fernandesb
- 22 Oct 2007 11:44
Sareum is an experienced and specialist Structure-based Drug Discovery company. We accelerate and improve the productivity of both our in-house and our partners' discovery research using our proprietary approaches.
Sareum has a highly experienced team with a track record of delivering high quality results for pharmaceutical and biotechnology clients.
Sareum is developing a robust pipeline of novel cancer drug candidates for partnering with pharmaceutical companies. We generate revenues to support this pipeline through the provision of our specialist discovery research services.
Sareum delivers results through the entire drug discovery value chain, from gene through to valuable preclinical candidate. We carry out complete structure-based discovery programmes for creating novel pre-clinical candidates as well as specific tailored projects to resolve clients' issues in gene to structure, structure to lead, and/or lead to candidate activities.
Sareum creates novel IP and highly valuable clinical candidates for our clients across a range of therapeutic areas. We are very flexible in our approach to how we structure our partnerships and can engage in fee-for-service, out-source research, technology transfer or joint research programmes.
Sareum is a public listed company and its shares are listed on the AIM market of the London Stock Exchange.
fernandesb
- 22 Oct 2007 11:45
- 2 of 64
Sareum Holdings PLC
22 October 2007
For immediate release 22 October 2007
SAREUM HOLDINGS PLC
("Sareum" or "the Company")
Fundraising
Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery
business, is pleased to announce that it has agreed to place 138,888,889
Ordinary Shares of 0.025p nominal value at a price of 0.9p per share to raise
1.25 million before expenses. 25,944,889 of these shares are being placed
subject to approval at the Company's AGM on 15 November 2007.
Mr and Mrs Leonard Licht have agreed to subscribe to 33,333,333 new Ordinary
Shares and together will hold 13.43% of the Company's enlarged issued share
capital1. The Directors of the Company have agreed to subscribe to 2,000,000 new
Ordinary Shares. The remainder is being placed with clients of the Company's
broker, Ellis Stockbrokers Limited.
Mr Leonard Licht is a Partner of Hg Capital and previously has been a former
founding director and Vice Chairman of Mercury Asset Management and the Deputy
Chairman of Jupiter Tyndall Group.
The funds raised from this share issue will used to advance the Company's
in-house development pipeline of cancer drug candidates and to provide
additional working capital.
The Directors share purchases are:
Name Number of shares Number of shares held Percentage of issued
purchased following share purchase share capital1
Dr Paul Harper 1,111,111 2,444,444 0.41%
Dr Tim Mitchell 111,111 42,780,471 7.15%
Mr Giorgio Reggiani 555,556 555,556 0.09%
Dr John Reader 111,111 43,447,111 7.26%
Dr David Williams 66,667 42,735,987 7.14%
Application has been made for the admission of 112,944,000 shares to trading on
AIM with admission expected to take place on 26 October 2007. Application will
be made for the admission of 25,944,889 shares to trading on AIM with admission
expected to take place on 21 November 2007.
1 Percentage of share capital assuming AGM approval for the issue of 25,944,889
new Ordinary Shares.
Commenting on the announcement, Sareum's Chief Executive Officer, Dr Tim
Mitchell said: "This placing will provide valuable funds to advance our in-house
cancer programs towards a stage where they become attractive licencing
opportunities. We are also very pleased that Mr and Mrs Licht have chosen to
increase their shareholding in Sareum."
For further information:
Sareum Holdings plc 01223 497700
Tim Mitchell, Chief Executive Officer
Buchanan Communications 020 7466 5000
Tim Anderson, Mary-Jane Johnson
Grant Thornton Corporate Finance 020 7383 5100
Philip Secrett, Colin Aaronson
moneyplus
- 22 Oct 2007 13:31
- 3 of 64
Always encouraging to see major shareholders and directors increasing their stake. I hold these but don't check much as there's not much to get excited about yet----maybe we're approaching a turning point??
fernandesb
- 22 Oct 2007 17:31
- 4 of 64
i think this bit is important:
Commenting on the announcement, Sareums Chief Executive Officer, Dr Tim Mitchell, said: These discoveries represent a significant development in Sareums internal drug candidate portfolio with key assets identified against important cancer drug discovery targets. We are actively seeking licencing partners for these programmes to assist the advancement of novel chemical series through to clinical candidate nomination.
plus events:
# Global Pharma R&D Summit North America 2007, Boston USA, Oct 22nd and 23rd 2007.
# BIO Europe, Hamburg, Germany, Nov 12th-14th 2007.
and finally: AGM 15th November
So hopefully end of October we will see little gain
fernandesb
- 23 Oct 2007 19:44
- 5 of 64
many buyers today, looks like they expect something, or at lease they think that it's good moment to invest something in this company.
