Sareum Holdings PLC Subscription to raise GBP1,000,000 (0406I)
09 Agosto 2021 - 07:26AM
UK Regulatory
TIDMSAR
RNS Number : 0406I
Sareum Holdings PLC
09 August 2021
Sareum Holdings plc
("Sareum" or the "Company")
Subscription to raise GBP1,000,000 to progress proprietary
TYK2/JAK1 programmes into clinical development
Cambridge, UK, 9 August 2021 - Sareum Holdings plc (AIM: SAR),
the specialist drug development company, announces that it has
raised GBP1,000,000, before expenses, through a subscription by a
high net worth individual (the "Subscriber") for 12,121,212 new
ordinary shares of 0.025p each in the capital of the Company
("Ordinary Shares") (the "Subscription Shares") at a price of 8.25p
per share (the "Subscription Price") (the "Subscription").
Under the terms of the Subscription, the new Subscriber will
also be issued one and a quarter five-year warrants, exercisable at
the Subscription Price, for every Subscription Share issued (the
"Subscription Warrants"), which can only be exercised following the
Company's closing middle market share price being above 10.25p per
Ordinary Share for five consecutive days. The Subscription Price
represents a discount of approximately 6.8 per cent. to the closing
middle market price for Sareum shares on 6 August 2021.
The net proceeds from the Subscription will be used to progress
the Company's SDC-1801 and SDC-1802 TYK2/JAK1 inhibitor drug
development programmes as well as for working capital purposes. As
noted in the Company's Trading Update of 25 May 2021, the Company
is targeting the filing of a Clinical Trials Approval for SDC-1801
in Q4 2021, subject to successful progress and no further delays
with the final preclinical studies. Clinical trial plans, including
priority autoimmune indications and potential Covid-19 application,
will also be developed in parallel, subject to additional funding
being raised.
Application will be made for the 12,121,212 Subscription Shares,
which will rank pari passu with the Company's existing Ordinary
Shares, to be admitted to trading on the AIM market of the London
Stock Exchange ("AIM") ("Admission"). It is anticipated that
Admission will become effective at 8.00 am on 17 August 2021. The
Subscription is subject to normal conditions including, inter alia,
Admission.
Total Voting Rights
For the purpose of the Disclosure Guidance and Transparency
Rules, following the above issue of equity, the issued share
capital of the Company will comprise 3,365,701,148 Ordinary Shares.
The above figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change to their interest in, the
Company, under the Disclosure Guidance and Transparency Rules.
Dr Tim Mitchell, CEO of Sareum Holdings plc, said: "This new
subscription is Sareum's fourth since 1 June this year, reflecting
the strong and continuing interest in our proprietary TYK2/JAK1
development programmes in autoimmune diseases, including the immune
overreaction to Covid-19, and cancer. With the funds raised during
this period now totalling over GBP4.5 million, our financial
position has been significantly strengthened and we are looking
forward to completing the preclinical studies with SDC-1801 and
advancing it into clinical development, and to progressing the
preclinical development of our second TYK2/JAK1 inhibitor
SDC-1802."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
For further information, please contact:
Sareum Holdings plc
Tim Mitchell, CEO 01223 497 700
Strand Hanson Limited (Nominated
Adviser)
James Dance / James Bellman 020 7409 3494
Hybridan LLP (Nominated Broker)
Claire Noyce 020 3764 2341
MEDiSTRAVA Consulting (Financial
PR)
Mark Swallow/ David Dible 020 7638 9571
About Sareum
Sareum is a specialist drug development company delivering
targeted small molecule therapeutics to improve the treatment of
cancer and autoimmune diseases. The Company aims to generate value
through licensing its candidates to international pharmaceutical
and biotechnology companies at the preclinical or early clinical
trials stage.
Sareum is advancing internal programmes focused on distinct dual
tyrosine kinase 2 (TYK2) / Janus kinase 1 (JAK1) inhibitors through
preclinical development as therapies for autoimmune diseases,
including the 'cytokine storm' immune system overreaction to
Covid-19 and other viral infections, (SDC-1801) and cancer
immunotherapy (SDC-1802).
Sareum also has an economic interest in SRA737, a clinical-stage
oral, selective Checkpoint kinase 1 (Chk1) inhibitor that targets
cancer cell replication and DNA damage repair mechanisms.
Preliminary Phase 2 and comprehensive preclinical data suggest
SRA737 may have broad application in combination with other
oncology and immune-oncology drugs in genetically defined
patients.
SRA737 was discovered and initially developed by scientists at
The Institute of Cancer Research in collaboration with Sareum, and
with funding from Sareum and Cancer Research UK. SRA737 was
licensed by CRT Pioneer Fund (CPF) to Sierra Oncology Inc. Sierra
continues to explore options that would enable the development of
SRA737 to advance.
Sareum Holdings plc is listed on the AIM market of the London
Stock Exchange, trading under the ticker SAR. For further
information, please visit the Company's website at
www.sareum.com
- Ends -
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