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Sareum

  • BY: Andrew Hore |
  • POSTED: 09/01/2017 |

Sareum Holdings will soon receive its share of a milestone payment relating to the Chk1 drug candidate CCT245737 licence agreement.

The share price rose 0.1p to 0.95p.

The cancer drug developer will receive $550,000 (27.5%) out of the $2m payment from Sierra Oncology Inc, formerly ProNAi Therapeutics. Co-investment partner CRT Pioneer Fund will get the rest. Two ongoing clinical trials have been transferred to Sierra and this is why the payment has been made. An unspent trial funding balance of £200,000 will also be returned to Sareum, which had already received a £1.5m share of the upfront licence payment. Sareum should have around £3m in cash after these payments. 

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