Business
Directorate Change and Update
Directorate Change and Update.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n RNS Number : 3363C Sareum Holdings PLC 29 August 2008 \n \n\n\n\n\n\n\n\n29 August 2008\n\n\n\n\n\n\nSAREUM HOLDINGS PLC\n('Sareum' or 'the Company')\n\nResignation of Director\nUpdate on Strategic Review\n\nSareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery business, announced on 26 August that it had disposed of substantially all of its equipment assets, for a total consideration of £720,000, and that it was retaining the intellectual property of its cancer drug discovery programmes which it planned to further develop using the proceeds of the asset disposal.\n\nIn order to develop these programmes in the most cost effective manner, the Board considered it necessary to reduce its fixed cost base as much as possible, and contract out future research to third party suppliers. As such, the Company has implemented a further redundancy programme, which includes all remaining laboratory staff. This redundancy programme will be completed on 31 August. In addition to these staff redundancies, Dr David Williams has today stepped down as a Director of the Company.\n\nThe Company's shares will remain suspended while it finalises its financial and business strategy. Further announcements are expected to follow in due course.\nCommenting on this announcement, Sareum's Chief Executive Officer, Dr Tim Mitchell, said: 'On behalf of the Sareum Board, I would like to express our thanks to David and our staff for their great contribution to the Company and wish them well for the future'.\n- Ends-\n\nFor further information please contact: \n\n\n\n\n\nSareum Holdings plc\n\n\n01223 497700\n\n\n\n\nTim Mitchell, Chief Executive Officer\n\n\n \n\n\n\n\nBuchanan Communications\n\n\n020 7466 5000\n\n\n\n\nTim Anderson, Mary-Jane Johnson \n\n\n \n\n\n\n\nGrant Thornton Corporate Finance\n\n\n020 7383 5100\n\n\n\n\nPhilip Secrett, Colin Aaronson\n\n\n \n\n\n\n\nNotes for editors:\nAbout Sareum Holdings plc\nSareum Holdings plc is a drug discovery business headquartered in Cambridge, UK. The Company was formed in August 2003 to discover new drugs for the treatment of cancer. \n\nSareum aims to successfully deliver drug candidates for licensing to pharmaceutical and biotechnology companies at the pre-clinical or early clinical trials s...