16:39 1.19p 7,240,588 86,163 Buy O
13:15 1.19p 4,854,999 57,774 Buy O
16:22 0.90p 5,750,000 51,750 Sell O
16:36 1.19p 3,315,000 39,448 Buy O
16:37 1.19p 1,965,000 23,384 Buy O
Toya
- 23 Oct 2007 20:23
- 6 of 64
I noticed these buyers too, Fernandesb. Made an excellent profit with this share earlier in the year. Will probably buy some tomorrow, but would have to sell something first.
fernandesb
- 23 Oct 2007 21:06
- 7 of 64
well, it is hard to say what is going on, all programs seems to be in start-middle stage , but maybe we don't know everything, i will support them just because of what they do
Toya
- 24 Oct 2007 12:06
- 8 of 64
NB: I reckon that all the transactions at 1.10p this morning are Buys - I bought at that price, and the quote was 1-1.2 at the time (and has been all morning so far).
fernandesb
- 24 Oct 2007 19:57
- 9 of 64
Sareum Holdings PLC
24 October 2007
Sareum Holdings plc ("Sareum" or the "Company")
Placing of shares
Application has been made for the admission of 112,941,176 shares to trading on
AIM with admission expected to take place on 26 October 2007.
The shares have been issued pursuant to the placing announced on 22 October
2007. The number of shares being admitted will be 112,941,176 shares and not
112,944,000 as previously announced. The balance of the placing shares,
amounting to 25,947,713 Sareum shares, will be issued subject to approval at
the Company's AGM on 15 November 2007.
For further information:
Sareum Holdings plc
01223 497700
Tim Mitchell, Chief Executive Officer
Toya
- 24 Oct 2007 20:12
- 10 of 64
A lot more Buys again today - and this stock has been quite inactive I think for some time. I didn't have a lot of spare cash today but am pleased to have bought some at least. They're working with the right people on the research, so they'll be getting some worthwhile results that they can commercialise. Any good news is likely to be kept back until the AGM on 15 Nov I guess.
fernandesb
- 24 Oct 2007 20:57
- 11 of 64
:) Toya, lets hope we are going to get some good news before 15 Nov and because AGM also, that's why i posted this thread as New Chance for Sareum, :):) i think it may be bright future for this one if things will go right
cmp0325
- 25 Oct 2007 09:39
- 12 of 64
10m buy this morning!!!
fernandesb
- 25 Oct 2007 20:20
- 13 of 64
Largest today:
Value Price Volume Time Buy/Sell Type
143,750 1.15p 12,500,000 10:11 Buy O
43,833 1.14p 3,845,000 16:33 Buy O
39,164 1.15p 3,405,556 10:11 Buy OK
35,796 1.14p 3,140,000 16:30 Buy O
19,984 1.14p 1,753,000 16:33 Buy O
12,426 1.14p 1,090,000 16:34 Buy O
well, will see:)
fernandesb
- 02 Nov 2007 22:49
- 14 of 64
I've spoken to people from Sareum and broker also, they didn't have any problems o find investors for new placings, hopefully money they were rising gonna help to push this company to the next level.
fernandesb
- 16 Nov 2007 10:59
- 15 of 64
Sareum Holdings PLC
16 November 2007
For immediate release 16 November 2007
Sareum Holdings plc
("Sareum" or "the Company")
Appointment of Dr Alastair Riddell as Non-Executive Director
Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery
business, is pleased to announce the appointment of Dr Alastair Riddell as
Non-Executive Director with immediate effect.
Alastair James Riddell, aged 58, was previously Chief Executive Officer of
Paradigm Therapeutics Limited, the drug target discovery and development company
that was acquired by Takeda Pharmaceutical Company in March 2007.
He was also previously Chairman of Surface Therapeutics Limited, the drug
discovery and development company that has now been acquired by Serentis.
