CRTX Crism Therapeutics Corporation

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."

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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/

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.