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(Alliance News) - Sareum Holdings PLC said Wednesday it has raised a total of GBP1.0 million to expand its TYK2/JAK1 trials.
Shares in the pharma firm - which produces targeted small molecule therapeutics for the treatment of cancer and autoimmune diseases - closed 19% lower in London on Wednesday at 0.565 pence each.
Sareum placed 119.8 million shares at 0.60 pence each, raising GBP718,500, and placed a further 50.6 million shares at 0.6p on PrimaryBid, raising GBP303,722.
Chief Executive Tim Mitchell said: "We believe that our TYK2/JAK1 inhibitor candidates - SDC-1801 and SDC-1802 - represent exciting prospects. The way they act continues to be a focus for the broader industry interested in treating autoimmune diseases, cancer and more recently in addressing the severe respiratory symptoms associated with advanced Covid-19.
"These new funds will be used to advance their preclinical studies targeting completion in at least one indication late this year, pending successful progress. In addition, we will be making applications for grant funding to investigate their potential in Covid-19. Our aim is to generate an attractive data package for both compounds that will support our dialogue with potential partners."
By Paul McGowan; paulmcgowan@alliancenews.com
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