Sareum Announce Extension of Genentech Agreement

Sareum Holdings plc has announced that it has extended its agreement with Genentech, Inc. for a further 6 months following its initial agreement announced in November 2006.

Under the terms of this agreement, Sareum will continue to apply its skills in high throughput protein expression, purification and structure determination on drug discovery targets designated by Genentech.

In return, Sareum will receive research fees and may receive specific success-dependent milestone payments. Financial terms of the agreement were not disclosed.

Commenting on the agreement, Sareum’s Chief Executive Officer, Dr Tim Mitchell, said: “Successfully delivering on relationships with leading companies such as Genentech is a key component of our business strategy and an outstanding validation of Sareum’s technology and expertise. We are very pleased to have supported Genentech’s programs over the last 12 months, and look forward to continuing this important relationship.”