Business
Subscription to raise £900,000
Subscription to raise £900,000.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3045A\n Sareum Holdings PLC\n 01 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 Subscription to raise £900,000 to progress proprietary TYK2/JAK1 programmes through final stages of preclinical development\n \n Cambridge, UK, 1 June 2021 - Sareum Holdings plc (AIM: SAR), the specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of cancer and autoimmune diseases, announces that it has raised £900,000, before expenses, through a subscription by a high net worth individual (the \"Subscriber\") for 32,142,855 new ordinary shares of 0.025p each in the capital of the Company (\"Ordinary Shares\") (the \"Subscription Shares\") at a price of 2.8p per share (the \"Subscription Price\") (the \"Subscription\"). The Subscriber will also be issued one five-year warrant, exercisable at the Subscription Price, for every five Subscription Shares issued (the \"Subscription Warrant\"), which can only be exercised following the Company's the closing middle market share price being above 5p per Ordinary Share for five consecutive days. The Subscription Price represents a premium of approximately 8 per cent. to the closing middle market price for Sareum Shares on 28 May 2021.\n The net proceeds from the Subscription will be used to progress the Company's SDC-1801 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 these preclinical studies 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 Application will be made for the 32,142,855 Subscription Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on the AIM market of the London Stock Exchange (\"AIM\") (\"Admission\"). It is anticipated that Admission will become effective at 8.00 am on 11 June 2021. The Placing is subject to normal conditions including, inter al...