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Sareum reports half-year loss amid positive product developments
StockMarketWire.com
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Drug development firm Sareum has reported a half-annual loss on ordinary activities for the six months ended 31 December 2020 of £0.55m.
It comes after the firm experienced a 2019 loss of £0.61m, however, the firm has welcomed positive product developments.
Cash at the period end was £1.30 million versus £1.80 million as of 30 June 2020 and £1.00 million as of 31 December 2019.
R&D Tax Credit of £0.13 million was received in January 2021, with the board focussing on the capital position of the company to ensure that the new products are adequately resourced
The development of TYK2/JAK1 inhibitors have been prioritised, and the company has welcomed substantial progress despite the challenges of the Covid-19 pandemic and has completed dose range-finding studies in two preclinical toxicology species.
Dr Tim Mitchell, CEO, commented: We continue to actively engage with potential partners with a view to securing commercial licences for our TYK2/JAK1 programmes. We will, as usual, keep shareholders updated in this regard as appropriate.
Story provided by StockMarketWire.com
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