Increased revenue boost for Sareum Holdings
Cambridge based drug discovery company Sareum Holdings has boosted revenues 440 per cent to £1.5m from £0.3m for the year to June 30.Cambridge based drug discovery company Sareum Holdings has boosted revenues 440 per cent to £1.5m from £0.3m for the year to June 30.
The business slashed its loss on ordinary activities after tax by 50 per cent to £0.6m (2005: £1.2m). Cash increased 20 per cent to £528,000. Sareum announced a major in-house drug discovery collaboration with the Institute of Cancer Research and Cancer Research Technologies Ltd during the year and has since reported good progress on the project.
The company has also now clinched repeat business with Almirall and Lundbeck.
During the year, Sareum clinched 10 revenue generating collaborations, the largest of which is worth up to $5m.
Chairman Dr Paul Harper, said: “Sareum has enjoyed a particularly productive and successful second full year of trading. The company and its management have made great progress, with financial performance being close to market expectations.
“The board envisages strong growth in both res-earch activities and the generation of revenues for the year ahead.”