Last checked at 12 Oct 2009 07:00
| 12 October 2009 |
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION IS UNLAWFUL.
Sareum Holdings PLC
("Sareum" or "the Company")
Placing to raise £450,000
Sareum (AIM: SAR), the specialist cancer drug discovery business, is pleased to announce it has conditionally raised £450,000, before expenses, by way of a placing by Hybridan LLP of 180,000,000 new ordinary shares of 0.025p each in the capital of the Company (the "Placing Shares") at 0.25p per share. This placing of £450,000 is in addition to the £315,000 raised by Hybridan in the placing which was announced on 8 September 2009.
Sareum intends to use the proceeds of the placing primarily to progress its cancer research programmes.
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and it is expected that admission will become effective and trading will commence on 15 October 2009. The Placing Shares will rank pari passu with the existing ordinary shares of the Company.
Following the admission of the Placing Shares to trading on AIM, the Company will have a total of 1,155,597,713 shares in issue.
Tim Mitchell, Founder and CEO commented:
"We are delighted to have been able to raise these funds, particularly considering the current economic conditions. The funds we have received over the last two months will help us to significantly increase our research investment in the Company's pipeline of cancer programmes for the foreseeable future."
Enquiries:
| Sareum Holdings plc |
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| Tim Mitchell | 01223 497 700 |
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| John East & Partners Limited, a subsidiary of Merchant Securities PLC | |
| Simon Clements/Bidhi Bhoma | 020 7628 2200 |
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| Hybridan LLP |
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| Claire Noyce/Stephen Austin | 020 3159 5085 |
This announcement is for information purposes only and does not constitute an offer or invitation to acquire or dispose of any securities or investment advice in any jurisdiction.
Hybridan LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company and no-one else in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Hybridan LLP or for providing advice in relation to the Placing or any transaction or any other matters referred to herein.
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.
The information contained in this announcement is not for release, publication or distribution, directly or indirectly, to persons in the United States, Australia, Canada, Japan or the Republic of South Africa or in any jurisdiction in which such publication or distribution is unlawful. The Placing Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or under the laws of any state of the United States. This announcement does not constitute an offer to sell or issue, or the solicitation of an offer to buy or subscribe for, securities in the United States, Australia, Canada, Japan or the Republic of South Africa or in any jurisdiction in which such offer or solicitation is unlawful and should not be relied upon in connection with any decision to acquire Placing Shares or other securities in the capital of the Company. There will be no public offer of Placing Shares in the United Kingdom or elsewhere.
Notes for editors:
About Sareum Holdings plc
Sareum is a drug discovery company, headquartered in Cambridge UK, that is focused on producing targeted small molecule therapeutics to address unmet medical needs, primarily in cancer.
Sareum aims to successfully deliver drug candidates for licensing to pharmaceutical and biotechnology companies at the pre-clinical or early clinical trials stage.
Sareum Holdings plc joined the AIM market of the London Stock Exchange in October 2004, trading under the symbol SAR. For further information, please visit www.sareum.co.uk