Prior to that Dr Riddell was the Chief Executive Officer of Pharmagene plc, the
drug discovery company, for seven years, where he raised 8.6 million in a
private placement in 1999 and 41.7 million at IPO in July 2000.
He has also held senior positions in international marketing, sales and general
management in Amersham International and Centocor. He also previously directed
the medical departments of Celltech and Centocor Europe.
Dr Riddell was Deputy Chairman of the BioIndustry Association (BIA) and was a
member of the executive board of the BIA for 3 years. Dr. Riddell was a
practising physician before entering the pharmaceutical industry over twenty
years ago.
The directors of Sareum believe that Dr. Riddell brings a wide range of industry
experience to the Company and consider him a valuable addition to the Board.
Commenting on this announcement, Sareum's Chairman, Dr Paul Harper, said: "I am
delighted to announce that Alastair has joined Sareum's Board. He is a seasoned
biotech entrepreneur with significant Board level experience and will be
instrumental in helping to steer the progress of Sareum."
Dr. Riddell has, in the previous five years, been a director of the following
companies:
Current directorships Previous directorships
none Surface Therapeutics Limited
Paradigm Therapeutics Limited
Pharmagene plc
Pharmagene Laboratories Trustees Limited
Pharmagene Therapeutics Limited
BioIndustry Association
The Company confirms there is no other information that falls to be disclosed
under Schedule 2 paragraph (g) of the AIM Rules.
fernandesb
- 16 Nov 2007 11:01
- 16 of 64
For immediate release 15 November 2007
SAREUM HOLDINGS PLC
("Sareum" or "the Company")
AGM Statement
At the Company's annual general meeting held today, the following resolutions
were passed unanimously by shareholders on a show of hands.
The proxy votes received prior to the meeting on each resolution were as
follows:
ORDINARY RESOLUTIONS Votes Discretion Votes Votes
For Against Withheld
1.To receive and adopt the
Directors' report
and financial statements for the year 8,724,070 221,058 0 0
ended 30 June 2007. 97.53% 2.47% 0% 0%
2. To receive and adopt the
Remuneration
Committee report for the year ended 8,679,070 266,058 0 0
30 June 2007. 7.03% 2.97% 0% 0%
3.To re-elect Dr Paul Harper 8,724,070 221,058 0 0
as Director. 97.53% 2.47% 0% 0%
4.To re-elect Mr Giorgio
Reggiani as 8,576,070 366,058 3,000 0
Director. 95.88% 4.09% 0.03% 0%
5.To re-appoint Shipleys LLP
as auditors and
authorise the Directors to fix their 8,721,070 221,058 3,000 0
remuneration. 97.50% 2.47% 0.03% 0%
6.To authorise Directors for the
purposes of
section 80 of the Companies Act 1985
(the
Act) to allot relevant securities
(within 8,531,070 366,058 48,000 0
the meaning of that section) up to an 95.37% 4.09% 0.54% 0%
aggregate nominal amount of 90,000.
SPECIAL RESOLUTIONS Votes Discretion Votes Votes
For Against Withheld
7.Subject to the passing of resolution
6, to
authorise Directors, in accordance
with
section 95 of the Act, to allot
equity
securities (as defined in section 94
of
the Act) wholly for cash up to an 8,531,070 321,058 93,000 0
aggregate nominal amount of 50,000. 95.37% 3.59% 1.04% 0%
8.To authorise the Company to send or
supply
documents or information to
shareholders
by making them available on the 8,549,070 266,058 130,000 0
Company's 95.58% 2.97% 1.45% 0%
website or other electronic means.
For further information please contact:
Sareum Holdings +44 (0) 1223 497700
Tim Mitchell, Chief Executive Officer
Buchanan Communications +44 (0) 20 7466 5000
Tim Anderson, Mary-Jane Johnson
fernandesb
- 16 Nov 2007 11:03
- 17 of 64
and 5% up today, :):)
Toya
- 16 Nov 2007 11:04
- 18 of 64
Fernandes: the new appointment sounds good. I didn't manage to motor down to the AGM yesterday - would have been interesting.
fernandesb
- 16 Nov 2007 11:09
- 19 of 64
Didn,t know that u planned to, I was at work all day so i had no chance for it
kimoldfield
- 19 Nov 2007 08:21
- 20 of 64
Sareum Holdings PLC
18 November 2007
Sareum Holdings plc
Director's shareholding
Sareum Holdings plc (the "Company") was informed on 16 November 2007 that on 16
November 2007 a director of the Company, Dr Alastair Riddell, purchased
1,000,000 ordinary shares of 0.025p of the Company ("Ordinary Shares") at a
price of 0.94p per Ordinary Share.
