(Alliance News) - Small molecule drug developer Sareum Holdings PLC on Tuesday reported a flat full-year loss as it eyes human trials of two its drug development programmes in 2020.
In the year ended June 30, its pretax loss stayed broadly flat at GBP1.7 million, largely attributable to administrative expenses.
The company generated no revenue but in July raised GBP781,484 through the placing of 195.4 million shares at 0.40 pence each.
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.
The company explained: "Sareum is advancing internal programmes focused on distinct dual tyrosine kinase 2/Janus kinase 1 inhibitors through preclinical development as therapies for autoimmune diseases (SDC-1801) and cancers (SDC-1802). The company is targeting first human clinical trials in each indication in 2020."
The company said SDC1801 toxicology studies have demonstrated "excellent tolerability" in rodents. The development candidate is undergoing preclinical studies designed to attain regulatory approval to begin human trials.
Sareum also reported progress from preclinical data of SDC-1802.
The company added: "These positive results were seen when SDC-1802 was dosed orally, as a monotherapy or in combination with chemotherapy. They provide increasing evidence that TYK2/JAK1 inhibition could become a new approach to cancer therapy and further supports the SDC-1802 cancer research programme."
Chief Executive Tim Mitchell said: "We are very pleased with the progress of our proprietary dual TYK2/JAK1 programmes. We believe these offer a novel oral immunotherapy approach to addressing unmet needs in autoimmune diseases and cancer and that their mechanism is gaining increasing interest from the pharmaceutical industry. In line with our business model, we continue to engage with potential partners with a view to securing commercial licences when they reach late preclinical or early clinical stages."
Shares in Sareum 2.1% lower at 0.33 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Sareum (SAR)