Sareum Holdings raises £700k in placing to progress drug development

AIM-listed Sareum Holdings has raised £700,000 before expenses through a placement of 1 million shares, which will be used to progress the company’s drug development programmes and for working capital purposes.

The group, which specialises in cancer drug discovery and development, said application has been made for the placing shares to be admitted to trading on the London Stock Exchange, which is expected to be effective on 22 November.

Following the admission of the placing shares, Sareum will have 2.7bn shares in issue.

At 1315 GMT, the shares were up 17% to 0.75p.