REG - Sareum Holdings PLC - Notice of Interim Results and Trading Update

Sareum HoldingsAnnouncement

12/03/2024 13:30

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RNS Number : 5564G  Sareum Holdings PLC  12 March 2024

Sareum Holdings PLC

("Sareum" or the "Company")

Notice of Interim Results and Trading Update

Cambridge, UK, March 12 2024 - Sareum Holdings plc (AIM: SAR), a
clinical-stage biotechnology company developing next-generation kinase
inhibitors for autoimmune disease and cancer, provides notice of the timing of
publication of its interim results, a trading update and an update on its
Equity Prepayment Facility with RiverFort Global Opportunities PCC Ltd
("RiverFort").

The Company announces that its results for the half-year to 31 December 2023
will be published in the week beginning 25 March 2024, in which the Company
expects to report an operating loss of £2.5 million (2022: £1.7 million),
reflecting the cost of continued and additional investment into clinical
research conducted during the period for the furtherance of its SDC-1801
autoimmune disease programme.

As announced on 3 August 2023, the Company entered into an Equity Prepayment
Facility with RiverFort (the "Facility"). The Company has drawn £2.3 million
to date pursuant to the Facility from two prepayment deposits. The Company
currently has an outstanding balance of circa £1.3 million under the
Facility. Any balances pursuant to the Facility are not due for repayment
until August 2025 (the "Maturity Date") and the Company expects to settle all
balances by the issuance of Placing Shares prior to the Maturity Date.

The Company previously announced that the Facility included a committed third
tranche prepayment deposit of £300,000, which remained subject to the terms
and conditions of the Facility. Due to downward pressure on the Company's
share price, Sareum has been unable to draw down the third prepayment under
the Facility. The Company is in discussions to assess alternative funding
arrangements and has taken steps to preserve its immediate capital
utilisation. Providing alternative funding is secured, the Board of Directors
remains confident that the Company is on course to deliver topline Phase 1a
results in Q2 2024.

Application for admission to trading

In accordance with the terms of the Facility, Sareum has issued a further 1.5
million Placing Shares. Application will be made to the London Stock Exchange
for the admission of the 1.5 million Placing Shares to trading on AIM
("Admission").  It is expected that Admission will occur at 8.00am (London
Time) on Monday 18 March 2024.

Immediately following Admission, the Company will have 71,761,878 ordinary
shares of 1.25 pence each in issue; therefore, the total voting rights in the
Company will be 71,761,878. This figure may be used by shareholders in the
Company as the denominator for the calculations by which they may determine if
they are required to notify their interest in, or a change to their interest
in, the share capital of the Company under the FCA's Disclosure Guidance and
Transparency Rules.

Terms and definitions used in this announcement shall have the same meaning as
ascribed to them in the Company's announcement dated 3 August 2023, unless
otherwise stated.

- Ends -

 

For further information, please contact:

 Sareum Holdings plc

 Tim Mitchell, CEO                                  01223 497700

 Lauren Williams, Head of Investor Relations        ir@sareum.co.uk

 Strand Hanson Limited (Nominated Adviser)

 James Dance / James Bellman                        020 7409 3494

 Peel Hunt LLP (Joint Corporate Broker)

 James Steel / Patrick Birkholm                     020 7418 8900

 Hybridan LLP (Joint Corporate Broker)

 Claire Noyce                                       020 3764 2341

 Consilium Strategic Communications (Financial PR)

 Jessica Hodgson / Davide Salvi / Kumail Waljee     0203 709 5700

 

About Sareum

Sareum Holdings (AIM:SAR) is a clinical-stage biotechnology company developing
next generation kinase inhibitors for autoimmune disease and cancer.

The Company is focused on developing next generation small molecules which
modify the activity of the JAK kinase family and have best-in-class potential.
Its lead candidate, SDC-1801, simultaneously inhibits TYK2 and JAK1. SDC-1801
is a potential treatment for a range of autoimmune diseases and has entered
Phase 1a/b clinical development with an initial focus on psoriasis.

Sareum is also developing SDC-1802, a TYK2/JAK1 inhibitor with a potential
application for cancer immunotherapy.

Sareum Holdings plc is based in Cambridge, UK, and is listed on the AIM market
of the London Stock Exchange, trading under the ticker SAR. For further
information, please visit the Company's website at www.sareum.com
(http://www.sareum.com)

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