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Sareum Holdings PLC on Friday said that it has completed a fundraise of £2.4 million before expenses via a subscription. Sareum Holdings is a Cambridge, England-based pharmaceutical company, focused on developing next-generation kinase inhibitors for autoimmune disease and cancer. The subscription was for a total of 11.8 million new ordinary shares at 20 pence each. This funding, alongside a £1 million tax credit received on October 8, will help the company to further develop SDC-1801, it said. More specifically, the funds will go towards longer-term toxicology studies, to prepare the asset for phase two clinical trials, thereby enhancing its potential value. ‘The recent successful completion of our Phase 1 trial, demonstrating SDC-1801’s favourable safety profile, combined with impressive pharmacokinetics and biomarker effects, has reinforced our confidence in its potential as a best-in-class TYK2/JAK1 inhibitor,’ said Executive Chair Stephen Parker. ‘We believe SDC-1801 has the potential to offer increased efficacy compared to existing therapies in a number of autoimmune conditions where there is a serious unmet medical need. This funding brings us closer to realising that potential and potentially delivering a new, more effective treatment option for millions of patients worldwide.’ Shares in Sareum Holdings were trading 1.8% higher at 28.00 pence each in London on Friday afternoon. The firm has a market cap of £30.2 million. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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