August 3, 2023 – RiverFort Global Capital Ltd is pleased to announce that it has arranged terms on an Equity Prepayment Facility with Sareum Holdings Plc (SAR.L) for up to £5,000,000, with an initial tranche of £2,000,000.
Dr Tim Mitchell, CEO of Sareum, commented:
"Our lead candidate SDC-1801 is progressing well in its development. This agreement with RiverFort provides important support for the trial and general working capital.
"This funding, if fully drawn, alongside anticipated tax credits, allows us to complete plans for the Phase 1b portion of the trial once the Phase 1a part is concluded, and provides cash runway into Q4 2024.
"We're delighted to have this commitment, which will be critical for us in advancing this promising candidate through clinical development and supporting our broader portfolio of TYK2/JAK1 kinase inhibitors.
"The Company expects to provide a further update on the trial of SDC-1801 once initial safety and pharmacokinetic data observed in the single ascending dose part of the study provide sufficient support for progression to Part 2 of the study, the multiple ascending dose, expected in H2 2023."
Sareum is a clinical-stage biotechnology company developing next generation kinase inhibitors for autoimmune diseases and cancers, which modify the activity of the JAK kinase family and have best-in-class potential.
The Company intends to use the Facility, if fully drawn, together with the receipt of anticipated tax credits to the amount of £1.6 million, to complete the Phase 1a/b clinical development of the Company's lead candidate SDC-1801.
SDC-1801 is a dual TYK2/JAK1 kinase inhibitor being developed as a potential new therapeutic for a range of autoimmune diseases. Phase 1a/b clinical development will have an initial focus on psoriasis.
Notes:
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.
RiverFort Global Capital Ltd is based in London, UK, and is an investment manager and advisor providing funding to exciting growth companies. Since inception RiverFort have arranged over $1bn of committed funding.