Sareum Holdings has raised £252,000 at 0.85p a share and this will be used to accelerate the company’s drug development programme.
The cancer drug discovery company had £530,000 in the bank at the end of 2011 as well as tax recoverable of £86,000. Sareum had raised £500,000 at 1p a share in February 2011.
In the six months to December 2011, the cash outflow from operations edged up from £332,000 to £349,000.
Sareum is making good progress with its research programmes. It has already decided on a pre-clinical development candidate for its Chk1 cancer programme. The research work for this programme is done by The Institute of Cancer Research. A dossier of information has been provided to potential licensing partners. The company believes that there is a strong appetite for licence deals and it expects a deal before the end of 2012.
At 0.9p a share, Sareum is valued at £13.1m.
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