Business
Update on SRA737 Licensing Agreement
Update on SRA737 Licensing Agreement.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1505F\n Sareum Holdings PLC\n 12 November 2020\n \n \n \n \n SAREUM HOLDINGS PLC\n \n \n (\"Sareum\" or \"the Company\")\n \n \n Sareum Provides Update on Licensing Agreement Regarding SRA737, a Chk1 inhibitor in Clinical Development Targeting Solid Cancers\n \n \n Amended agreement expected to clear path to advancing clinical development of SRA737\n \n \n Cambridge, UK, 12 November 2020\n - 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 amended terms (the \"Amendment\") to the 2016 licensing agreement between Sierra Oncology, Inc. (\"Sierra\") and CRT Pioneer Fund LP (\"CPF\") for the Chk1 inhibitor SRA737 (the \"CRT License Agreement\") have been agreed between the two parties.\n \n \n Details of the Amendment have been published in Sierra's Form 8-K, filed with the US Securities and Exchange Commission (SEC) today, and are set out below.\n \n \n Overview of SRA737\n \n \n SRA737 is a clinical-stage oral, selective Checkpoint kinase 1 (Chk1) inhibitor that targets cancer cell replication and DNA damage repair mechanisms. Preliminary Phase 2 and comprehensive preclinical data suggest SRA737 may have broad application in combination with other oncology and immune-oncology drugs in genetically defined patients. \n \n \n SRA737 was discovered and initially developed by scientists at The Institute of Cancer Research in collaboration with Sareum, and with funding from Sareum and Cancer Research UK. \n \n \n SRA737 was licensed by CPF to Sierra in September 2016 for up to $328.5 million in \n developmental, regulatory and commercial milestones, \n plus royalties \n on the net sales of any product successfully developed\n . Sareum was eligible to receive 27.5% of the economics equating to up to $88 million in milestone payments, plus sales royalties, as SRA737 advances.\n \n \n Details of the CRT License Agreement and the Amendment \n \n \n Pursuant to the CRT License Agreement, Sierra made a one-time upfront payment of $7.0 million to CPF in October 2016 and paid $2.0 million to CPF in January 2017 for the successful transfer of two ongoing Phase 1 clinical trials. Sareum received a total of approximately $2.5 million from these payments. \n \n \...