Business
CRISM Signs Service Agreement Contract
CRISM Signs Service Agreement Contract.
About this update from Crism Therapeutics Corporation
[{"type":"text","content":"\n\n30 July 2024\n \nCRISM Therapeutics Corporation\n(\"CRISM\" or the \"Company)\n \nCRISM Signs Service Agreement Contract\n \nFurther 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. \n \nThis 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.\n \nUnder 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.\n \nThe 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. \n \n \nCommenting 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...