Crism Therapeutics (LSE:CRTX) — Investor Presentation

0:01 Good afternoon ladies and gentlemen and welcome to the Immune Minerals Corporation investor presentation. Throughout this recorded presentation investors will be in listen only mode. Questions are encouraged. They can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Simply type in your questions at any time and press send. The company may not be in a position to answer every question it receives during today's meeting. However, company can review your questions submitted today and we'll publish those responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll and I'm sure the company be most grateful for your participation.

0:31 I'd now like to hand over to Robin Young, CEO of Amur Mineral Corporation. Good afternoon to you, sir. Thank you. We look forward to being able to provide a good ground basis for the introduction of our new RTO option plan for a shareholder vote on May twenty ninth of this month. I would like to also cover off the fact that as we move forward, during this discussion, we'll be handing back and forth between Andrew and myself. Myself professionally, I'm a licensed geological engineer. And I've been working for forty years in large scale projects located internationally, many of which you see on on the PowerPoint presentation are not identified by most people. They're not familiar with them. They're large scale projects.

1:26 And this was the reason that Amor Minerals was able to acquire the Kunmenye project in Russia. Due to political circumstances, we liquidated that asset for a total of 35,000,000 cash and returned a majority of it to shareholders. We then use the utilize those funds that were remaining to undertake a reverse takeover as the company was a cash shell at that time. Over the course of our evaluation of dozens of projects, we identified extruded pharmaceuticals as an opportunity to create value for Amore Minerals shareholders.

2:04 I'd like to pass off to Andrew so that he can give a bit about his background with extruded pharmaceuticals. Thank you. Thanks, Robin. My name is Andrew Webb. I'm chief executive of Extruded Pharmaceuticals. Just in brief on my background, I've spent well over thirty years in the biotech and pharmaceutical industry, multitude of roles from startup to corporates, a number of which I've invested in personally. Much of my track record has been in commercial roles in, say, at a range of companies. Going back, my first start up was with a company called DXS, which is a personalized healthcare business based in Manchester a diagnostics company. We ran that for some eight years, and we sold it to QIAGEN, one of the diagnostic majors, for 80,000,000.

2:54 We probably had around 4,000,000 in funding at the time. Our lead investor made 13 times their investment, so that was quite a success. And unfortunately, during that time, I also had good experience of working in an aim listed company. I was founded in the molecular diagnostic division within EKF. People know EKF Diagnostics as an aim listed company. Going back in the day, the start of my career, actually as a bench scientist, I was in preclinical research with GlaxoSmithKline. But a great proportion of my career has been in commercial, and that's been largely through time, which originally Amateur International, now GE Healthcare, a really good learning experience. But what was important that during my time there,

3:37 back to my DXS CORPORATION days, I did work on a major project with one of the major pharma companies around a cancer vaccine for brain tumor, particular glioblastoma. And that really gave me a very valuable insight into the opportunity that we have with extruded. And now with the support of the RTO to move this forward.

4:08 K. Thank you, Andrew. Sorry. I'd like to talk a bit about the proposed acquisition itself and how we got there and provide this background to to all the listeners that we have out there at this moment. Then what I'm going to do is pass off the rest of the presentation so you can get a far more detailed inside look at what extruded pharmaceuticals is and the plans going forward. When we looked at the extruded pharmaceuticals itself, we had looked at multiple different companies. This one represented an advantageous scenario in that it was it's time to potential revenues.

4:54 It's shorter than most, especially when you look at mineral resource companies that take up to ten years and include massive amounts of construction costs. On the May 13, we did release the admission document for everybody to see and you can find it on our website. And we also have decided that for convenience. Going forward, not only will we have our general meeting to vote positive on the RTO, we will also have an in advance a general meeting for the shareholders. So we'll hold these meetings back to back. Now, the acquisition value at at the completion of the RTO will provide source of £1,950,000 sterling to the entity, the post post RTO entity, which will be EPL or extruded, which then will ultimately become CRISM at a point in time.

