Sareum raises £315K in a placing for cancer drugs

Funding

After a near-death experience last year, the structure-based drug discovery company Sareum plc, has succeeded in raising £315,000 in a placing of 157 million shares.

The company, which is quoted on the Alternative Investment Market in London, put itself up for sale last year after sales collapsed at its services division. Subsequently, this arm of the business was acquired by Galapagos NV in August 2008 for £695,000 in cash, leaving Sareum with a portfolio of discovery-stage drug leads.

Sareum said it will use the new cash to progress its cancer research programmes and for general working capital.

Tim Mitchell, the company’s founder and CEO, said, “We are pleased to have been able to raise these funds despite the difficult economic climate”.