Sareum Share News (SAR)

(Sharecast News) - Drug maker Sareum has raised £850,000 to progress the development programme of its cancer inhibitor TYK2/JAK1.Sareum reeled in the funds via a placing of 130.76m new ordinary shares in the firm, sold through a third party licensed dealer at 0.65p per share.The AIM-listed outfit told investors the net proceeds of the placing would be used to progress the company's TYK2/JAK1 drug development programmes as well as for working capital purposes.Chief executive Dr Tim Mitchell, said: "We believe we have strong candidates with optimised profiles in these areas and are focused on advancing these into preclinical development towards clinical trials. 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."As of 0835 BST, Sareum shares had lost 8.75% to 0.73p.