TIDMSAR
RNS Number : 6316H
Sareum Holdings PLC
26 March 2020
(AIM: SAR)
26 March 2020
Sareum Holdings plc
("Sareum" or the "Company")
Sareum Signs Global Licensing Deal for its FLT3+Aurora Kinase
Inhibitor Programme with a China-based Specialty Pharma Company
Sareum Holdings plc (AIM: SAR), the specialist cancer drug
discovery and development business, is pleased to announce that it
has entered into an agreement (the "Agreement") with a China-based
specialty pharmaceutical company (the "Licensee).
Under the terms of the Agreement, the Licensee has been granted
an exclusive worldwide licence to develop, manufacture and
commercialise certain small molecule inhibitors of FLT3+Aurora
kinases including Sareum's lead candidate SAR-20293 (together the
"Compounds"), which has shown potential in preclinical models of
acute myeloid leukaemia (AML) and other leukaemias.
The Licensee is principally engaged in research and development,
production and sales of innovative drugs, including oncology drugs,
in China and is listed on the main market of the Shanghai Stock
Exchange.
Under the terms of the Agreement, the Licensee will fund all
future development activities in relation to the Compounds and has
been granted sole rights to market any resulting products
worldwide.
Sareum will receive an initial upfront payment of approximately
GBP50,000. A further payment of approximately GBP0.9 million will
be payable to Sareum if certain milestones related to the oral
bioavailability of the Compounds are achieved within nine months
from the date of the Agreement (the "Development Payment").
Sareum will assign certain patents in respect of the Compounds
to the Licensee upon receipt of the Development Payment. The
Agreement may be terminated with immediate effect if Sareum does
not receive the Development Payment within nine months of the date
of the Agreement.
Sareum will also be entitled to receive a future milestone
payment in the event that an Investigational New Drug or equivalent
application is made in China or any other country.
Under the Agreement, Sareum is also eligible to receive certain
revenues from the commercialisation of the products by the Licensee
outside of China. In addition, Sareum would be eligible to receive
commercialisation revenues relating to their commercialisation
should the Licensee execute an on-licence of the Compounds and
resulting products to a third party.
Since all research and development expenditure is written off as
it occurs, in line with standard industry practise, the Compounds
covered by the Agreement are held at nil value on Sareum's balance
sheet.
Sareum was advised and assisted on this agreement by Cambridge
(UK)-based technology brokerage Link China Pharma Solutions.
Sareum's CEO, Dr Tim Mitchell, commented: "We are delighted with
this important global licensing deal for our FLT3+Aurora inhibitor
programme, which could generate significant milestone revenue in
the next nine months. We believe the Licensee has the resources and
expertise to further advance these molecules through the clinic to
commercialisation in China.
"With this programme now partnered, we are wholly focused on
advancing the development of our proprietary TYK2/JAK1 inhibitors
through preclinical studies and look forward to providing updates
as material milestones are reached."
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014
For further information, please contact:
Sareum Holdings plc
Tim Mitchell, CEO 01223 497 700
Strand Hanson Limited (Nominated Adviser)
James Dance / Richard Tulloch 020 7409 3494
Hybridan LLP (Nominated Broker)
Claire Noyce / John Beresford-Peirse 020 3764 2341
Citigate Dewe Rogerson (Financial PR)
Mark Swallow/ David Dible 020 7638 9571
About Sareum
Sareum is a specialist drug development company delivering
targeted small molecule therapeutics to improve the treatment of
cancer and autoimmune disease. The Company aims to generate value
through licensing its candidates to international pharmaceutical
and biotechnology companies at the preclinical or early clinical
trials stage.
Sareum is advancing internal programmes focused on distinct dual
tyrosine kinase 2 (TYK2) / Janus kinase 1 (JAK1) inhibitors through
preclinical development as therapies for autoimmune diseases
(SDC-1801) and cancers (SDC-1802). The Company is targeting
completion of preclinical development for each molecule in
2020.
The Company's preclinical FLT3+Aurora inhibitor programme
targeting haematological cancers is licensed to a China-based
specialty pharma company.
Sareum also has an economic interest in SRA737, a clinical-stage
oral, selective Checkpoint kinase 1 (Chk1) inhibitor that targets
cancer cell replication and DNA damage repair mechanisms.
Preliminary data suggest SRA737 may have broad application in
combination with other oncology and immune-oncology drugs in
genetically defined patients.
SRA737 was discovered and initially developed by scientists at
The Institute of Cancer Research in collaboration with Sareum, and
with funding from Sareum and Cancer Research UK. SRA737 was
licensed by CRT Pioneer Fund (CPF) to Sierra Oncology Inc., which
is currently seeking to on-license SRA737 to a third party for
further development.
Sareum Holdings plc is listed on the AIM market of the London
Stock Exchange, trading under the ticker SAR. For further
information, please visit the Company's website at
www.sareum.co.uk.
- Ends -
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END
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