logo-loader
HealthPharma & Biotech
Sierra Oncology

Sierra Oncology still seeking further funding for Sareum Holdings's Chk1 inhibitor

Sareum is eligible to receive 27.5% of a US$7.5mln milestone payment upon the dosing of the first patient in the first Phase 1 trial of SRA737 in the United States, and a payment of US$12mln upon the dosing of the first patient of a randomized Phase 2 trial

Sierra Oncology -

Sierra Oncology (NASDAQ:SRRA), which is developing a novel checkpoint kinase 1 inhibitor originally discovered by Sareum Holdings PLC (LON:SAR), said it is continuing to seek non-dilutive development support or funding for its lead development candidates.

Having announced earlier in the year that it was looking for new ways of funding for its SRA737 candidate licenced from Sareum, Sirerra said in its second-quarter update that it may be forced to focus on its other products if it cannot secure suitable funding.

“The can be no assurance that we will successfully obtain non-dilutive development support or obtain the funding or support necessary to advance” the candidates or obtain such funding or support on commercially reasonable terms.

“If we are unable to obtain such funding or support, we may need to cease development of these product candidates,” Sierra said.

Sareum is eligible to receive 27.5% of a US$7.5mln milestone payment upon the dosing of the first patient in the first Phase 1 trial of SRA737 in the United States, and a payment of US$12mln upon the dosing of the first patient of a randomized Phase 2 trial.

Sierra said it was looking to "renegotiate these milestone payments or raise additional capital", noting that if it breaches any of the obligations within the milestone agreements, or use the intellectual property licensed to us in an unauthorized manner, it may be required to pay damages and lose the licence.

Quick facts: Sierra Oncology

Price: 0.3491 USD

Market: NASDAQ
Market Cap: $26.07 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Oragenics working on treatment for oral mucositis with promising AG013 product

Oragenics (NYSE: OGEN) CEO Alan Joslyn talked with Proactive’s Steve Darling at the 12th annual LD Micro Conference. The Tampa, Florida, company develops antibiotics against infectious diseases. It is developing AG013, which is in clinical trials for the treatment of oral mucositis, or...

2 days, 7 hours ago

2 min read