RE: sierra3 Feb 2021 15:30
IMC 15/12/2020
a) The renegotiated agreement reduces the milestone payment for the start of patient recruitment into the next clinical trial. The milestones due under the former agreement were a considerable financial hurdle to pass for any early-stage company without external support, and with Sierra's stated focus on their momelotinib Phase 3 asset, they were looking for ways to ease their path into further SRA737 clinical trials, either with their own funding or with the support of a partner.
b) We cannot say when this is likely to happen though, in the Board’s opinion, the early data looked very good and, on that basis, combined with the reduced milestone obligation, we hope that the programme will be advanced sooner rather than later.
c) We do not know how the programme will be advanced – Sierra has stated it is still seeking options, which in our mind could be a partnership, on-licensing or a fundraise specifically for SRA737.
d) We do not have sight of the clinical development plan. Sareum has no direct influence over the clinical development plan.
e) WE DO HAVE SOME CONTACT WITH SIERRA'S SENIOR MANAGEMENT.
f) CPF holds the licence with Sierra and we do not have any direct influence over the project or the licence agreement so there are very limited steps that Sareum can take in this regard.
It is important to note that, as we have stated above and before, we have no control over how the programme is developed by Sierra or any insight into Sierra’s plans regarding any future trials other than what is made public by Sierra.
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