5:57 We see that this is this 1,950,000 is rep represents about a 50% increase in our capitalization from the 1,250,000 pre suspension. The acquisition value for EPL itself was established at 5,500,000. Andrew will comment on this later on about why that value was was established and the support for it. If approved at the general meeting where every all the shareholders have to vote, we will resume trading on the May 31 as CRISM THERAPEUTICS. The reason for the two day delay is because we will have to file additional paperwork in the British Virgin Islands, which is part of the planned admission.

6:45 Thereafter, then the the trading will begin on May 31. The board of Amor Minerals as we stand today, has no hesitation in recommending the acquisition for our shareholders. We see this as an exceptional opportunity to take a look at supporting the health care industry and also providing additional benefits to those unfortunate people who may be struck by the various cancers that this program could tackle. I'm going to hand this over now to Andrew so that he can do a far more detailed explanation as to what extruded is and what CRISM will become and what CRISM excuse me and what CRISM is into the future. Thank you.

7:35 Thanks, Robin. So to give some insight into our company, Extreme Pharmaceuticals, we were founded back in 2016. Essentially, this is the vision of my colleague, the chief scientist, Doctor. Chris McConville. Chris is Associate Professor of Pharmaceutical Delivery at the University of Birmingham. And he has expertise and he has a track record in taking formulation through commercialization. But what's important for us here at the stage the business is at is that he has a real passion for translational research. And that, in fact, is taking novel technologies and programs out of laboratory, getting them through to patient testing, and importantly, commercial development. Chris has obviously had his time in drug delivery.

8:24 He's very much focused in the oncology space and clearly chemotherapy is an area where there's an opportunity still to make a difference. Such systems can really be important in improving effectiveness and reducing what is often onerous side effects of cancer treatments. Many people who would know are people who have been through such onerous treatments. Traditional routes for administration of chemotherapy has been typically intravenously, but in certain instances this is a real challenge technically. And one of the big issues is, and the reason that brain tumor is being made such a challenge, is that it has its own very neat protective mechanism we refer to as the blood brain barrier.

9:10 And this actually prevents treatments reaching, given systemically, from reaching to a tumour within the brain. It actually is very good at keeping drugs out. Pancreatic cancer also forms a stroma during its development, and this also is somewhat impenetrable to drug treatments, again making it a real challenge. So what we're planning to do here is really is to start and look at opportunities in both of these areas. And on our first one we've chosen is brain tumor. We refer to as high grade glioma. That's in grade three and grade four as how the brain tumor is assessed. Grade four being glioblastoma. And that is really is the most severe, the most virulence of brain tumor.

9:56 And our strategy really is around chemotherapy technology. And this is a drug delivery technology that was invented by CRISM THERAPEUTICS CORPORATE. And what we do here is the protocol currently, which has not changed in brain tumour treatment since 2005, always starts here with a surgical intervention that will remove the tumour. Inevitably and sadly, even given the brilliance of the neurosurgeons, a small proportion of that tumour will be inoperable. It's from there that patients will recur. So our strategy is to use ChemoSEED to introduce therapeutic levels of chemotherapy directly into that residual tumour margin. That, we believe, will make a difference to treatment.

10:46 Our business also during the development phase is also operating and take on board a number of service contracts. These have been very valuable in providing additional revenue to support the development processes that we've progressed. Also, to have a third party access to technology, we do see that as an endorsement of what we can achieve. But just maybe a final comment, given since the company was founded, myself and other directors have put monies into the company, we've earned money from the service contracts and through loan notes, no money has been drawn out of the business. We've taken no salaries. All all the money has gone in. That's why we're at such an advanced stage now. And so the development costs and also the filing of our intellectual property. Drug delivery maybe as a concept is not familiar to everyone.

11:38 Essentially, is how a novel drug is taken in and administered to a patient. So it could often form, as you say, could be given intravenously or typically as tablet. But how this is done does make a difference to the efficacy and safety of a treatment. The time and place of the release of the drugs is key. So what we're doing now, we're taking our own drug delivery system. Our first product we refer to as Chema Seed, That way we can combine with the existing approved medicines. This is we do see as important, when medicines are well understood, we get good regulatory support and also confidence from the physicians that we'll be working with. So our product, Chemo Seed, is bi resorbable.

