LONDON (Alliance News) - Sareum Holdings PLC said Wednesday reported a narrowed pretax loss for its first half as it prepares to move towards becoming a clinical-stage development company, with clinical trials of its CHK1 cancer treatment expected to begin before the end of its current year.
The company has completed preclinical studies of CHK1, and it has filed an application seeking permission to begin Phase I clinical trials of the product. This application also triggered a GBP200,000 milestone payment to Sareum after the half-year end.
Two clinical trials in cancer patients are planned, one with the drug candidate as a single anti-cancer agent, the other in combination with standard-of-care chemotherapy.
For the half year to end-December the company reported a pretax loss of GBP568,000, narrowed from a pretax loss of GBP749,000 a year before. It did not post revenue in either period.
The company said it has made progress on all of its lead programmes, and it is now focusing on the start of the CHK1 clinical trials, progressing toxicology studies for its Aurora+FTL3 candidate for blood cancers, and evaluating lead compounds from its TKY2 programme in autoimmune and cancer disease.
"We have made considerable progress in the last six months. With clinical trials for the CHK1 programme expected to start before our financial year end, we are swiftly moving towards our goal of becoming a clinical-stage development company," said Chief Executive Officer Tim Mitchell in a statement.
Shares in Sareum were down 4.5% at 0.296 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Sareum (SAR)