LONDON: Amur Minerals Corporation, now an AIM Rule 15 cash shell, has executed a sale and purchase agreement to acquire Extruded Pharmaceuticals Limited (EPL), a UK-based innovator in cancer treatment technology. The acquisition, valued at £5.5 million, will be satisfied through the issuance of 23,939,986 new ordinary shares.
This strategic acquisition is a reverse takeover under AIM Rule 14 and hinges on shareholder approval at a general meeting scheduled for May 29. Trading of Amur’s ordinary shares will resume on May 31, following the transaction’s completion.
Key Highlights of the Deal:
- Acquisition of EPL’s entire share capital for £5.5 million.
- Share consolidation at a 1:160 ratio.
- Company rebranding to CRISM Therapeutics Corporation.
- Board restructuring with key appointments including Dr. Nermeen Varawalla as Chair and Andrew Webb as CEO.
Extruded Pharmaceuticals has pioneered a drug delivery system, ChemoSeed, enhancing the efficacy of chemotherapy for solid tumours. ChemoSeed, designed for direct implantation into tumours, targets high-grade gliomas—a brain cancer with limited treatment options. The technology aims to deliver chemotherapy directly to the tumour site, potentially reducing side effects and improving treatment outcomes.
EPL’s ChemoSeed combines the chemotherapeutic drug irinotecan with a biodegradable polymer, PLGA, and is poised for conditional marketing authorization in the UK by 2028. The company plans to expand its ChemoSeed technology to other cancers and is preparing for a Phase II Clinical Trial in late 2025. The acquisition marks a pivotal step for Amur Minerals Corporation, positioning it at the forefront of cancer treatment innovation.
Robin Young, CEO of Amur Minerals Corporation, commented: “Amur shareholders have the opportunity to invest in an innovative UK based pharmaceuticals company whose lead product has the potential to save lives and to improve medical outcomes for cancer patients. I have been very impressed with EPL’s management team during the course of this transaction and believe they will deliver on their development plans to the benefit of patients, shareholders and also wider society. The board has no hesitation in recommending the acquisition to our shareholders and to vote in favour of the Resolutions as we intend to do so in respect of our own shareholding.”
Andrew Webb, CEO of Extruded Pharmaceuticals, commented: “I would like to thank Robin and his team for the confidence that they shown in Extruded Pharmaceuticals. Innovation in the UK requires support and funding, which this transaction will bring for EPL. I am looking forward to leading a public company and delivering on our strategy for the benefit of Amur shareholders and affected patients.
“Extruded Pharmaceuticals is focused on addressing the high unmet medical need caused by aggressive solid tumours and our lead product, ChemoSeed, is focused on brain cancer. Glioblastoma is a high grade brain tumour where the standard of care has remained unchanged for decades. ChemoSeed has the potential to become a transformational option for this devastating condition, owing to its novel delivery mechanism in which a chemotherapy drug is implanted directly into the tumour site following neurosurgery, thereby seeking to prevent any tumour regrowth.
“We have a clear strategy for progressing ChemoSeed through development and commercialisation with support of organisations such as the Tessa Jowell BRAIN MATRIX clinical trial team. We look forward to the successful acquisition by Amur and then, as a quoted company, to providing regular updates to shareholders on our progress.”
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