- Small molecule drug developer Sareum Holdings said it expected to post a broadly flat loss for the first half, as it continued to develop treatment candidates for cancer and autoimmune diseases.

Losses on ordinary activities for the six months through June were seen at £1.45m, compared to losses of £1.47m on-year.

Cash at bank at 30 June was £0.9m, excluding £0.8m raised in a June 2019 placing, compared to £1.4m a year earlier.

'We believe our two TYK2/JAK1 inhibitors have the potential to address unmet needs in autoimmune diseases and cancer, through a novel mechanism that is clearly gaining increasing interest from both the pharmaceutical industry and financial investors,' chief executive Tim Mitchell said.

'Given this positive background, we remain focused on applying our available resources as efficiently as possible to advance our first TYK2/JAK1 inhibitor towards clinical trials in 2020 and are continuing activities to determine the priority indications.'

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