Shares in AIM-listed Sareum Holdings, the specialist cancer drug discovery business, fell sharply on Monday morning after the company unveiled its half yearly results alongside a research update.
Cash at bank as of December 31st fell 28% to £380,000 and the company reported a loss on ordinary activities after taxation of £269,000. This was less than the reduction reported a year earlier, worth £327,000.
In a separate research update, progress reports were given for a number of the company's programmes showing the level of development that had been measured as well as existing and expected funding options.
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Describing the programme known as "VEGFR-3 (FLT4)", the company said: "We have prioritised our research spend on other programmes whilst we investigate grant funding opportunities alongside a partner with the necessary biology expertise to assist us in the progression of this programme."
More detailed updates were given on the company's other programmes. Safety pharmacology studies performed to date on the "Chk1" programme's pre-clinical development candidate were described as "favourable". Oral bio-availability was demonstrated in three species, strengthening its expectation that the compound would be able to be administered via the oral route in future clinical studies.
Head-to-head studies were continuing between two advanced lead molecules as part of the "Aurora+FLT3" with the aim of selecting a pre-clinical development candidate by the middle of the year.
The company further reported that its lead optimisation studies and further compounds had been synthesised with improved potency and selectivity on the "TYK2" programme.
Dr Tim Mitchell, Chief Executive Officer of Sareum, commented: "Our ongoing progress in our research programmes is very encouraging and we continue to discuss the commercialisation of these programmes with a number of interested parties.
"We are also now in a strong position to develop our programmes to later stages, should we so choose, which should mean a greater share of the end rewards and we will continue to consider this aspect alongside our various discussions with potential partners."
Sareum's share price was down 14.67% to 1.60p at 08:44 on Monday.
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