Amur Minerals Corporation (AIM: AMC, OTC: AMMCF) will conclude its 18-year tenure on the AIM market later this month as it transitions to CRISM Therapeutics Corporation following a corporate restructure.
The company recently sold its nickel-copper asset in Russia, transforming Amur into a cash shell. On Monday, it was announced that Extruded Pharmaceuticals (EPL) would merge with the shell in a transaction valued at £5.5 million.
The deal includes a name change, a significant share consolidation at a ratio of one-for-160, and a complete overhaul of the current Amur board.
Following the merger, Dr. Nermeen Varawalla will assume the role of chair, with Andrew Webb stepping in as CEO, Dr. Christopher McConville as CSO, and Gerald Beaney as an independent director.
EPL’s primary product, ChemoSeed, is designed for the localized treatment of high-grade gliomas—a type of brain tumour that currently lacks effective treatment options.
ChemoSeed employs a direct tumour delivery system that allows it to circumvent the blood-brain barrier, potentially increasing treatment efficacy and minimizing systemic side effects. EPL plans to initiate a phase II clinical trial by the end of next year.
CEO Webb stated, “EPL is dedicated to addressing the significant unmet medical needs of patients with aggressive solid tumours. Our leading product, ChemoSeed, targets brain cancer. Glioblastoma, a severe brain tumour, has seen no advancement in standard care for years. ChemoSeed’s innovative delivery method, which involves implanting a chemotherapy drug directly into the tumour site post-neurosurgery, aims to inhibit tumour regrowth.”
The company expects its shares to be re-listed on the AIM by May 31.
