Business
Subscription to raise £1,470,000
Subscription to raise £1,470,000.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9563B\n Sareum Holdings PLC\n 15 June 2021\n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014\n Sareum Holdings plc\n (\"Sareum\" or the \"Company\")\n Further Subscription to raise £1,470,000 to progress proprietary TYK2/JAK1 programmes into clinical development\n \n Cambridge, UK, 15 June 2021 - Sareum Holdings plc (AIM: SAR), the specialist drug development company, announces that it has raised £1,470,000, before expenses, through a subscription for 30,000,000 new ordinary shares of 0.025p each in the capital of the Company (\"Ordinary Shares\") (the \"Subscription Shares\") at a price of 4.9p per share (the \"Subscription Price\") (the \"Subscription\").\n This subscription is by the same high net worth individual who subscribed to shares to the value of £900,000 as announced by the Company on 1 June 2021 (the \"Subscriber\").\n Under the terms of the Subscription, the Subscriber will also be issued one five-year warrant, exercisable at the Subscription Price, for every three Subscription Shares issued (the \"Subscription Warrant\"), which can only be exercised following the Company's closing middle market share price being above 7p per Ordinary Share for five consecutive days. The Subscription Price was set at the closing ask price on Friday 11 June but represents a discount of approximately 14 per cent. to the closing middle market price for Sareum Shares on 14 June 2021.\n The net proceeds from the Subscription will be used to progress the Company's SDC-1801 and SDC-1802 TYK2/JAK1 inhibitor drug development programmes as well as for working capital purposes. As noted in the Company's Trading Update of 25 May 2021, the Company is targeting the completion of preclinical studies for SDC-1801 in Q3 2021, subject to successful progress. Clinical trial plans, including priority autoimmune indications and potential Covid-19 application, will also be developed in parallel, subject to additional funding being raised.\n The UKRI-funded Covid-19 research project for SDC-1801 continues on schedule with the experimental phases finishing by the end of June and the data analysis to complete shortly thereafter. The Company will provide a further update once the relevant data are available...