Sareum Holdings (AIM:SAR) announced it has raised around £3.34 million in total, after its retail offer was oversubscribed and closed early, prompting the AIM-listed biotech to upsize the offer to absorb some of the excess demand.
The retail offer, run through the Winterflood Retail Access Platform, raised approximately £150,000 on top of the previously announced subscription, with Sareum now issuing 1.07 million new shares at the issue price to retail investors. Combined with the 22.81 million shares issued under the subscription, the two raises together produced gross proceeds of roughly £3.34 million.
Sareum is a clinical-stage biotech developing oral kinase inhibitors for autoimmune disease and cancer, with lead candidate SDC-1801 being advanced toward Phase 2 as a treatment for psoriasis.
The subscription itself, announced on 26 October, priced 22.81 million new shares at 14p each, a discount to the 27.5p closing price before trading was paused on 7 October, with proceeds earmarked to carry SDC-1801 to a Phase 2-ready position and to fund continued work on the company's neuroscience programme.
Sareum has completed dosing in the Phase 2-enabling toxicology programme for SDC-1801 and is now analysing the data while advancing chemistry, manufacturing and controls work, targeting a full regulatory package by the fourth quarter.
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