Sareum narrows losses

Sareum, the cancer drug discovery business that earlier this month shot up after announcing positive results from a leukaemia study, narrowed losses in the half year to 31 December.Pre-tax losses narrowed to £281,000 from £321,000 over the same period a year ago."Recent fundraisings provide us with additional resources to accelerate the development of this programme and sufficient working capital for the foreseeable future," chief executive Tim Mitchell said.Sareum shares are up nearly five-fold on the month following its announcement that: "A recent study for Sareum's Aurora+FLT3 Kinase programme showed that the leukaemia regressed to such an extent that no detectable cancer could be found in any of the cases treated (ten in total) with a Sareum compound."