12:23 So the implant, once it's delivered its sustained dose of chemotherapy, will actually disappear. This is very important going forward for the patients and also for the oncologists to assess.

12:41 Just to give you a little bit more detail about what we've got. We've actually got some, what I believe is a lot of data now which gives us good confidence going forward. Chema seed itself, just a good idea, it's made from a polymer. It's like a small polymer rod. It's the size of a grain of rice. What we do is we incorporate chemotherapy drug within the polymer. So the drug we've chosen is arinotecan. This drug has already been used in the brain, one of only two drugs that have been used directly within the brain. And it was found to be safe and lacking minimal toxicity, which is really important. The image to the right above shows how we actually sync these seeds within this residual tumor tissue once the tumor has been removed.

13:35 By sinking these into the margin, they remain in situ and can deliver the drug over a sustained period. We control that through the protocol we have for polymer. It could be anything from a week to three to four weeks we can get sustained release of treatments. This has been borne out through the preclinical data that we have. And in animal models, we show the one in the graph on the right hand side. Apologies if it's a little bit complicated. Just in brief, the first line in black, that's a placebo, that's an animal model with no treatments. The yellow line is intravenous irinotecan, and you can see there it does have a level of a degree of efficacy.

14:22 The current standard of care is actually highlighted in the line in green. That's a drug called temozolomide, which is currently used. Albeit in the clinic now today it's given as a tablet. But here you can see that temozolomide is chosen because it is mildly more bioavailable. More the drug gets into the brain. When we look at the red line here, this shows the chemiseed containing iminotecan. We had eighty percent survival at one hundred and forty eight days. Once the mice were at the end of the study, there was no tumour recurrence in any of the animals. And we believe this really is quite significant in the indication. So it's this data we've taken. The drug, as I mentioned, has already been through a phase one study and is shown to be of low toxicity and efficacious.

15:16 So we're looking to work now to get this technology now through to clinical trials. We've been working with him in technology, as SAID comes out of the University of Birmingham. Queen's The Hospital in Birmingham is running one of the most significant brain tumour studies currently, referred to as the Tesser Jowl Brain Matrix. We are looking to be included in that as a phase two study and importantly a registration study. The reason we can take it through in this way is that hyperglaucoma is what we call an orphan drug. Where there's a low incidence of disease in the population and there's significant unmet clinical need, There is very strong regulatory support to fast track the product through to patient treatment.

16:03 Clearly what's important here is the intellectual property. During this time we've generated a lot of IP we'll be filing patents to ensure that this this is protected now through through in the key jurisdictions we've identified for future commercialization.

16:22 Our market opportunity, we believe, is significant. We've done some work with an independent report from patient consulting for health economics. So the figures here for the brain and CNS, including high grade glioma across The UK, Europe and USA, which are priority markets, we're looking at £1,700,000,000 as an opportunity. What people don't realise is that the high grade glioma, well, certainly brain tumour, is the most significant, the leading cancer killer of children and adults 40. This is a clinical indication we really urgently do need to make a difference. As you can see here, some sixteen thousand cases of brain tumour diagnosed in The UK alone each year. So we do feel a real responsibility here.

17:10 But demonstrating the performance of the technology in the brain tumour indication, we believe that will give confidence to take it forward for other indications. Pancreatic, I've already mentioned, which is local delivery would really would benefit in that also. But other solid tumours should also, we believe, be receptive to this type of treatment. And bladder, prostate and breast clearly been others that we have on our agenda. So what's important? What are we committing to? This is really significant. We're really excited by what we're going to achieve here. The funding that could come out from this RTO will really give us the way to move forward on a number of priorities. So our development priorities are: in the first instance, we've been in touch with the MHRA, who are The UK regulator for healthcare treatments.

18:04 So by the end of this year, we will be submitting a clinical trial application to the MHRA to take human seed forward into clinical trials. It will be in the high grade glioma indication. So this is grade three and grade four brain tumor.

