Sareum Secures Three Repeat Business with Existing Collaboration Partners
News Jun 26, 2008
Sareum Holdings plc, the structure-based drug discovery business, has announced that it has secured three repeat business agreements with existing collaboration partners.
Under the terms of these agreements, Sareum will continue to apply its skills in high throughput protein structure determination to aid its collaboration partners in the development of new and improved therapeutics. In return, Sareum will receive undisclosed research fees and success-dependent milestone payments.
Whilst the Sareum directors are pleased to be announcing these agreements, they believe, as stated on 19 June, that the Company needs to undertake a strategic transaction and would need to effect a fundraising to enable it to complete such a transaction. The Directors continue to work towards this goal and a further announcement will be made in due course.
Commenting on this announcement, Sareum’s Chief Executive Officer, Dr Tim Mitchell, said: “I am pleased to be announcing such positive news and three pieces of new business. This success in generating repeat fee for service business, whilst we seek to implement our previously announced strategic review, continues to demonstrate the commitment of our customers and the professionalism of our scientists.”