By Samuel Indyk
Investing.com – Sareum Holdings (LON:SAR) has announced it has raised approximately £1.63 million, before expenses, through a subscription by new and existing high net worth individuals. The subscription price was 5.0 pence per share, which represents a discount of approximately 3.8% to the closing middle market price for Sareum shares on 16th December.
The net proceeds will be used to advance Sareum’s two proprietary TYK2/JAK1 inhibitor programmes: SDC-1801, which is targeting autoimmune diseases, including the potentially life-threatening hyper-inflammatory response that affects some COVID-19 patients through Phase 1a clinical development; and SDC-1802, which is targeting cancers through preclinical development.
The company added that the funds would also be used for working capital purposes.
“This new subscription brings the funds raised by Sareum this year to over £6 million, reflecting the strong and continuing interest in our proprietary TYK2/JAK1 development programmes,” said Sareum Holdings CEO Dr Tim Mitchell. “Our significantly strengthened financial position will now enable us to take SDC-1801 through Phase 1a clinical development to assess its safety in healthy human volunteers. We also have the resources to complete the preclinical development for SDC-1802 for cancer.”
The company reiterated it is targeting the application for a Clinical Trials Authorisation for SDC-1801 in mid-2022, subject to successful progress. Preclinical development of SDC-1802 will be accelerated and is expected to complete in 2023, again subject to successful progress.
At 08:58GMT, shares in Sareum Holdings were trading higher by 6.7% at 5.577 pence per share.