Dr Alastair Riddell now holds 1,000,000 Ordinary Shares representing 0.17 per
cent. of the Company's total voting rights.
Nice to see a bit of director confidence.
Toya
- 19 Nov 2007 08:31
- 21 of 64
Yes indeed!
fernandesb
- 19 Nov 2007 20:13
- 22 of 64
well done Mr Riddell :):)
fernandesb
- 19 Nov 2007 20:17
- 23 of 64
Top Director Buys
Sareum (SAR)
Director name: Mr Alastair Riddell
Amount purchased: 1,000,000 @ 94.00p
Value: 940,000
With Market Cap 5,73 m I would say it is pretty big one....
fernandesb
- 30 Nov 2007 20:33
- 24 of 64
Sareum Holdings PLC
30 November 2007
30 November 2007
Sareum Holdings plc ("Sareum" or the "Company")
Total Voting Rights
In accordance with the FSA's Disclosure and Transparency Rules, the Company
would like to notify the market of the following:
As at the date of this announcement, the Company's issued share capital consists
of 598,697,713 ordinary shares with a nominal value of 0.025p each ("Ordinary
Shares"), with voting rights. The Company does not hold any Ordinary Shares in
Treasury.
Therefore, the total number of Ordinary Shares with voting rights is
598,697,713.
The above figure of 598,697,713 Ordinary Shares may be used by shareholders in
the Company as the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change in their interest
in, the share capital of the Company under the FSA's Disclosure and Transparency
Rules.
For further information:
Sareum Holdings plc
01223 497700
Tim Mitchell, Chief Executive Officer
Buchanan Communications
020 7466 5000
Tim Anderson/Mary-Jane Johnson
Grant Thornton Corporate Finance
020 7383 5100
Philip Secrett/Colin Aaronson
Toya
- 01 Dec 2007 09:47
- 25 of 64
I've transferred funds elsewhere for now but am keeping this on my watchlist.
A lot of these early-stage bio companies just take ages to get going properly because much of the research literally takes years. However, I'm sure they're doing some solid work - as evidenced by their partners in oncology - and will win through eventually.
ptholden
- 01 Dec 2007 22:21
- 26 of 64
Most don't Toya; Phase I to Phase III trials can take anything up to 7 years during which time the company returns to the market for cash top ups on a regular basis. Mind you if you pick the right one the return can be spectacular. Actually, I have one in my bottom drawer, CeNeS and they do have a drug at Phase III. Following numerous cash calls and a consolidation, even if the SP rockets in previously mentioned spectacular fashion, I doubt I will ever be in profit!
AZM are another good example.
Guess the trick is to get in really low and wait for a possible bit of good news, double bag, take the profit and run like the clappers.
pth
fernandesb
- 03 Dec 2007 16:56
- 27 of 64
Toya, looks like your transfer was in right moment, 5% down today,
ptholden, if you will have a look at chart of Sareum, one time on year is always some news or expectations which help to make some nice profit:)
fernandesb
- 12 Dec 2007 17:13
- 28 of 64
Sareum Holdings PLC
12 December 2007
For immediate release 12 December 2007
SAREUM HOLDINGS PLC
(\"Sareum\" or the \"Company\")
Extension of Genentech Agreement
Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery
business, is pleased to announce that it has extended its agreement with
Genentech, Inc. for a further 6 months following its initial agreement announced
in November 2006.
Under the terms of this agreement, Sareum will continue to apply its skills in
high throughput protein expression, purification and structure determination on
drug discovery targets designated by Genentech.
In return, Sareum will receive research fees and may receive specific
success-dependent milestone payments. Financial terms of the agreement were not
disclosed.
