25 May 2012

Sareum raises £0.5m

10/02/2011 Ben Jaglom

AIM biotech star Sareum Holdings (SAR) has raised £500,000 to accelerate its drug discovery programme.

The company secured the money via a placing at 1p a share, handled by its broker Hybridan, at a discount of 40 per cent to the closing price on Tuesday. The shares have been issued to another broker, Xcap Securities, for its clients.

Cambridge-headquartered Sareum argues the placing is the 'most appropriate' way of providing capital to speed up drug discovery. The company comments that 'the cost of funds raised through the placing' is 'substantially less' than those for an 'open offer or a rights issue to shareholders.'

Speaking to Growth Company Investor chief executive officerTim Mitchell remarks Sareum has 'taken the opportunity to raise some more funds' and to 'accelerate' the development of its leukaemia treatment.

Sareum, which recently reported positive results from its Aurora+FLT3 Kinase leukaemia treatment, has seen its share price produce stellar gains as a result, having rocketed from 0.25p to the current price of 2.53p. Sareum's successes seems to have triggered a wake of excitement in the sector, with other biotech minnows including NextGen (NGG) Physiomics (PYC) and today ValiRx (VAL) all receiving considerable interest from investors.

Since our initial recommendation in 2009 at 0.54p, Sareum's shares have gained more than 368 per cent since, with the shares currently trading at 2.53p. Hold on for now.

Tags: Angel biotechnology, Biotech, Leukaemia, Penny shares

Sector: Pharmaceuticals & Biotechnology

Companies: Sareum , Valirx , Physiomics , Angel Biotechnology , NextGen

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