REG - Sareum Holdings PLC - Further Subscription to raise £1,000,000

Sareum HoldingsAnnouncement

21/10/2024 07:00

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RNS Number : 8577I  Sareum Holdings PLC  21 October 2024

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THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE
SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY SECURITIES.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.

 

Sareum Holdings PLC

 

("Sareum" or the "Company")

 

Further Subscription to raise £1,000,000

 

Cambridge, UK, 21 October 2024 - Sareum Holdings plc (AIM: SAR), a
clinical-stage biotechnology company developing next-generation kinase
inhibitors for autoimmune disease and cancer, is pleased to announce that,
further to the fundraise announced on 11 October 2024, it has raised a further
£1.0 million (before expenses), from certain investors including the
institution that participated in the 11 October 2024 fundraise (the
"Subscribers"), via a subscription for a total of 4,444,444 new ordinary
shares of 1.25 pence each in the capital of the Company ("Ordinary Shares") at
a price of 22.5 pence per new Ordinary Share (the "Subscription Price") (the
"Subscription"). This funding, alongside the funds from the subscription that
was announced on 11 October 2024, will enable the Company to conduct further
development of SDC-1801 to prepare the asset for Phase 2 clinical trials, and
also undertake further translation and preclinical development on its SDC-1802
cancer/immunotherapy programme, thereby enhancing their potential values.

 

Under the terms of the Subscription, each subscriber will also be issued one
five-year warrant, exercisable at the Subscription Price, for every
Subscription Share issued (the "Subscription Warrants"). The Subscription
Price represents a discount of approximately 17 per cent. to the closing
middle market price for Sareum shares on 18 October 2024. In the event that
the Company completes a future equity fundraise while the warrants remain
exercisable at a price lower than 22.5p per new Ordinary Share, the exercise
price of the unexercised Subscription Warrants will be automatically rebased
to an exercise price equivalent to such lower issue price.

 

Additionally, the Company has issued a further 536,111 Ordinary Shares to
certain advisers in lieu of payment for advisory fees.

 

Admission, Total Voting Rights and other terms

 

The Company has applied for 4,980,555 new Ordinary Shares to be to be admitted
to trading on AIM ("Admission") by 8.00 a.m. on or around 24 October 2024.

 

The new Ordinary Shares will, when issued, be credited as fully paid and will
rank pari passu in all respects with the existing Ordinary Shares of the
Company including the right to receive all dividends or other distributions
made, paid or declared in respect of such shares after Admission.

 

Following Admission, the total number of Ordinary Shares in issue will be
124,746,338 and the total number of voting rights will thereafter be
124,746,338 and this figure may be used by shareholders as the denominator for
the calculations by which they will 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.

 

Dr Stephen Parker, Executive Chairman of Sareum, commented:

"We are delighted to secure this additional funding which, together with
£2.36M funding announced last week, enables us to progress our lead
programme, SDC-1801, towards Phase 2 readiness and accelerate the preclinical
development of SDC-1802.

 

"We believe these two novel TYK2/JAK1 programmes have the potential to offer
differentiated therapies in a number of autoimmune and cancer conditions where
there is significant unmet medical need. The data generated from this funding
is expected add to the data packages already generated for these two
programmes, adding to their value to potential licence partners."

 

- Ends -

 

For further information, please contact:

 Sareum Holdings plc

 Stephen Parker, Executive Chairman               01223 497700

                                                  ir@sareum.co.uk

 Strand Hanson Limited (Nominated Adviser)

 James Dance / James Bellman                      020 7409 3494

 Hybridan LLP (Corporate Broker)

 Claire Noyce                                     020 3764 2341

 ICR Consilium (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, including
psoriasis, and has completed Phase 1 clinical development.

 

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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