Business
Placing to raise £1.67 million
Placing to raise £1.67 million.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n Placing to raise £1.67 million1 NOVEMBER 2013Sareum Holdings plc(\"Sareum\" or \"the Company\")Placing to raise £1.67 millionSareum Holdings plc (AIM: SAR), the specialist cancer drug discovery and development business, is pleased to announce that it has conditionally raised £1.67 million before expenses, by way of a placing by Hybridan LLP, of 278,500,010 new ordinary shares of 0.025p each in the capital of the Company (the \"Placing Shares\") at 0.6p per share. The placing was oversubscribed and has been taken up by many new and existing investors. The proceeds of the placing will provide funds to facilitate the development of Sareum's drug discovery and development programmes. In particular, the proceeds will fund the Company's commitment to its collaboration with the Cancer Research Technology Pioneer Fund & BACIT (as announced on 24 September 2013), to advance the Checkpoint Kinase 1 (CHK1) inhibitor candidate through further pre-clinical development and readiness for approval for Phase 1 clinical trials.The funds will also be used to progress Sareum's Aurora+FLT3 programme in pre-clinical development and its TYK2 kinase inhibitor programme towards nomination of a pre-clinical development candidate. In addition, funds will provide working capital for the Company through to early 2015 excluding any exceptional circumstances or further financial commitment with respect to CHK1, which would be triggered once formal application for approval for Phase 1 clinical trials is scheduled.Dr. 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.\"Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and it is expected that admission will become effective and trading will commence on 22 November 2013. The Placing Shar...