Cancer drug discovery company Sareum Holding has secured a £4m Standby Equity Distribution Agreement (SEDA) with Yorkville and it is still confident that it can secure a commercial deal for one of its research programmes before the end of 2012.
There was £511,000 in the bank at the end of June 2012. Last year’s cash outflow from operations was £602,000. The SEDA lasts three years.
Having a source of finance will put Sareum in a stronger position when it is negotiating with a potential partner.
At 1.45p a share, Sareum is valued at £21.5m.
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