Crism Therapeutics Corporation (AIM:CRTX), the UK clinical-stage drug delivery company developing localised chemotherapy treatments, posted a loss of £1.413 million for the six months ended 30 June, up from £0.93 million a year earlier.
The wider loss reflects rising administration costs, which reached £1.52 million, including £956,000 spent on research and development as the company advanced its ChemoSeed technology, an implantable, biodegradable system designed to deliver chemotherapy directly into tumour tissue.
The period's central milestone was the opening of a registration-grade Phase 2 trial of irinotecan-ChemoSeed in resectable glioblastoma, with patient recruitment beginning on 27 August. The two-part study will first assess dose escalation in recurrent glioblastoma before evaluating progression-free survival in newly diagnosed patients.
The US Food and Drug Administration granted orphan drug designation to irinotecan-ChemoSeed during the period, offering up to seven years of US market exclusivity upon approval. "This designation significantly enhances the commercial profile of irinotecan-ChemoSeed and establishes a supportive framework for international regulatory engagement," said chief executive Andrew Webb.
Crism also raised £2.745 million through an oversubscribed placing and retail offer in May, and separately secured an £896,088 Innovate UK grant and a £99,902 Invest Northern Ireland grant to support its glioblastoma and prostate cancer programmes respectively.
Cash stood at £2.269 million at period end, up from £1.128 million at 31 December, with net cash of £1.9 million as of 18 September. Charles Spicer joins as Non-Executive Chair from 1 October.
News Intelligence what this means for the company
Crism Therapeutics has begun dosing patients in its registration-grade Phase 2 glioblastoma trial and secured FDA orphan drug designation for irinotecan-ChemoSeed, a milestone that grants up to seven years of US market exclusivity if approved. The company widened its H1 loss to £1.413m as R&D spending rose, but cash position improved to £2.269m at period end following a £2.745m fundraise in May, providing runway to advance the trial through dose escalation and efficacy assessment in newly diagnosed patients.
The orphan drug designation materially de-risks the commercial pathway by securing extended exclusivity and signalling FDA receptiveness to the mechanism; however, the company remains pre-revenue and cash-dependent, with H1 burn of £1.413m implying the current £2.269m cash position covers roughly 16 months at that rate before the next inflection or funding event.
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