Sareum raises funds for further drug development

1st Nov 2013 12:34

Sareum Holdings, a cancer drug discovery and development business, has placed 278.5m shares at 0.6p each, it announced Friday.The group raised a conditional £1.67m before expenses from the placing, which it said was oversubscribed.The proceeds of the placing will provide funds to facilitate the development of Sareum's drug discovery and development programmes, including its collaboration with the Cancer Research Technology Pioneer Fund and the Aurora+FLT3 programme. Tim Mitchell, Chief Executive Officer of the company, said: "We are extremely pleased with the positive response towards this placing from investors. Our broadened strategic approach, which now includes entering into collaboration and co-development partnerships intended to bring our programmes to later development stages, provides the potential for more lucrative licensing deal terms and therefore a greater return to shareholders. "With material advancements in our key programmes and the prospect of higher asset values, we look forward to keeping shareholders updated on our progress."NR