LONDON (Alliance News) - Sareum Holdings PLC said Friday it raised GBP850,000 via the issue of 130.8 million shares to fund the development of its lead cancer and autoimmune drugs.
The cancer drug discovery company placed the shares at 0.65 pence each. Sareum shares were trading down 6.3% at 0.75p each on Friday.
The firm said it will use proceeds of the placing to progress its TYK2/JAK1 drug development programmes as well as to cover for working capital purposes.
Chief Executive Officer Tim Mitchell said: "We are excited about the potential of the recently nominated lead candidates from our proprietary TYK2/JAK1 inhibitor programmes in autoimmune diseases and cancer.
"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."
Admission is expected to take place on the AIM market of the London Stock Exchange on November 8, following which the firm will have 2.88 billion shares in issue.
Sareum (SAR)