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Sareum

  • BY: Andrew Hore |
  • POSTED: 22/12/2008 |

Sareum has received £325,000 of R&D tax credit cash which has enabled the share suspension to be lifted.

The cancer drug discovery company announced a loss of £2.02m in the year to June 2008. The company raised £720,000 from asset disposals in August but still needed more cash. This latest cash will give Sareum enough working capital for 12 months.

The shares were suspended on 9 July at 0.15p a share and they returned from suspension at 0.125p each. Sareum is valued at £1.02m.

Sareum is concentrating on its three main drug discovery programmes and hopes to commercialise one of them during 2009.

John East has become the company’s new nominated adviser – taking over from Grant Thornton.

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