Amur Minerals Corporation (AIM:AMC, OTC:AMMCF) PLC's 18-year association with the AIM market will come to an end later this month when it undergoes a corporate transformation to become CRISM Therapeutics Corporation.
After disposing of its nickel-copper asset in Russia, Amur was turned into a cash shell. On Monday, investors learned that a company called Extruded Pharmaceuticals (EPL) would be reversed into the shell in a £5.5 million deal.
As part of the transaction, there will be a name change, a one-for-160 share consolidation and a clear-out of the existing Amur board.
Post-acquisition, Dr Nermeen Varawalla will serve as chair, with Andrew Webb as CEO, Dr Christopher McConville as CSO, and Gerald Beaney joining as an independent director.
EPL's flagship product, ChemoSeed, targets the localised treatment of high-grade gliomas—a type of brain tumour currently without satisfactory treatment options.
ChemoSeed's direct tumour delivery system allows chemotherapy to bypass the blood-brain barrier, enhancing therapeutic efficacy and reducing systemic side effects. The company plans to commence a phase II clinical trial by the fourth quarter of next year.
"EPL is focused on addressing the high unmet medical need caused by aggressive solid tumours and our lead product, ChemoSeed, is focused on brain cancer," said CEO Webb.
"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."
The shares are expected to be re-listed on AIM on May 31.