FINPROM Findings
5“Retail Offer opens 10/12/2025, 07:30... Latest time and date for commitments under the Retail Offer 15/12/2025, 12:00”
Retail offer window of 5 calendar days (3 business days) for a pre-revenue clinical-stage company. Retail investors are offered the same 9p price but without the warrant sweeteners that institutional/director placees received, creating an asymmetry that is not clearly flagged.
“"Andrew Webb, CEO of CRISM Therapeutics, will host a live presentation and Q&A in connection with the Retail Offer via Investor Meet Company on Thursday 11 December 2025" -- retail offer open 10 Dec to 15 Dec”
A CEO-led live investor presentation is explicitly stated to be 'in connection with the Retail Offer' and is scheduled during the open subscription window (10-15 Dec). This crosses the line from disclosure into active solicitation during an open offer period and risks being treated as a financial promotion.
“As all of the Directors are participating in the Placing, there is no independent director for the purpose of the related party transaction... Placing Shares each have an attaching grant of warrants on a one for two basis, exercisable at a price of 15 pence... discount of approximately 18.18 per cent”
All directors participated in the placing with no independent director to approve the related party transaction. Shares issued at an 18% discount with 1-for-2 warrant sweeteners exercisable at 15p (67% premium to 9p issue price). The 21.76% dilution of enlarged share capital combined with warrants and zero independent oversight is a significant governance concern. [Regulatory review: downgraded — Governance concern real but quantum does not support HIGH]
“The strong support from investors in this fundraising reflects the positive progress we have delivered since joining AIM last year. We are now at a very exciting stage in the development of the Company...we now have the opportunity to accelerate the approval and commercialisation”
CEO quote uses promotional language ('very exciting stage', 'strong support') in context of a sub-£1m raise for a pre-revenue clinical stage company. However, risk warnings are present elsewhere.
“the Company has raised gross proceeds of £54,021 (the 'Retail Offer') by way of a subscription of 450,176 Retail Offer Shares at the Issue Price of 12 pence per share”
Clean results announcement for a modest retail offer with appropriate disclosures. Transparent about limited retail uptake (£54k of £100k target).
RNS Announcements
4Placing of £1,000,000
this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 10 December 2025 CRISM Therapeutics Corporation ("CRISM", "CRISM Therapeutics" or the "Company") Placing of £1,000,000 CRISM Therapeutics Corporation (AIM: CRTX), a UK clinical stage company focused on the localised and sustained delivery of chemothera…
Retail Offer
THIS ANNOUNCEMENT. THE COMMUNICATION OF THIS ANNOUNCEMENT AND ANY OTHER DOCUMENTS OR MATERIALS RELATING TO THE RETAIL OFFER AS A FINANCIAL PROMOTION IS ONLY BEING MADE TO, AND MAY ONLY BE ACTED UPON BY, THOSE PERSONS IN THE UNITED KINGDOM FALLING WITHIN ARTICLE 43 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (WHICH INCLUDES AN EXISTING MEMBER OF CRISM THERAPEUTICS CORPORATION). ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO SUCH PERSONS AND WILL BE ENGAGED IN ONLY BY SUCH PERSONS. THIS ANNOUNCEMENT …
Result of Retail Offer and Additional Placing
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER FOR SALE OR SUBSCRIPTION IN RESPECT OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF CRISM THERAPEUTICS CORPORATION IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATI…
Placing
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER FOR SALE OR SUBSCRIPTION IN RESPECT OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF CRISM THERAPEUTICS CORPORATION IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATI…
LinkedIn Activity
2Delighted to have advised Andrew Webb et al on this latest raise. 2026 will be a very exciting year for CRISM Therapeutics as it kicks off Phase 2 trial. Retail offer now live on BookBuild.
Broker personnel promoting active retail offer on personal LinkedIn
SP Angel delighted to act as NOMAD and sole broker to CRISM Therapeutics on its £1.0 million fundraising.