for the financial year that ended on June 30 widened to GBP1.7 million from GBP1.1 million posted the year before.
The company did not record any revenue during the year versus GBP47,204 posted in financial 2020. However, it reported GBP171,029 of other operating income with no such income the year ago.
Administrative expenses, meanwhile, rose to GBP1.9 million from GBP1.1 million year-on-year, reflecting the increased research & development expenditure required for pre-clinical development.
Going forward, Sareum said it continues to advance the pre-clinical development of its proprietary dual TYK2/JAK1 inhibitor programmes SDC-1801 and SDC-1802.
The pre-clinical programme for SDC-1801 is nearly complete, Sareum said, and an exploratory clinical trial application to gain approval to start first-in-human trials is expected to be submitted in mid-2022, which could enable first clinical trials to begin shortly thereafter.
Regarding SDC-1802, Sareum said translational studies are underway to define the optimal cancer application prior to completing toxicology and manufacturing studies.
AIM-listed Sareum shares were trading 6.5% lower in London on Monday at 6.26 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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