18:19 All been well, we should be able to in that position then to commence clinical trials at the end of next year based on, as I described, the controlled release of a davilateacan formulated chemoseed. The trial I mentioned is Brain Matrix. This trial is already up when I mentioned it. It's observational and open label. What I mean by this is observational means that the trial is open to novel treatments and these novel treatments will be selected and determined for inclusion by the scientific advisory board of the Bay Matrix trial. Open label means that the study, that the treatments that a patient receives, the patient would know what treatment they're getting, as will the physician. Given the virulence of the disease, we expect really quite a quick time to result.

19:10 And the Birmingham Clinical Trials Unit estimate that we would be able to have the correct number of patients within potentially less than a two year window. And as I mentioned, the orphan drug designation, this is a way to support treatment of rare disease, which brain tumour is, not just in The UK, but also in Europe and The USA. They have similar plans where we can get all being well on a positive result, a conditional market authorization. So once we've done this, we do see there's an opportunity then to take it forward for other indications. So what's happening here in terms of the investment? Well, we believe this is potentially transformational.

19:58 When I talk about brain tumour, the standard of care was established in 2005. The one drug that's been used comes from the 1990s. There really is a clear opportunity for improvement. But the fact is we use a pre approved drug and the polymer has also been used in the brain. Aminotecan is one of only two drugs administered directly into the brain. We believe we can de risk it to quite a substantial extent. It's never without risk, but we believe this is an attractive risk profile.

20:28 VAPID progression clinical trials were in discussion with MHRA. We may need another toxicology study. This is still to be discussed, but we're in a position and we will be funded to do that as required. But what we feel has been a clear endorsement of the opportunity we have here is on our preclinical data I've just described, the scientific advisory board of the Brain Matrix Trial has actually given it the term of the observational trial. We have been accepted onto the clinical trial as a phase two study. And this is really, really important. So we feel we've been through a level of rigor in the data that we've provided, that they believe there's sufficient confidence that we can make a difference here. So hence they've accepted us.

21:16 And the development opportunity of the plans we have, we've done already drafted in consultation with the clinical trials unit. So we will be able to move very quickly through the clinical development phase. Then positive data here. Think licensing opportunities. Will look to commercialise the product directly or in partnership. But licensing clearly is an opportunity then not just in the brain tumor indication, but also in other indications.

21:45 Clearly, if surgeons, physicians have experience of Kemer Seed, if it's proving it's worth it in the brain, there really is an opportunity to clearly see people will naturally look at this and think, well, if it works in the brain, let's try it in other indications. Compassionate use is what this is termed. Research physicians can actually apply then to take this forward. But the marked opportunity is significant, not just in the brain tumor indication. Others. Think we've got it very clear on our responsibility to opportunity in the short to medium term, but the longer term picture, we believe, gives reason to be optimistic. Just in brief, picking up on Robin's introduction, we are being valued at $5,500,000 This is the culmination of some eight years' work and a considerable amount of intellectual property that we've accrued.

22:44 This will be settled by the issue of additional term consideration shares and to provide that level of valuation. The valuation of Vermeer will be at £1,950,000 which represents the amount of cash that's going to be in the bank at the close of the transaction. Quite a significant uplift, I believe some 50 plus percent on the market cap at the time of it was suspended. At that time, we say our thanks to the AMC board as they step down. I'm going to be joined by, obviously, CRISM THERAPEUTICS CORPORATION and myself will be on the board. We'll be pleased to welcome Doctor. Namine Vawala, who's a very talented physician, who will be joining us as our non executive chair.

23:35 Namine has a great track record, particularly in not just the position, but also in the clinical development space. She's bought and managed and sold businesses within that space and has got some really excellent experience for the development phase that we've currently entered into. I'm also pleased to be welcoming Jerry Beany. Jerry is a very skilled corporate finance guy, and he's a great track record working with and launching aim listed companies, probably some 200 plus. I won't challenge me exactly on that number, clearly a talent in the space and will head our audit committee.

