Shares in AIM-listed Sareum Holdings, the specialist cancer drug discovery business, fell sharply on Monday morning after the company unveiled its half yearly results alongside a research update.

Cash at bank as of December 31st fell 28% to £380,000 and the company reported a loss on ordinary activities after taxation of £269,000. This was less than the reduction reported a year earlier, worth £327,000.

In a separate research update, progress reports were given for a number of the company's programmes showing the level of development that had been measured as well as existing and expected funding options.

Describing the programme known as "VEGFR-3 (FLT4)", the company said: "We have prioritised our research spend on other programmes whilst we investigate grant funding opportunities alongside a partner with the necessary biology expertise to assist us in the progression of this programme."

More detailed updates were given on the company's other programmes. Safety pharmacology studies performed to date on the "Chk1" programme's pre-clinical development candidate were described as "favourable". Oral bio-availability was demonstrated in three species, strengthening its expectation that the compound would be able to be administered via the oral route in future clinical studies.

Head-to-head studies were continuing between two advanced lead molecules as part of the "Aurora+FLT3" with the aim of selecting a pre-clinical development candidate by the middle of the year.


Self-storage firm Lok'n'Store said trading for the first half of the financial year has been in line with expectations.

The group said strong occupancy growth supported by VAT changes helped trading for the year to January 31st 2013, with revenue for the period up 2.2% on last year.

"Our lead indicators are also good, with occupancy at January 31st up 6.1% year-on-year," it said.

This compares to last year when occupancy was down 0.3% in its traditionally weaker period.

Lok'n Store also noted that since the harmonisation of VAT across the UK self-storage industry on October 1st 2012, the number of move-ins soared 12.4% from the same period a year earlier.

CEO Andrew Jacobs explained: "The harmonisation of VAT across the UK self-storage sector has benefited Lok'nStore with our major competitors having to register for VAT, while our own business was already VAT compliant."

"Activity levels across the portfolio have been robust, reflected by our strong occupancy growth of 6.1% year-on-year. We expect this to continue into the second half and into the next financial year."

Jacobs also offered an upbeat outlook, citing robust revenue and occupancy growth from existing stores, combined with the opening of its new Maidenhead store later this year and the Aldershot store in 2014.

"This will provide continued impetus for our sales growth," he added.

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