Sareum share price plummets ahead of AGM

The likelihood that specialist cancer drug discovery business Sareum will conclude a deal to commercialise a research programme this year has fallen, according to an announcement made ahead of its annual general meeting on Wednesday morning.

During the AGM, Dr. Paul Harper, the company's Chairman, is expected to say: "Sareum has made good progress during the year in a number of key areas and we continue to focus on commercialising our research programmes to fund the future growth of the company.

"Although collaboration and licensing discussions around a number of programmes continue, it has become increasingly apparent that the opportunity of concluding such a deal before the calendar year-end is now less likely than the board had previously anticipated.

"However, the board remains confident that a commercial deal with one or more of its programmes will be concluded. We remain focused on maximising the opportunities for commercial exploitation however they arise."

Dr Harper added: "The addition of the £4m SEDA financing facility, from which the first tranche of funding was drawn down last week, gives us considerable flexibility in funding further development work, as well as putting us in a strong position to negotiate with collaborators and possible partners."

Sareum's share price was down 20.29% to 1.38p at 09:56 on Wednesday morning.

MF