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Placing

28 May 2015 07:00

RNS Number : 4264O
Sareum Holdings PLC
28 May 2015
 

Sareum Holdings plc

("Sareum" or "the Company")

 

Placing

 

The Company announces that it has raised £1,443,500, before expenses, by way of a placing by Hybridan LLP and WH Ireland Limited of 577,400,000 new ordinary shares of 0.025p each in the capital of the Company (the "Placing Shares") at 0.25p per share.

 

The net proceeds of the placing will be used to progress the Company's drug development programmes as well as for working capital purposes. This includes the anticipation of a payment of £797,500 to co-fund the Chk1 Programme Phase I clinical trials. This payment will be triggered by the decision to file for clinical trials approval, which is expected in Q4 2015.

 

Application will be 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 11 June 2015. 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 2,487,438,273 shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

For further information, please contact:

Sareum Holdings PLC Tim Mitchell Tel: 01223 497 700

WH Ireland Limited (Nominated Adviser and Co-Broker) Chris Fielding / Nick Prowting Tel: 020 7220 1666

Hybridan LLP (Co-Broker) Claire Noyce / William Lynne Tel: 020 3713 4580 

The Communications Portfolio (Public Relations) Ariane Comstive Tel: 07785 922 354email: Ariane.comstive@communications-portfolio.co.uk

Notes for editors:

About Sareum Holdings plc

Sareum is a drug discovery and development company delivering targeted small molecule therapeutics, focusing on cancer and autoimmune disease, for licensing to pharmaceutical and biotechnology companies at the preclinical or early clinical trials stage.

Sareum operates an outsourced research model, working with collaborators (SRI International, the CRT Pioneer Fund and Hebei Medical University Biomedical Engineering Center) and a world-wide network of research providers. Its research pipeline includes two programmes undergoing pre-clinical IND-enabling studies: CHK1 kinase and Aurora+FLT3 kinase.

SKIL® (Sareum Kinase Inhibitor Library) is Sareum's drug discovery technology platform that has so far produced the Company's Aurora+FLT3, Aurora+ALK, VEGFR-3, FLT3 & TYK2 kinase cancer and auto-immune disease research programmes. SKIL® can also generate drug research programmes against other kinase targets.

Sareum Holdings plc is listed on the AIM market of the London Stock Exchange, trading under the symbol SAR. For further information, please visit www.sareum.co.uk

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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