Commenting on the agreement, Sareum\'s Chief Executive Officer, Dr Tim Mitchell,
said: \"Successfully delivering on relationships with leading companies such as
Genentech is a key component of our business strategy and an outstanding
validation of Sareum\'s technology and expertise. We are very pleased to have
supported Genentech\'s programs over the last 12 months, and look forward to
continuing this important relationship.\"
For further information:
Sareum Holdings 01223 497700
Tim Mitchell, Chief Executive Officer
Buchanan Communications 020 7466 5000
Tim Anderson, Mary-Jane Johnson
Grant Thornton Corporate Finance 020 7383 5100
Philip Secrett, Colin Aaronson
Toya
- 12 Dec 2007 18:58
- 29 of 64
Fernandesb: this is just an extension of an existing contract so nothing earth-shattering, hence lack of movement in sp. When they do get a new contract, though, the sp will shoot up - as it did in January; will get back in then.
fernandesb
- 12 Dec 2007 22:37
- 30 of 64
Toya, my problem is that I am in already:):)
Toya
- 13 Dec 2007 07:07
- 31 of 64
Good luck then Fernandesb - only a matter of time. Alternatively, you might consider biting the bullet and moving funds elsewhere, where your money might do better in the short term. I've only learned that recently, from people here, and it's been very helpful.
hangon
- 08 Jan 2008 17:09
- 32 of 64
Anyone like to suggest why such a contract is ONLY for 6-months?
Just seems rather short.
Also I don't like to see Dilution ( eg in Aug06 and another? during 07), that's very damaging for earlier shareholders.
fernandesb
- 08 Jan 2008 21:00
- 33 of 64
well I spoke to the bloke (nice guy Dr. Mitchell), they say they are talking to many companies, potential partners, they are part of many events around the world. He sounded very sensible to me. I believe they have right people, right goals and they know the way they should go. But as someone on BB said before, this kind of company might be even years of developing something before we hear something spectacular , I'm still in ready to add a little bit more is something happen.
Toya
- 09 Jan 2008 07:12
- 34 of 64
Fernandes: I think you're right about the people at SAR but time is the key factor probably.
Balerboy
- 20 Apr 2009 09:13
- 35 of 64
Am enjoying a very nice ride from .225 hope some of you others are on board.
Balerboy
- 03 Jun 2009 09:59
- 36 of 64
On the rise again but no news as such, bit of info borrowed from ADVFN board:
Dear Shareholders,
I have recently received several requests to issue an RNS update on the status of our research programmes. I thank you for your continuing interest in Sareum, and I understand your desire for more frequent information updates.
While the recent in-vivo results for Chk1 are very promising, it was our, and our advisors, opinion that this did not warrant a RNS release without added context, such as presentation of these results at an international cancer conference. Any announcement regarding Chk1 must be made in conjunction with our partners, the Institute of Cancer Research and Cancer Research Technologies.
However, in light of the number of requests I have received for information updates, I will discuss your wishes with my fellow Directors and advisors.
With best regards,
Tim Mitchell, CEO
Possible news coming:
June 10-12, 2009 - ERBI BioPartnering Exchange, Cambridge, UK
ERBI Ltd
ERBI's 11th Cambridge BioPartnering Exchange
Date:10 - 12th June 2009
Venue:Wellcome Trust, Genome Campus, Cambridge UK
Balerboy
- 28 Aug 2009 12:57
- 37 of 64
is no one watching this fantastic rise.....hello
Balerboy
- 28 Aug 2009 13:12
- 38 of 64
Held these at .0022p sold now .0082 lovely. profit in the bank cynic.
Toya
- 28 Aug 2009 14:40
- 39 of 64
Glad you made a profit Balerboy - it's already back to about half of what it was when you sold!
Far too minnowish currently
Balerboy
- 28 Aug 2009 14:57
- 40 of 64
Thanks Toya, but a profit is a profit that can be spent on bigger fish.. :)) infact it bought PXS, gone from minnow to a carp lol.
Toya
- 28 Aug 2009 15:07
- 41 of 64
Just hope it doesn't turn into a man-eating shark!
Balerboy
- 28 Aug 2009 15:18
- 42 of 64
If it dose i'll share a steak with you..lol
Toya
- 28 Aug 2009 15:35
- 43 of 64
Thanks - but I might prefer a stake lol!
