The Sareum Holdings Plc (LON: SAR) share price rose 5.83% after providing a business update before the release of its full-year results for the year ended 30 June 2023. The company also updated the progress made with its lead candidate SDC-1801, which was in Phase 1a clinical trial.
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The clinical-stage biotech company revealed that SDC-1801 is a TYK2/JAK1 inhibitor being developed as a potential new therapeutic for multiple autoimmune diseases, with its initial focus being on psoriasis, an autoimmune condition affecting the skin.
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SDC-1801 is currently in Phase 1a clinical trial investigating the tolerability, safety. Pharmacodynamics and pharmacokinetics of an oral formulation of SDC-1801 in healthy people. The Phase 1a trial is a randomised, placebo-controlled trial with single and multiple ascending oral dose studies.
Sareum noted that the Phase 1a trial was progressing well and that the safety committee was about to decide whether the study could proceed to Part 2, which involves the multiple ascending dose stage.
The company expects to start Part 2 of the Phase 1a trial in Q3 2023 if the safety committee gives the go-ahead. The committee will also determine the maximum dose to move forward with based on the safety and pharmacokinetic data observed to date in Part 1, which is the single ascending dose stage.
Sareum had a cash position of about £1.0 million as of 30 June 2023 compared to £2.9 million as of 31 December 2022. The company has agreed on an Equity Prepayment Facility of up to £5.0 million with RiverFort Global Opportunities PCC Ltd.
The company received an initial deposit of £2.0 million, net of associated costs, on 4 August 2023.
Dr Tim Mitchell, CEO of Sareum, commented: “With a newly agreed funding facility designed to support Sareum through the Phase 1 study of its lead programme, SDC-1801, and good initial progress on the Phase 1a part of the trial, Sareum has begun the new financial year with significant momentum. Pending the continuing good progress of the single ascending dose stage and review of the results by the safety review committee, we expect Part 2 of the trial, the multiple ascending dose, to commence in Q3 2023.”
Sareum share price.
The Sareum share price rose 5.83% to trade at 92.60p, from Tuesday’s closing price of 87.50p.
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