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Sareum, the specialist drug development company, has announced it has raised £1m through a high net worth individual subscription.
The subscription was for 12,121,212 new ordinary shares of 0.025p each at a price of 8.25p per share.
The new subscriber will be issued one and a quarter five-year warrants for every subscription share issued.
The proceeds will be used to progress the company's SDC-1801 and SDC-1802 TYK2/JAK1 inhibitor drug development programmes as well as for working capital purposes.