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Full-year profits at Sareum to be better-than-expected

03:28 EDT 22 Aug 2017 | Proactive Investors

Drug developer Sareum Holdings Plc (LON:SAR) expects profit and cash at bank to be ahead of market expectations when it reports its results for the 12 months ended 30 June 2017 later this year. The AIM-listed firm gave no more details in the brief pre-close trading statement but said it would provide a more in-depth update in mid-late October when the results are due to be published. READ: An in-depth look at Sareum Holdings Only recently, chief executive Tim Mitchell said he expected Sareum to turn a “modest” profit. Much of the financial progress made during the past year or so is down to licensing deal the company inked with Sierra Oncology Inc (NASDAQ:SRRA) back in September. Sierra has licensed Sareum’s lead candidate – a checkpoint kinase 1 (Chk1) inhibitor cancer candidate, named SRA737 – and holds the exclusive worldwide licence for tis development. READ: Sareum rockets after licensing deal The Sierra licence triggered an upfront payment of US$1.9mln to Sareum, and that was followed by another US$550,000 in January. Should everything go swimmingly, Sareum potentially has another US$88mln or so coming its way in future milestone payments from Sierra.

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