Sareum Holdings PLC
19 October 2006
For immediate release 19 October 2006
SAREUM HOLDINGS PLC
("Sareum" or "the Company")
AGM Statement
Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery
business, is pleased to announce that, at the Company's AGM held at 10am this
morning, all resolutions were passed. At the Meeting, the Company's Chairman, Dr
Paul Harper, made the following statement:
"During the current financial period (1 July 2006 to date) we have continued to
deliver increasing value in our in-house research whilst expanding our strong
client base. Activities have included:
• Substantial progress with our in-house cancer collaboration with the
Institute of Cancer Research through the discovery of novel compound series
that show efficacy in cancer cell models. This program is on-track to
nominate a drug candidate for pre-clinical development in mid-2007.
• The latest of a total of three multi-disciplinary drug discovery
collaborations having average potential values in excess of £1.5million, with
PIramed Ltd, plus good progress in our existing collaborations with Organon
and Idenix
• A cancer collaboration with Roche, providing high throughput protein
structure determination supporting Roche's search for improved cancer
therapeutics. This is testimony that Sareum has established itself as
partner of choice with major pharmaceutical companies.
• Repeat business with Almirall and Lundbeck - proving that the high-level
services offered by Sareum are valued by our existing clients.
• Our internal drug discovery pipeline continues to be developed and our
strengthened client base provides funding to move this forward.
The total (success dependent) revenues from this new and repeat business
potentially amounts to approx £1.75M, with up to £860K able to be invoiced
during the current financial year. Additionally, our ongoing collaborations
with Idenix, Organon, UCB and Sirtris, have a success dependent potential
remaining value of approx £2.5M, thus we are confident that we are on-track to
meet our revenue targets for the year."
For further information please contact:
Sareum Holdings +44 (0) 1223 497700
Tim Mitchell, Chief Executive Officer
Buchanan Communications +44 (0) 20 7466 5000
Tim Anderson, Mary-Jane Johnson
About Sareum Holdings plc
Sareum Holdings plc is a structure-based drug discovery business headquartered
in Cambridge, UK. Sareum Limited was formed in August 2003 to discover new drugs
for the treatment of cancer and to provide a range of drug discovery services to
the pharmaceutical industry. Sareum's unique approach aims to halve the time it
takes to discover new drug candidates.
A structure-based approach to drug discovery relies on knowledge of the
three-dimensional structure of the proteins that cause disease. Once the
structure is known, potential drugs are designed to 'lock-in' to the protein
with the aim of reversing or arresting a disease's progression. Knowledge of the
structure of the potential drugs and how they 'lock-in' to the protein permits
the best potential drug to be discovered. Determining structure is a complex
task and requires leading-edge equipment and experienced staff. Sareum's
approach to structure determination is to produce multiple recombinant proteins
primarily through a baculovirus expression system and to determine their
structure using x-ray crystallography.
When the structure is determined, the Company's innovative Template Screening
platform is used to identify novel chemical starting material designed to
interact with the target protein. Sareum then uses its high-throughput medicinal
chemistry platform to rapidly optimise these molecules and develop the most
promising into potential drug candidates.
Sareum provides its specialist drug discovery capabilities to partners in the
pharmaceutical and biotechnology industries. The Company aims to successfully
deliver: Programmes for complete gene-to-candidate structure-based discovery;
projects to accelerate or improve the productivity of specific activities; and
drug candidates for licensing at the Phase I or Phase II clinical trials stage.
Sareum joined the AIM market of the London Stock Exchange in October 2004 and
trades under the symbol SAR. For further information, please visit
www.sareum.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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