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GBP32m
Research: Healthcare
Sareum Holdings has announced positive clinical progression for SDC-1801, its lead asset and novel TYK2/JAK1 inhibitor targeting the autoimmune space (with an initial focus on psoriasis). Preliminary data from the single ascending dose (SAD) study (part 1) and the food effects study (part 3), from its ongoing Phase Ia trial (in healthy volunteers) for SDC-1801, indicated a favourable safety profile and were supportive of once-daily oral dosing. The multiple ascending dose (MAD) arm continues to onboard patients and the Phase Ia trial’s full safety data are expected in H1 CY24. The swift progression of SDC-1801 through the clinic is encouraging, given that the study commenced in May 2023, and we see the initiation of a Phase Ib study (if Phase Ia data are supportive) in psoriasis patients in H224 (target completion end-CY24) as a major inflection point. Management expects to be funded to this milestone, supported by the £5m equity prepayment facility (£2.3m drawn down to date) and expected tax credits of £1.6m.
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Sareum Holdings |
Positive clinical step forward in SDC-1801
Pharma and biotech |
Spotlight - Flash
19 February 2024 |
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Sareum Holdings is a research client of Edison Investment Research Limited |
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Sareum Holdings has announced positive clinical progression for SDC-1801, its lead asset and novel TYK2/JAK1 inhibitor targeting the autoimmune space (with an initial focus on psoriasis). Preliminary data from the single ascending dose (SAD) study (part 1) and the food effects study (part 3), from its ongoing Phase Ia trial (in healthy volunteers) for SDC-1801, indicated a favourable safety profile and were supportive of once-daily oral dosing. The multiple ascending dose (MAD) arm continues to onboard patients and the Phase Ia trial’s full safety data are expected in H1 CY24. The swift progression of SDC-1801 through the clinic is encouraging, given that the study commenced in May 2023, and we see the initiation of a Phase Ib study (if Phase Ia data are supportive) in psoriasis patients in H224 (target completion end-CY24) as a major inflection point. Management expects to be funded to this milestone, supported by the £5m equity prepayment facility (£2.3m drawn down to date) and expected tax credits of £1.6m.
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Source: Company data. Note: *EPS figures have been adjusted retrospectively for the 50:1 share consolidation in March 2022. |
Sareum’s lead asset, SDC-1801, is a novel TYK2/JAK1 inhibitor targeting a range of autoimmune indications, with initial emphasis on psoriasis. The efficacy and utility of TYK2-targeting drugs has been validated by the September 2022 approval of Bristol Myers Squibb’s TYK2 inhibitor Sotyktu (projected peak sales of c $4bn), with commercial potential reinforced by the acquisition by Takeda of Nimbus Therapeutics’ Phase IIb asset, TAK-279 (formerly NDI-034858), for an upfront payment of $4bn. SDC-1801 is a dual inhibitor of both TKY2 and JAK1, potentially supporting superior efficacy in autoimmune conditions, in our view.
The ongoing Australia-based Phase Ia study for SDC-1801 is a randomised, placebo-controlled trial (n=96) with single and multiple oral dose arms, evaluating safety, tolerability and pharmacokinetics/pharmacodynamics in healthy adults. Part 1 (SAD) and part 3 (food effects study) are now complete and highlighted desirable safety. The SAD part randomised participants in a 3:1 ratio to a single ascending dose (ranging from 5-300mg) of SDC-1801 or placebo in six dose cohorts with eight subjects each. Part 2 (MAD) is ongoing (four sequential and ascending doses tested on four dose cohorts with eight participants each). Full safety data from the Phase Ia study are expected in H1 CY24. If supportive, this will be followed by a Phase Ib trial with 24 psoriasis patients, which is anticipated to complete by end-CY24. Sareum believes it is capitalised to this milestone, supported by an (up to) £5m prepayment facility from RiverFort Global Opportunities (£2.3m drawn down to date) and expected tax credits of £1.6m. Management plans to explore licensing deals for the drug, provided results from Phase I are supportive.
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Research: Real Estate
Phoenix Spree Deutschland’s (PSD’s) trading update contrasts the strength of the Berlin private rental sector, reflected in PSD’s increased rents and low vacancy, with the subdued investment market, which continues to weigh on property valuations. Positively, sales of individual condominiums picked up in H223, underlining the strong premium to rental values. Full year results, to 31 December 2023, are due in late April.