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LONDON (Alliance News) - Sareum Holdings PLC Wednesday said it has received an award of up to GBP140,000 from the Biomedical Catalyst funding programme, jointly operated by the Medical Research Council and Innovate UK, to investigate the potential of TYK2 inhibitors to treat adolescent leukaemia.
The specialist cancer drug discovery and development business said the funds will allow it to investigate the potential of lead molecules from its TYK2 autoimmune disease programme to treat T-Cell Acute Lymphoblastic Leukaemia, which is a rare type of leukaemia that most often occurs in late childhood and early adolescence.
Receipt of the funding award is conditional on Sareum contributing up to GBP60,000 during the funding period, as well as a compliance review by Innovate UK and execution of final documentation. The funding period is expected to start in August and continue for 12 months.
"We are delighted to have won this award from the Biomedical Catalyst, which will give us the opportunity to demonstrate the potential of our TYK2 inhibitors in leukaemia. If successful, we believe commercial interest in this programme may increase further. We see this award as being a positive validation of Sareum's science as competition for these funds is very strong. Success from this feasibility award may lead to other opportunities to secure additional funding awards to advance the programme further," Chief Executive Tim Mitchell said in a statement.
Shares in Sareum were trading up 3.7% at 0.254 pence Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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