REG - Crism Therapeutics - CRISM Signs Service Agreement Contract

CRISM' TherapeuticsAnnouncement

30/07/2024 07:00

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RNS Number : 2928Y  Crism Therapeutics Corporation  30 July 2024

30 July 2024

 

CRISM Therapeutics Corporation

("CRISM" or the "Company)

 

CRISM Signs Service Agreement Contract

 

Further to the Company's announcement on 3 July 2024, CRISM Therapeutics
Corporation (AIM: CRTX), an innovative UK drug delivery company focused on the
targeted delivery of chemotherapy drugs, confirms that it has signed a service
agreement with a total value of approximately £230,000 excluding VAT (the
"Agreement") with imphatec Limited ("imphatec"), a privately held UK biotech
company.

 

This Agreement is in line with CRISM's strategy to leverage its drug
formulation expertise by winning service contracts to generate near term
revenues. The Company remains on track with its principal goal, which is to
submit a clinical trial application during H2 2024 for the use of ChemoSeed®
in high grade glioma.

 

Under the Agreement, CRISM Therapeutics Limited, a wholly owned subsidiary of
CRISM, will formulate synthetic hormones into a novel customisable dose
ethylene vinyl acetate implant so that the implant can deliver a specific,
customised dose per day for up to a year.  Synthetic hormones are used to
treat hormone deficiency illnesses, which affect millions of patients per year
in the UK alone, with many millions more across the world.

 

The total value of the Agreement is approximately £230,000 excluding VAT with
approximately £105,000 payable on signature of the contract; approximately
£62,000 payable on entering in vivo pharmacokinetic studies; and a final
amount of approximately £62,000 payable on completion of the final report.
All of the work under the Agreement is expected to be completed by the end of
2025.  Following this Agreement, there is potential for continued
collaboration with imphatec, in areas such as technology transfer, GLP
toxicity batches and GMP manufacturing, which may generate further revenues.

 

 

Commenting on the Agreement, CRISM's Chief Executive Officer, Andrew Webb,
said: "We are pleased to announce that we have signed this service agreement
with imphatec which will provide the Company with near term revenue and
demonstrates the attractiveness of our drug formulation expertise.  We look
forward to working with imphatec to help improve the delivery of synthetic
hormones in the treatment of hormone deficiency illnesses.

 

"As part of our strategy, we remain in discussions with other biotech
companies to utilise our drug formulation expertise. Additionally, we are
encouraged by the progress we are making with our clinical trial application
for ChemoSeed in high grade glioma and further announcements will be made in
due course."

 

Dr Hassan Morad, Chief Scientific Officer at imphatec, said:  "We are
delighted to have signed a service agreement with CRISM to accelerate the
pre-clinical development of our novel customisable-dose implant platform.
CRISM has an excellent track record in both in vitro formulation and in vivo
studies using ethylene vinyl acetate-based devices. This 18-month schedule of
work will result in a full optimisation and controlled testing of the implant
functionality and successful completion will allow imphatec to enter the
GLP/GMP manufacturing stage, before proceeding into human clinical trials.
Hormone deficiency illnesses affect the lives of millions of people in the UK
alone each year, and many more across the world. We are excited to be working
with CRISM to further the development of our novel implant to treat patients
of such debilitating illnesses."

 

 

 

-Ends-

 

 

 

 

Enquiries:

 

 Company                         Nomad and Broker                  Financial PR
 CRISM Therapeutics Corporation  S.P. Angel Corporate Finance LLP  Burson Buchanan
 Andrew Webb, CEO                Richard Morrison

 Chris McConville, CSO           Adam Cowl                         Mark Court mark.court@buchanancomms.co.uk

                                                                   Jamie Hooper jamie.hooper@buchanancomms.co.uk
 via Burson Buchanan             +44 (0) 20 3470 0470              +44 (0) 20 7466 5000

 

 

 

About CRISM Therapeutics Corporation

CRISM Therapeutics Corporation has developed an innovative drug delivery
technology to improve the clinical performance of cancer treatments for solid
tumours through the local delivery of chemotherapy drugs.

ChemoSeed, CRISM's lead product, can be implanted directly into the tumour or
the resection margin following the removal of a tumour. This directs that
therapeutic concentrations of chemotherapy drugs reach the deep-seated tumour
tissue or cover the entire resection margin. In the case of treating
high-grade glioma, ChemoSeeds can be implanted during surgery thereby
bypassing the blood brain barrier, which prevents other treatments from being
able to reach the tumour and be effective.

CRISM plans to submit a clinical trial application in H2 2024 for ChemoSeed®
in high-grade glioma.  Based on preclinical data, the Tessa Jowell BRAIN
MATRIX Scienticfic Advisory Board has approved ChemoSeed in a phase II
platform clinical trial which is an efficient and cost-effective clinical
development opportunity.

For more information please visit: https://www.crismtherapeutics.com/
(https://www.crismtherapeutics.com/)

 

About imphatec Limited

imphatec Ltd is a UK based start-up drug delivery company that has invented
and is developing the first customisable dose subcutaneous drug delivery
implant to prevent and treat chronic and long-term illnesses. These illnesses
affect many millions of people around the world and are hugely debilitating to
the patients. Currently, the vast majority of these illnesses are prevented or
treated through daily oral tablet medication, which can be cumbersome, have
high rates of noncompliance, demonstrate poor bioavailability, and increase
the administration burden on both patients and prescribers.

imphatec Ltd is currently in the process of raising its seed round to further
the development of the subcutaneous implant platform and aims to create a
portfolio of treatments using their revolutionary novel device.

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