Issue of Equity

RNS Number : 3983Q

Sareum Holdings PLC

03 August 2010

 

AIM: SAR

3 August 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION IS UNLAWFUL.

Sareum Holdings PLC

("Sareum" or "the Company")

Placing to raise £200,000

Sareum, the specialist cancer drug discovery business, is pleased to announce it has raised £200,000, before expenses, by way of a placing by Hybridan LLP of 100,000,000 new ordinary shares of 0.025p each in the capital of the Company (the "Placing Shares") at 0.20p per share.

Sareum intends to use the proceeds of the placing primarily to progress its cancer research programmes.

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 18 August 2010. The Placing Shares will rank pari passu with the existing ordinary shares of the Company.

Following the admission of the Placing Shares to trading on AIM, the Company will have a total of 1,275,597,713 shares in issue.

Dr Tim Mitchell, CEO of Sareum commented:

"This placing with an institutional investor resulted from specific demand by interested parties. It will help to significantly increase the research investment in our Company's pipeline of cancer programmes for the foreseeable future."

Enquiries:

Sareum Holdings plc
Tim Mitchell	01223 497 700
Merchant Securities Limited (Nomad)
Simon Clements/Bidhi Bhoma	020 7628 2200
Hybridan LLP (Broker)
Claire Noyce/Max Bascombe	020 7947 4350

Notes for editors:

About Sareum Holdings plc

Sareum is a drug discovery company, headquartered in Cambridge UK, that is focused on producing targeted small molecule therapeutics to address unmet medical needs, primarily in cancer. Sareum aims to successfully deliver drug candidates for licensing to pharmaceutical and biotechnology companies at the pre-clinical or early clinical trials stage.

Sareum's Chk1 kinase cancer research programme is a joint research collaboration with The Institute of Cancer Research and Cancer Research Technology Limited. Novel chemical compounds developed by the collaboration have been shown to increase the effectiveness of current cancer therapeutics in in-vivo cancer models.

SKIL (Sareum Kinase Inhibitor Library) is Sareum's drug discovery technology platform that has so far produced the Company's Aurora, VEGFR-3 and FLT3 kinase cancer and auto-immune disease research programmes. SKIL can also generate drug research programmes against other kinase targets.

Sareum Holdings plc joined the AIM market of the London Stock Exchange in October 2004, trading under the symbol SAR.  For further information, please visit www.sareum.co.uk

 

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