Balerboy
- 28 Aug 2009 15:52
- 44 of 64
owch, that hurt. :)
Balerboy
- 28 Sep 2009 10:31
- 45 of 64
Up again with good volume, hope to get another 100% profit here.... or more this time. :))
moneyplus
- 28 Sep 2009 11:55
- 46 of 64
BB I've been in these for years--I'm down so much I've lost the will to even look at them!!
Balerboy
- 05 Oct 2009 13:34
- 47 of 64
SAR on the move again....
mitzy
- 23 Nov 2009 11:31
- 48 of 64
Yes Balerboy I decided to get some today @0.5p..gl.
Toya
- 23 Nov 2009 12:57
- 49 of 64
Thought these had died - came out some time ago.
Surprised they're still twitching!
mitzy
- 23 Nov 2009 13:05
- 50 of 64
They are alive and a 5 bagger I believe.
Balerboy
- 23 Nov 2009 14:09
- 51 of 64
hope so, bought too early at 46, hestitated and didn't top up in the 30's so i'll go with the flow...hello
mitzy
- 23 Nov 2009 16:09
- 52 of 64
hello..?
Toppped up teice today easy 2 bagger imo.
3 monkies
- 08 Feb 2013 10:02
- 53 of 64
Holy shrit - no more than I could suspect.
kimoldfield
- 08 Feb 2013 10:47
- 54 of 64
Don't panic 3m!
kimoldfield
- 18 Feb 2013 08:28
- 55 of 64
3 monkies
- 18 Feb 2013 08:56
- 56 of 64
Disappointing to say the least kim.
kimoldfield
- 18 Feb 2013 09:25
- 57 of 64
SP has not taken as big a knock as I had expected however........yet!
kayha
- 03 Dec 2013 09:26
- 58 of 64
LISTEN: Dr. Tim Mitchell, CEO of @Sareumplc, discusses the new co-development agreement
Click here to listen
kimoldfield
- 05 Apr 2016 12:34
- 59 of 64
Some life left in this old dog?
CHK1 inhibitor CCT245737 Approved for Clinical Trials in Cancer Patients
Sareum Holdings plc (AIM:SAR), the specialist cancer drug discovery and development company, is pleased to announce that the UK Medicines and Healthcare products Regulatory Agency (MHRA) has approved the Clinical Trial Applications (CTAs) for CHK1 inhibitor drug candidate CCT245737.
Subject to final NHS approval, clinical trials are expected to begin in Q2 2016. Two Phase I clinical trials in cancer patients are planned, in collaboration with co-development partners, the CRT Pioneer Fund. One trial will use CCT245737 in combination with standard-of-care chemotherapy and will ultimately target lung and pancreatic cancer patients. The other trial will use CCT245737 as a single anti-cancer agent and will initially target various cancers.
As noted in its announcement of 1 February 2016, Sareum satisfied a financial commitment of £797,500 to the funding of these trials in December 2015, and the submission of the Clinical Trial Applications triggered the receipt of a £200,000 success milestone payment from Cancer Research Technology Ltd to Sareum.
Sareum's CEO, Dr Tim Mitchell, commented: "This approval for CCT245737 is another significant milestone along its path to being the first from our development pipeline to enter clinical trials."
kimoldfield
- 27 Sep 2016 13:40
- 60 of 64
Old dog still barking!
Licence agreement for Chk1 Inhibitor CCT245737
Sareum Holdings plc (AIM:SAR), the specialist cancer drug discovery and development company, is pleased to announce that its co-investment partner, the CRT Pioneer Fund, has today licensed exclusive and worldwide rights for the Chk1 inhibitor cancer drug candidate CCT245737 (to be renamed PNT737) to ProNAi Therapeutics, Inc. (NASDAQ: DNAI).
Under the terms of the agreement, an immediate upfront payment of US$7.0 million is due to the co-investment partners and an additional fee of up to US$2.0 million will be payable upon the successful transfer of the two ongoing Phase 1 clinical trials to ProNAi. Additional payments in the aggregate amount of up to US$319.5 million may become payable upon achievement of certain development, regulatory and commercial milestones. ProNAi will also owe high single to low double digit royalties on the net sales of any product successfully developed.
