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LONDON (Alliance News) - Sareum Holdings PLC on Monday said it swung to an annual loss after reporting a substantial share of profit from associates the year before.
Shares in Sareum were down 1.9% at 0.76 pence on Monday.
The drug developer said its pretax loss for the year to June 30 was GBP1.5 million, sinking from a GBP400,343 profit the year prior.
This was predominantly due to a GBP12,264 share of loss from its associates in its most recent year, versus a GBP1.8 million profit from associates a year ago.
Sareum's administrative expenses also increased to GBP1.7 million from GBP1.4 million, deepening its loss further.
At present, Sareum is in the process of advancing its drug development, and has selected two molecules for development, SDC-1801 for autoimmune diseases and SDC-1802 for cancer, in the hopes of licencing them.
"The advancement of these candidates through preclinical development and, pending satisfactory progress, into human clinical trials, is a clear focus for the company. Our strategic goal is to generate compelling evidence for the potential of these candidates in their respective disease areas to facilitate a licensing agreement at an optimal value," said Sareum Chief Executive Tim Mitchell.
"In the meantime, we will continue discussions with potential licence partners for these exciting candidates," he added.
