Sareum Holdings does cancer drug deal in China

2nd Dec 2013 14:17

Cancer drug developer Sareum Holdings has signed a deal with a Chinese medical university to progress its Aurora+FLT3 cancer programme.Sareum has granted the Hebei Medical University Biomedical Engineering Center exclusive rights to carry out pre-clinical and clinical studies within Greater China to gain approval for sales in the region.Sareum will receive a significant milestone payment once a product receives authorisation for marketing, and up to 15% of operating profit from sales in Greater China.Aurora+FLT3 kinase inhibitors have the potential to treat acute myeloid leukaemia, the most common form of adult leukaemia, and various other forms of cancer.Chief Executive Tim Mitchell said: "This agreement provides us with significant extra resource, exposure to a major market and the flexibility to undertake our own independent research utilising HMUBEC's findings at any point in the development programme." Shares rose 0.02p to 0.6p at 14:17 in London.PW