24:18 Following the mission, the enlarged group have say just shy of £2,000,000 in cash, and we've been very clear on what we need this monies to do. We're not going to be building facilities, taking space. We've got a clear range. We largely outsource the work that we do. Our first priority will be the clinical trial application, just to clarify our regulatory strategy with the MHRA. GLP manufacturing was already started, and we were looking just to see we have provision for toxicology costs should we agree with the regulators that further studies are required. Key steps then will be to transition the manufacturing procedure to GMP. This is to make the product suitable for the clinical trial.

25:05 And we have funds that will take us right through to the commencement of the clinical trial. Around that, we have other ongoing costs around regulatory and legal and corporate costs to run the business, and clearly that's in support of our listing. So we've been working on this for quite some time and we're very clear now on what our objectives should be. And this is something we look forward to sharing progress reports moving forward. Clearly all of this is beholden to the engagement of the current shareholders of AMC and we really look to their support for the general meeting as of next week.

25:52 That's perfect, Robin. Andrew, let me just step in there. Thank you very much indeed for updating investors. We can see the Q and A slide. That's where we're going next. But just before we do so, if I could just remind those on the call to continue to submit your questions, just using that Q and A tab on the right hand corner of your screen. And just while the guys take a few moments to review your questions submitted already, just to remind you that recording this presentation along with a copy of size and the published q and a can be accessed via your investor meet company dashboard. Andrew, Robin, I'll just bring back up your camera for the Q and A if I may. If I could also invite you just to escape and have a look at the Q and A tab that will be opened on the right hand side of your screen. Thank you to everybody for your engagement, received a number of pre submitted questions and thank you to all the investors that submitted questions throughout your presentation, Chris Alexander, Benjamin and so on. If I may, if I could just hand back to you guys to read out the questions and give your responses where it's appropriate to do so and I'll pick up from you at the end.

26:48 Okay, thank you very much. Andrew and I will be handing these questions back and forth as they're out to their relative relevance for each other. And we'll kick this off with the first question, which is over the past year there have been have there been any other interested parties? If so, why did they not proceed? When we began our RTO process, after we became a cash shell, we had identified multiple companies and several other companies as soon as they found out that we had become a cash shell, step forward and offered their offer, offered us the opportunity to invest in them in the reverse takeover process. Generally being a mineral resource company, the majority of those were obviously projects having to do with exploration, mine production and development in the mineral resource industries.

27:45 One of the items that one of the characteristics of mineral resource industry is it requires exploration, exploration, engineering, development, construction, generally takes about ten years from start to finish. All of these activities are basically funded through raisings in the company. These are highly dilutive, as everybody who invests in AIM mineral resource companies understands. What we did is we took a look at our in our first pass. And the first pass was, are these little projects located in reasonable jurisdictions?

28:30 The second step was, how far from cash production are these companies? Are any of them within two years of production? Then the third and probably the most important is what is what will the revenue stream be to our shareholders? And by that, I mean, what percent of existing Amor shareholders would own of the new entity itself. It was very rapid, it was a very rapid decision tree for us. The mineral resource companies all were either very, very large capital expenditures, which were beyond the reach in the realm of a small junior mining company.

29:16 The other was the geopolitical situation that's now active in The Ukraine. And as well, what will the company benefit from in two years of rep when revenue generation begins? During our assessment, not only did we look at mineral resource companies, but other companies approached us, AI, news, as well as the pharmaceutical companies. On this list was EPL. And EPL, that point in time, was a very, very interesting target.

30:04 Projections to go to a positive cash flow in two years. No debt. Very important. Characteristic of a more for years. So we sat down and negotiated our heads of terms and determined that it was quite agreeable that EPL represent our target. And on that basis and you can go into our admission document, and you can see that AMC shareholders post RTL will themselves control 20 about 25% of the shareholding of the company post share consolidation.

30:49 This is substantial. There are other companies that were as low as one to 3%. And we just couldn't bear that. We preferred to have something that had an upside potential. As a result, at this point in time, and over the last several months, we've been successfully working towards getting out the admission document, which I believe was introduced on May 13, for a vote by the shareholders to be held on May 29. So over time, it was the financial structure, the lead time to potential cash flow and profitability, as well as the amount of holding that our shareholders could retain post RTO that led us to the identification of EPL as the RTO takeover target for us.

