Sareum Holdings PLC - Cambridge-based biotechnology company developing kinase inhibitors for autoimmune diseases and cancers - Agrees terms on equity prepayment facility of up to £5 million with RiverFort Global Opportunities PCC Ltd, as arranged by RiverFort Global Capital Ltd, with an initial deposit of £2 million. This is expected on August 4, net of associated costs.
Two further committed deposits of £300,000 each are due on the three month and six month anniversaries of the first deposit, as well as a fourth deposit on the six month anniversary of up to £1.4 million.
Riverfort Global Capital is a London-based firm, principally focused on investing in junior listed companies by way of debt or equity-linked debt investments.
If fully drawn, Sareum intends to use the facility - together with anticipated tax credits of £1.6 million - to complete the Phase 1a/b clinical development of its lead candidate, SDC-1801. This is a dual TYK2/JAK1 kinase inhibitor being developed as a potential new therapeutic for a range of autoimmune diseases, with an initial focus on psoriasis.
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