Drug discoverer Sareum Holdings has pared annual losses £29,000 to £723,000 on revenues up 67 per cent to £2.5 million.

The Cambridge-based minnow specialises in structure-based drug discovery that can rapidly produce novel candidate drug compounds and says it achieved ‘substantial progress’ during the year to June in a joint research programme with the Institute of Cancer Research. In April this year, Sareum filed patent applications on small molecule compounds targeting two cancer types, the Aurora and FLT kinases (enzymes), and in October proclaimed initial results from two further cancer discovery programmes.

The company raised £312,000 through a placing in October and in January financier Leonard Licht and his wife put in another £400,000. Floated three years ago at 2p, Sareum shares reached 3.88p that year before collapsing to 0.70p at the end of 2006.

Now 1.15p, their appeal is speculative.

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Sareum	AIM	£1.23m	0.15p	0.00p
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