Sareum Holdings shares (LON: SAR) plunged almost 10% after the group said it would find out this week whether it would receive grant funding for preliminary studies of a coronavirus anti-inflammatory.
The small molecule therapeutics specialist is awaiting on the grant application, which is successful, the group can begin initial studies fatal respiratory symptoms of Corona.
Sareum Holdings posted a £0.99m loss for the year ending in June. This is compared to the £1.45m loss a year previously.
Dr Tim Mitchell, chief executive, said: “Sareum has continued to make good progress with the preclinical development of our proprietary dual TYK2/JAK1 inhibitor programmes.
“Most recently, we have overcome an important formulation challenge with SDC-1801, which will now be advanced into the toxicology studies needed to complete our preparations for clinical trials.”
“Regarding SRA737, we continue to monitor Sierra Oncology‘s activities as it explores options to fund the future development of this novel compound. We were pleased to note that as of 25 September 2020, the website www.clinicaltrials.gov is reporting that the Phase 1/2 trials of SRA737 as a monotherapy and in combination with low dose gemcitabine in solid cancers are complete.
“We look forward to the results of these completed trials being disclosed. We will provide further updates on this and other programmes when appropriate,” he added.