31:45 Thank you. Thanks, Robin. Well, a question, like, from has come up. Question in the value of 5,500,000 seems somebody's said it seems exceedingly high for a company that only has directors, no employees, and is labelled with growing debt. How is the value of $5,500,000 arrived at? We've taken a number of comparisons in the market. We do feel this is probably a modest valuation. Certainly, I guess I would say that. This company's been running for eight years. There's a significant amount of intellectual property that's been generated during that time. We are pre revenue. We're a development company. So inevitably, we will build build up a a certain amount of certain amounts of debt during during that time.

32:32 But we have had investors come in at this level, and so we believe that we do have support for it. It's felt that given the expectations that what was set for the Amur shareholders, but they'll still retain a significant level of the company. For a pharma company that is probably within 18 of starting clinical trials, actually, I think if you look across the piece, it is a fair valuation. We don't believe that, you know, while it's not without risk, the fact is our strategy with a well known, well understood polymer and a well understood drug, which is, know, Immunotecan is still used as first line for bowel cancer, we believe there's a fair level of risk that we have going forward. So we are confident that this valuation will give an opportunity for future value to the shareholders.

33:42 One of the things that that we had going into this was to maintain what what's called a going concern budget post RTO, which basically is represents how much cash is available in the bank before the RTO and and how is that how are those funds expended? Speaking to the fact, on January 31 on, excuse me, thirty one December of last year, the company had approximately 4,300,000 US dollars in the bank. We had been harboring those funds, in particular, for use in the RTO.

34:33 So at this point in time, the admission documents states that we will be passing on 1,950,000. And I'm sorry. I've just been it's just been pointed out. I forgot to ask tell you what the question was, which was how much caskers or more have as of today before the RTO? And can we have a breakdown of the current monthly costs? It's and and so if you take a look, 2,000,000 Sterling will be handed over during the RTO. We had 4,300,000. What happens to those funds in between the the the approximate 1 0.8? And I'm guessing at the top of my head at the moment, US dollars.

35:24 It's expensive doing an RTO, and especially this one. An IPO costs substantial funds, but we actually had to do two IPOs during this process. One was the complete verification and development of the work and substantiation of the work that EPL had completed, as well as verification of all the work that we had completed and that we didn't have any encumbrances. It seems like a lot of money, and it is. But it doesn't take long when when you take a look at the fact that to complete to get us to this position so that we can vote on the twenty ninth, there were five sets of lawyers.

36:13 None of them cheat. Three sets of accounts to make sure that all the financials for both parties and the money going available going forward and to be able to create a going concern company. The nomads fees. The re the the the registrar's fees that come in the transfer of these shares, the London Stock Exchange fees, such as stamp duties and things like this. It does not take long to burn through that money. How much is the monthly burn? Well, it's gonna be high during these months as we as we close out this transaction and leave 1,950,000 on the table for the new management of AMC. Thank you. If the RTO the next question is, if the RTO failed, how long do you anticipate the distribution of funds would take, and what further costs would be there?

37:14 Another very good question. In doing a diligent review of everything, one of the questions has been, what if it fails? What are the ramifications? The first ramification is all the fees and expenditures that have been logged to the accounts by EPL become our responsibility. So a more minerals hold would have to cover those costs. And then there are also fees such as shutdown of the on the London Stock Exchange, a liquidation fee, management of those fees. How long does it take? Well, it depends on who you speak to. But generally, you're looking at a six to twelve month period to get fully through to liquidation.

38:13 We still have some undeclared dividends that we paid in June of this year. And those individuals still have to be found and paid as well. It's not a lot, but it's a $100,000. So as you take a look, as you work through these costs and these encumbrances of a failed RTO, then there won't be a great deal of funds left for distribution. I think that the the next question would probably be best handed over to to Andrew as we as as he zooms in so I can read it with my glasses.

