Cancer drug discovery business Sareum Holdings has been offered a grant from funding programme Biomedial Catalyst, which will provide financial support for the company's Fatty Acid Synthase (FASN) research programme.
The £150,000 grant funding will enable Sareum to explore further the potential of its novel chemical series, which shows promising efficacy in breast cancel cell models, over the next nine months.
Sareum will receive the grant on the condition it contributes up to £50,000 from its working capital during the funding period, as well as a compliance review by the Technology Strategy Board and an agreement between both parties.
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Sareum's Chief Executive, Dr. Tim Mitchell, said: "We are delighted to have been offered this financial support from the Biomedical Catalyst, which gives us the opportunity to demonstrate the potential of our novel FASN inhibitors.
"Success from this funding period may open up the opportunity of additional awards to advance further the programme. We believe this award is a positive validation of Sareum's science as competition for these grants is very strong."
The share price climbed 2.% to 1.02p by 09:37.
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