Last checked at 6 Jun 2012 07:00
(AIM : SAR) | 6 June 2012 |
Sareum Holdings plc
("Sareum" or "the Company")
Placing to raise £227,500
The Company announces that it has conditionally raised £227,500 before expenses, by way of a placing by Hybridan LLP of 26,764,700 new ordinary shares of 0.025p each in the capital of the Company (the "Placing Shares") at 0.85p per share.
It is the Board's view that the placing is the most appropriate means of providing capital to accelerate its drug discovery programmes and to provide working capital for the Company.
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 2012. 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 1,477,362,413 shares in issue.
Enquiries:
Sareum Holdings plc | |
Tim Mitchell, Chief Executive Officer | 01223 497 700 |
Merchant Securities Limited (NOMAD) | |
Simon Clements | 020 7628 2200 |
Hybridan LLP (Broker) | |
Claire Noyce / Deepak Reddy | 020 7947 4350 |
The Communications Portfolio (Media enquiries) | |
Ariane Comstive / Caolan Mahon Ariane.comstive@communications-portfolio.co.uk | 020 7536 2028 / 2029 |
Notes for editors:
About Sareum Holdings plc
Sareum is a drug discovery company, headquartered in Cambridge UK, that produces targeted small molecule therapeutics, focusing on cancer and auto-immune disease. Sareum aims to successfully deliver drug candidates for licensing to pharmaceutical and biotechnology companies at the pre-clinical or early clinical trials stage.
Sareum's Chk1 kinase cancer research programme is a joint research collaboration with The Institute of Cancer Research and Cancer Research Technology Limited. The development candidate resulting from the collaboration increases the effectiveness of current cancer therapeutics in several in-vivo cancer models.
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 and trades under the symbol SAR. For further information, please visit www.sareum.co.uk