(Alliance News) - Sareum Holdings PLC said Tuesday financial 2019 has been a year of "mixed fortunes" for the company, and despite recording an annual loss it feels it is making "good progress".
Shares in the cancer drug discovery and development firm were down 16% in London on Tuesday afternoon at 0.36 pence each.
Speaking at Sareum's annual general meeting on Tuesday, Chair Stephen Parker said: "2018-19 has been a year of mixed fortunes for the UK life sciences sector and Sareum has not been immune from its effects. Saying that, we have been successful in raising additional funds during the year against a generally difficult climate for financing listed companies in the sector."
In the year ended June 30, its pretax loss stayed broadly flat at GBP1.7 million, largely attributable to administrative expenses.
Parker said the raised funds are being deployed to advance its TYK2 and JAK1 projects through preclinical development.
"We also remain cautiously optimistic about the future development of our out-licensed Chk1 project SRA737 with Sierra Oncology Inc. This view is based on the encouraging preliminary clinical and preclinical results reported during the year, while recognising that Sierra has re-prioritised its resources on the Phase 3 development of momelotinib and is seeking strategic solutions that will enable the further development of SRA737," he added.
Sareum said it continues to engage with potential partners for all its products, despite the setback for SRA737.
Parker said: "The board believes that, despite the delays in the SRA737 programme, good progress has been made with the proprietary TYK2/JAK1 programmes and we will continue to drive the development of these assets forward."
By Paul McGowan; paulmcgowan@alliancenews.com
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Sareum (SAR)