Business
Notice of Interim Results and Trading Update
Notice of Interim Results and Trading Update.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n\nSareum Holdings PLC\n(\"Sareum\" or the \"Company\")\nNotice of Interim Results and Trading Update\nCambridge, UK, March 12 2024 - Sareum Holdings plc (AIM: SAR), a clinical-stage biotechnology company developing next-generation kinase inhibitors for autoimmune disease and cancer, provides notice of the timing of publication of its interim results, a trading update and an update on its Equity Prepayment Facility with RiverFort Global Opportunities PCC Ltd (\"RiverFort\").\nThe Company announces that its results for the half-year to 31 December 2023 will be published in the week beginning 25 March 2024, in which the Company expects to report an operating loss of £2.5 million (2022: £1.7 million), reflecting the cost of continued and additional investment into clinical research conducted during the period for the furtherance of its SDC-1801 autoimmune disease programme.\nAs announced on 3 August 2023, the Company entered into an Equity Prepayment Facility with RiverFort (the \"Facility\"). The Company has drawn £2.3 million to date pursuant to the Facility from two prepayment deposits. The Company currently has an outstanding balance of circa £1.3 million under the Facility. Any balances pursuant to the Facility are not due for repayment until August 2025 (the \"Maturity Date\") and the Company expects to settle all balances by the issuance of Placing Shares prior to the Maturity Date.\nThe Company previously announced that the Facility included a committed third tranche prepayment deposit of £300,000, which remained subject to the terms and conditions of the Facility. Due to downward pressure on the Company's share price, Sareum has been unable to draw down the third prepayment under the Facility. The Company is in discussions to assess alternative funding arrangements and has taken steps to preserve its immediate capital utilisation. Providing alternative funding is secured, the Board of Directors remains confident that the Company is on course to deliver topline Phase 1a results in Q2 2024.\nApplication for admission to trading\nIn accordance with the terms of the Facility, Sareum has issued a further 1.5 million Placing Shares. Application will be made to the London Stock Exchange for the admission of the 1.5 million Placing Shares to trading on AIM (\"Admission\"). It is expected that Admission will occur at 8.00am ...