Directorate Change and Update

RNS Number : 3363C

Sareum Holdings PLC

29 August 2008

 



29 August 2008

SAREUM HOLDINGS PLC

('Sareum' or 'the Company')

Resignation of Director

Update on Strategic Review

Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery business, announced on 26 August that it had disposed of substantially all of its equipment assets, for a total consideration of £720,000, and that it was retaining the intellectual property of its cancer drug discovery programmes which it planned to further develop using the proceeds of the asset disposal.

In order to develop these programmes in the most cost effective manner, the Board considered it necessary to reduce its fixed cost base as much as possible, and contract out future research to third party suppliers. As such, the Company has implemented a further redundancy programme, which includes all remaining laboratory staff. This redundancy programme will be completed on 31 August. In addition to these staff redundancies, Dr David Williams has today stepped down as a Director of the Company.

The Company's shares will remain suspended while it finalises its financial and business strategy. Further announcements are expected to follow in due course.

Commenting on this announcement, Sareum's Chief Executive Officer, Dr Tim Mitchell, said: 'On behalf of the Sareum Board, I would like to express our thanks to David and our staff for their great contribution to the Company and wish them well for the future'.

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For further information please contact: 

Sareum Holdings plc	01223 497700
Tim Mitchell, Chief Executive Officer
Buchanan Communications	020 7466 5000
Tim Anderson, Mary-Jane Johnson
Grant Thornton Corporate Finance	020 7383 5100
Philip Secrett, Colin Aaronson

Notes for editors:

About Sareum Holdings plc

Sareum Holdings plc is a drug discovery business headquartered in Cambridge, UK. The Company was formed in August 2003 to discover new drugs for the treatment of cancer. 

Sareum aims to successfully deliver drug candidates for licensing to pharmaceutical and biotechnology companies at the pre-clinical or early clinical trials stage.

Sareum joined the AIM market of the London Stock Exchange in October 2004 under the symbol SAR. For further information, please visit www.sareum.co.uk

 

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