39:04 Another question we've had going forward is what is the plan for marketing to help drive the share price? And is there an expectation where the share price will be in a year's time? Clearly, the the share price in a year's time will be determined by the market. You know, we're going forward with price of 23p, and then, it's the the, you know, the mark market will decide. I think as as in the slides, we know we're very clear on on the development milestones that we've got planned. And, you know, at each amongst those, you know, I'm optimistic there will be inflection points within that. And so those, you know, clearly spell out what what the priorities will be for for for the for the company going forward. Another question we had is, Studio Pharmacy Gurus has no income stream in sight with regard to employees premises. How do see the company growing and what costs will be involved? Where will the company be in eighteen months time?

40:00 Well, as described in the presentation, absolute focus from Chris and I is to get the humidity and chemacy into clinical trials. That really is our absolute goal. And then during this phase, you know, have sufficient funds. We will be a going concern with that money that's available. And that's going to be really important for us going forward. Now the funding is going to be used, has been spelt out in presentation. So that is our plan and priority. In terms of a fundraise, there will be opportunities going forward. Another question being asked around this.

40:52 There will be options going forward. Say, we have the cash really to deliver on the milestones that we have, which is a great place. Negating the requirement for a placement at this point. And clearly in the good nature of the business, we do have an opportunity for non dilutive, essentially grant funding once we are formally cleared by the regulator to close off on our preclinical and move into the clinical development phase. And that's something we will be actively looking at. K. The next one is we are a mining company. How on earth can we go from that to being a neuroscience?

41:44 One of my most often heard sentences to me in the industry is you don't mind copper. You don't mind gold. You mind dollars. And that's pretty important. And what we're seeing in this is a low upfront investment versus exploration and mining, which is substantial. Purchasing of heavy duty equipment, getting permissions, permits, licenses, staying green, all are very challenging items. This opportunity, we believe, to be preferred to the majority of the exploration projects available in the market today, and especially those that we looked at.

42:41 Thanks, Robin. Yeah. There's a couple of questions that have come in, one of which is: If everything progresses well with the treatment of brain tumors, what will the anticipated timeframe the technology be used on other tumors? Really, it does depend on really down to funding. We're not in a rush to raise more money, but what I do like is that once we commercialize the brain tumour space, that will actually generate the funds to broaden the development very, very quickly. But we see an opportunity, maybe an opportunity which we could partner to or receive investments, then that may be something we would consider.

43:26 There's to be some discussions we're looking to progress once we're further down the track. We do see that the brain tumor indication will be a very good way to demonstrate the potential for the technology. Another question just in: Are chemoscedes implanted just once at the time of the tumour removal or are they injected subsequently? They're implanted at the time of the surgical resection, in terms of debulking. So that's the time they're in. In the brain tumor indication, probably is less opportunity for a subsequent injection of them. But in other solid tumours where the tumour is accessible, then clearly they could be put in. It's a good question when you say the implant is just once because the implants do are biresorbable, so they do degrade over a period.

44:19 So they're no longer a hindrance to imaging or to any further surgical intervention. And then with brain tumours, often patients do go for subsequent surgical intervention and that will give another opportunity for further treatment with with ChemoSEED. Progress on that clearly will be down to the physicians once we get into clinic for far better understanding. I'm quite conscious of the time here I think. I'm going to call it there if that's okay and I'll hand over to Rob for some closing words. I think if there are other questions there, we'll be happy to follow-up with IMC. Thank you, Andrew. And again, I'd like to thank Investor Meet for allowing us this opportunity and being able to get us in as quickly as possible per our schedule request.

45:13 We would have liked to have done a little earlier, but we've got what we've got. And we're quite pleased to have had this opportunity. I'd like to thank Andrew himself for having gone through the detail of extruded pharmaceuticals, who they are, what they intend to be, and for me to be able to work with a positive group such as this and to also make the statement that we believe that this is an absolute well founded investment for the company and that the board of directors of Amor looks forward to the successful vote on the twenty ninth. Thank you. Robin, Andrew, thank you very much indeed for your presentation. Could I please ask investors not to close this session as we're now automatically redirect you for the opportunity to provide your feedback in order that the company can better understand your views and expectations.

46:06 It's gonna take a couple of moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Amur Minerals PLC, we'd like to thank you for attending today's presentation. Good afternoon to you all.