(Alliance News) - Drug development company Sareum Holdings PLC on Thursday reported a narrowed interim loss and said it has struck a licensing deal for its acute myeloid leukaemia treatment programme.
In the six months to December 31, Sareum's pretax loss slimmed to GBP694,000 from GBP909,000. Like in the year prior, it generated no revenue.
Sareum is developing its SDC-1801 programme, which targets autoimmune diseases and the SDC-1802 product, targeting cancers. Both are inhibitors of the tyrosine-protein kinase 2 and the Janus kinase 1 proteins.
Chief Executive Officer Tim Mitchell said: "We continue to focus our efforts on advancing our proprietary dual TYK2/JAK1 inhibitor programmes through preclinical development. We are convinced that these programmes have the potential to provide a novel oral immunotherapy approach to addressing unmet needs in autoimmune diseases and cancer."
Separately, Sareum said it has entered into an agreement with a China-based speciality pharmaceutical firm.
As part of the deal, the licensee will have permission to develop, manufacture and commercialise a range of small molecule inhibitors of FLT3+Aurora kinases, including its lead candidate SAR-20293.
Aurora kinases are enzymes which are useful for cell growth.
Sareum will receive an upfront payment of GBP50,000 as part of the agreement, and could get further GBP900,000 if certain milestones are reached within nine months.
"Sareum will also be entitled to receive a future milestone payment in the event that an investigational new drug or equivalent application is made in China or any other country," it added.
Shares in the company were 13% higher at 0.29 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Sareum (SAR)