Briefs: Sareum cuts staff, shaves 33% off costs; Stem Cell Sciences gets US patent
Sareum Holdings plc (SAR.L), the specialist structure-based drug discovery business, said that as part of the strategic review announced on 2 May, it has implemented staff restructuring to reduce its cost base and prepare for any potential acquisition or re-financing whilst the future business strategy is determined.
As a result of the restructuring, Sareum said its costs will be reduced by about a third but that its core capabilities “will remain essentially unchanged and Sareum will still continue to deliver on its ongoing research service contracts and to progress its in-house cancer drug discovery programs.
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Dual AIM and ASX listed biotech Stem Cell Sciences plc said that the US Patent and Trademark Office has granted its patent for technology that improves the efficiency of the culture and derivation of embryonic stem cells which leads to an increased purity of the cells. This technology offers advantages for cell-based drug discovery applications, where the prevention of uncontrolled differentiation facilitates the efficient expansion of the cells prior to their utilisation, the Australian based, Cambridged-Hqed company said.
Its share price gained over 3% to 15.75p on the news. Its market cap is now around £5.3m.
CEO Alastair Riddell (pictured) said:`"This technology`represents advances in cell culture that will`be used in our revenue generating SC Services business. The`improved cell cultures described in the patent are of particular interest to pharmaceutical companies wanting to use our technology for drug screening."
14 May 2008
