GCISareum reports positive Phase 1 results and strengthened financial position in FY24 update
() , a clinical-stage biotechnology company, issued a trading update for the 12 months ended June 30, 2024 and post-period.
Sareum reported an increased cash position at period-end of £1.5m, compared to £1.0m on June 30, 2023. Loss after tax remained broadly flat at £3.4m, reflecting increased R&D investment to conduct the clinical trial of 's main asset SDC-1801 targeting autoimmune diseases. R&D tax credits of £0.8m partially offset R&D spending.
Sereum fully settled its funding facility provided by RiverFort in April 2024. During the financial year, raised net funds of £4.4m via share issues, and another £3.4m post-period.
Operationally, the main highlight was the successful completion of the Phase 1 clinical trial of SDC-1801, a TYK2/JAK1 inhibitor being developed for a range of autoimmune diseases, with an initial focus on psoriasis. Positive topline data revealed that blood plasma levels of SDC-1801 significantly exceeded the predicted therapeutic exposure. No serious adverse events were reported, with the frequency of mild or moderate adverse events similar to the active and placebo groups.
Additionally, Sareum continued development of SDC-1802, a TYK2/JAK1 inhibitor for cancer immunotherapy. Funds from the recent share subscriptions are expected to accelerate translational studies needed to support development, defining an optimal cancer application before completing toxicology and manufacturing studies.
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Sareum marks a milestone year as it successfully wraps up Phase 1 clinical trials for its SDC-1801 asset. Positive topline data significantly bolstered confidence in the candidate targeting autoimmune diseases, as it showed better than expected results and a favourable safety profile.
In terms of balance sheet, completed several fundraises that should provide sufficient cash runway to continue development of SDC-1801, including Phase 2 trials. Additionally, the cash boost will enable to undertake further preclinical development of its SDC-1802 cancer immunotherapy programme.
Investors can look forward to the clinical study report from SDC-1801's Phase 1 trial, expected later in 2024. In terms of IP, Sareum's position was strengthened with patent allowances in China for certain crystalline forms of SDC-1801, and in the US for the chemical structure, for use in treating inflammatory diseases. Overall, the group had strong R&D momentum at the time of the report and a sufficient cash balance to continue active development.
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