CRISM Therapeutics shares fell 12% to 6.93p after the clinical-stage oncology company unveiled a £1 million fundraise at a steep discount to support its phase II trial in glioblastoma.
The placing, handled by SP Angel, saw the company issue 11.1 million new shares at 9p each, about 18% below Friday’s close.
The shares will account for nearly 22% of the enlarged share base. Investors also received one warrant for every two shares, exercisable at 15p until the end of 2026.
CRISM said the cash will help advance its open-label phase II study of irinotecan-ChemoSeed, a locally delivered chemotherapy designed for surgically resectable glioblastoma.
Funding will cover manufacturing and quality-control steps, clinical costs including dose-escalation work, and ongoing operations. First patient dosing is expected in the first quarter of 2026.
The company plans a separate £100,000 retail offer via BookBuild to let existing investors buy shares on the same terms.
Directors also took part: executive chair Andrew Webb subscribed for 916,667 shares, lifting his holding to 14.29%. Chris McConville and Gerry Beaney also participated. As all board members were involved, the transactions count as related-party dealings, with the company’s adviser deeming the terms fair.