Business
Half-year Results
Half-year Results.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 2451X Sareum Holdings PLC 20 February 2017 \n\n\n\n\n\n(AIM:SAR)\n\n\n 20 February 2017\n\n\n\n\nSAREUM HOLDINGS PLC\n(\"Sareum\" or \"the Company\")\nHALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016\nSareum Holdings plc (AIM: SAR), the specialist cancer drug discovery and development business, announces its half-yearly results for the six months ended 31 December 2016, a period in which it made good progress with its cancer and autoimmune disease research programmes.\nOperational highlights\n· Chk1 inhibitor cancer drug candidate CCT245737 (renamed SRA737) licensed to Sierra Oncology, Inc. (NASDAQ: SRRA; formerly ProNAi Therapeutics, Inc.) by co-investment partner, the CRT Pioneer Fund triggering an upfront payment of US$1.9 million to Sareum.\n· Successful outcome from TYK2 cancer feasibility study with results supporting case to advance programme further; data presented at the AACR-NCI-EORTC international cancer conference in Munich, Germany.\n· Further patent grants for Aurora+FLT3 kinase programme in Japan, Singapore, China, and Hong Kong, completing IP protection for the candidate in all major territories.\nFinancial highlights\n· Share of income from associates, relating to the Chk1 programme, was £1,518,000 (2015: nil), delivering a share of profit of £1,301,000 (2015: share of loss £167,000) after costs.\n· Maiden profit on ordinary activities (after taxation) of £573,000 (2015: Loss of £485,000).\n· Cash at bank at period end was £2,305,000 (2015: £335,000) and the Company's unspent investment in the Chk1 Project was £258,000 (2015: £841,000).\nPost period end\n· First milestone for Chk1 licence agreement achieved following successful transfer of two ongoing Phase 1 clinical trials to Sierra Oncology; Sareum to receive $550,000 as its share of this.\nDr Tim Mitchell, CEO of Sareum Holdings plc, said: \"With the share of income from the upfront and the first milestone payments for Chk1, we intend to accelerate research into our three other programmes while seeking to develop or in-license new autoimmune or anti-cancer candidates. We expect to report a modest profit for the full year.\" \n\n...