Sareum Shares Fell 6.38% on Mixed Final Full-Year 2023 Results

The Sareum Holdings Plc (LON: SAR) share price fell 6.38% after releasing the final results for the 2023 financial year ending 30 June 2023. The company lost £3.2 million after tax compared to the £2.2 million loss incurred last year.

The biotech company attributed its higher losses to the costs associated with commencing and setting up the clinical studies for its lead drug candidate, SDC1801. The drug candidate is currently in a Phase 1a clinical trial and being evaluated as a treatment for Psoriasis. 

The SDC-1801 clinical trial is being conducted at a specialist clinical unit in Melbourne, Australia, with the trial being focused on healthy volunteers to determine the drug’s safety parameters. After gaining approval from the safety review committee, the drug commenced dosing in the multiple ascending dose (MAD) escalation phase. 

Before approving the MAD escalation phase, the safety review committee assessed data from the first three cohorts in the single-dose escalation (SAD) phase. Sareum expects to report the complete safety data from the Phase 1a clinical trial in the first half of 2024. 

Sareum plans to enter a Phase 1b clinical trial to recruit up to 24 psoriasis patients to test the effectiveness of SDC-1801 as a treatment for the condition. The firm also updated investors on its second drug candidate, SDC-1802, a cancer immunotherapy drug. 

The company is conducting translational studies on SDC-1802 to define the optimal cancer application before completing toxicology and manufacturing studies. The firm also issued an update on its SRA737 drug candidate, developed in collaboration with CRT Pioneer Fund LP. 

Dr Tim Mitchell, CEO of Sareum, commented: “We are increasingly optimistic about the potential of TYK2/JAK1 inhibitors to address autoimmune disease, and we remain fully focused on progressing our lead programme, SDC-1801, through the ongoing Phase 1 study underway in Australia. The funds raised as part of the RiverFort facility provide a clear runway allowing us to focus on advancing this promising asset through Phase 1 studies, and we look forward to having full safety data in the first half of 2024, potentially allowing us to move towards an important Phase 1b study in psoriasis patients which will focus more on efficacy.”

Sareum share price. 

The Sareum share price fell 6.38% to trade at 74.90p, from Friday’s closing price of 80.00p.