Under Sareum's agreements with Cancer Research Technology and the CRT Pioneer Fund, Sareum is entitled to 27.5% of these payments. Therefore, Sareum will receive (i) US$1.9 million as an upfront payment, (ii) potential future milestone payments of up to US$88.4 million, some of which are expected to be paid within the next twelve months upon certain development milestones being met and (iii) its share of any sales royalties.
Furthermore, the unspent balance, estimated at c£300,000, of the financial commitment to the trial funding of £797,500 made by Sareum in December 2015 will be returned to the Company.
ProNAi is a well-funded clinical stage drug development company advancing targeted therapeutics for the treatment of patients with cancer. The company is comprised of a highly respected management team with a proven track record of success in oncology drug development.
PNT737 was originally developed in a research collaboration between the Institute of Cancer Research, London (ICR), Sareum Limited and Cancer Research Technology Ltd (CRT). The Programme was licensed to the CRT Pioneer Fund in September 2013 and a co-investment partnership with Sareum was formed to progress the candidate drug through clinical trials.
Dr Tim Mitchell, CEO of Sareum commented, "This is a major achievement for our lead candidate as well as for Sareum. Starting with the initial discovery, we have contributed financially and scientifically to the ongoing development of the programme into clinical trials. The returns from this research investment will be realised in this licence agreement, validating our strategy and business model. ProNAi is in a strong position to further the development of PNT737 and plans to expand its development into the United States and with broader clinical studies. We look forward to reporting on their progress."
"This is another significant milestone on the development path for this promising Chk1 inhibitor. We recently initiated a Phase 1 single agent monotherapy study and a Phase 1 study of PNT737 in combination with DNA-targeting chemotherapies. ProNAi has a world-class oncology development team and is well-capitalized, and we believe these studies and the ongoing development strategy for this drug are in excellent hands," added Dr Robert James, Managing Partner of Sixth Element Capital LLP, managers of the CRT Pioneer Fund.
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
kimoldfield
- 27 Sep 2016 16:39
- 61 of 64
136% rise. Not bad for a dead dog! :o)
superman007
- 29 Sep 2016 09:55
- 62 of 64
Far from a dead dog 'kimoldfield' imhho. This is a discovery drug company on the verge transformational findings. Watch this space dor double digit figures. dyor
kimoldfield
- 29 Sep 2016 10:32
- 63 of 64
They have had a very chequered history superman, promise after promise, most of them broken but like you I don't think it can remain in the dead dog category! I think they may have at last turned the corner, revenues ahead and looking quite good.
kimoldfield
- 09 Jan 2017 13:40
- 64 of 64
Income! :o)
Milestone Payment from Chk1 Licence Agreement
RNS
RNS Number : 6485T
Sareum Holdings PLC
09 January 2017
(AIM: SAR)
9 January 2016
SAREUM HOLDINGS PLC
("Sareum" or "the Company")
Milestone Payment from Chk1 Licence Agreement
Sareum Holdings plc (AIM:SAR), the specialist cancer drug discovery and development company, is pleased to announce the attainment of a US$2.0 million success milestone payment as part of the Chk1 licence agreement between its co-investment partner, the CRT Pioneer Fund, and Sierra Oncology, Inc. (NASDAQ: SRRA), formerly, until today, ProNAi Therapeutics, Inc.
Under the terms of the agreement, first announced on 27 September 2016, the fee has become payable as a result of the successful transfer of the two ongoing Phase 1 clinical trials to Sierra Oncology. Further payments in the aggregate amount of up to US$319.5 million may additionally become payable upon achievement of certain development, regulatory and commercial milestones. Sierra Oncology will also pay high single to low double digit royalties on the net sales of any product successfully developed.
Under Sareum's agreements with Cancer Research Technology and the CRT Pioneer Fund, Sareum is entitled to 27.5% of all payments arising from the Chk1 licence agreeement. Therefore, Sareum will receive $550,000 as its financial share of this milestone event.
Furthermore, the unspent balance, now estimated at c£200,000, of the financial commitment to the trial funding of £797,500 made by Sareum in December 2015 will be returned to the Company in due course.
Dr Tim Mitchell, CEO of Sareum commented, "We are delighted that the first milestone event from this agreement has been reached. This is a useful addition to our cash position, following the receipt of £1.5 million as our share of the $7 million up-front payment announced in September."
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.