MCAG Mountain Crest Acquisition Corporation V

AUM Biosciences Pte. Ltd. (“AUM”), a global clinical-stage biotechnology company focused on discovering and developing precision oncology therapeutics, announced today that the first patient has been dosed in its Phase 2 clinical trial evaluating AUM001 for the treatment of metastatic colorectal cancer (MSS CRC). AUM001 is a mRNA translation inhibitor that targets MNK 1/2 and the chokepoint of multiple pro-oncogenic signalling pathways for the treatment of MSS CRC.

“Dosing the first patient in AUM001’s Phase 2 trial is a major milestone in advancing our mission to build an industry-leading portfolio of innovative therapies designed to reverse cancer resistance,” said Vishal Doshi, Chairman and CEO of AUM. "While colorectal cancer is the third most common cancer globally, there are limited therapeutic options due to the resistance associated with current treatments. AUM is leveraging multi-faceted strategies, technologies, and targets to develop a diversified pipeline of candidates that have distinct mechanisms of action to overcome cancer drug resistance."

This randomized and open-label Phase 2 study is designed to evaluate the safety, tolerability, and effectiveness of AUM001 as a monotherapy and in combination with KEYTRUDA® (pembrolizumab), Merck & Co., Inc., Rahway, NJ, USA’s anti-PD-1 therapy in MSS CRC, with a focus on the microsatellite stable (MSS) subset. The study will be conducted in two modules. Module 1 is a dose escalation run-in module to identify the Maximum Tolerable Dose (MTD) and the Recommended Phase 2 Dose (RP2D) of AUM001 to be administered orally as monotherapy and in combination with intravenous pembrolizumab or irinotecan. Module 2 consists of a cohort expansion at the RP2D of AUM001 in combination with intravenous pembrolizumab or irinotecan in patients with locally advanced or MSS CRC to evaluate clinical activity and the safety of AUM001. The first patient has been dosed in Module 1, Arm A, which has multiple dose finding cohorts for the monotherapy, with AUM001 administered orally once every other day. Module 1 is expected to enroll up to forty-eight patients, and top line readout from Module 1 is anticipated in the fourth quarter of 2023. The first patient has been dosed at Pindara Private Hospital in Queensland, Australia.

The global Phase 2 trial is being conducted in collaboration with MSD, a tradename of Merck & Co., Inc., pursuant to a clinical trial collaboration and supply agreement for KEYTRUDA®. Trial details can also be found on www.clinicaltrials.gov under study ID: NCT05462236.

KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

As previously announced on October 20, 2022, AUM entered into a definitive business combination agreement (the “Agreement”) with Mountain Crest Acquisition Corp. V (Nasdaq: MCAG) (“Mountain Crest”), a publicly-traded special purpose acquisition company formed in Delaware, whose management team has an impressive pedigree of successful SPAC transactions. Following the closing of the business combination, AUM plans to operate its business as a wholly owned subsidiary of AUM Biosciences Limited, a Cayman Islands exempted company, and it is expected that the ordinary shares of AUM Biosciences Limited will trade on the Nasdaq Stock Market under the ticker symbol “AUMB.”

About AUM BiosciencesAUM is a global clinical-stage oncology company focused on advancing a pipeline of precision oncology therapeutics designed to deploy multi-faceted inhibition strategies to reverse cancer resistance. AUM is advancing a broad portfolio of precision oncology therapeutics. AUM001 is a selective and synergistic MNK inhibitor as shown in current studies, and has entered a Phase 2 clinical trial for metastatic colorectal cancer. AUM601 is a promising therapy for tropomyosin receptor kinase (TRK) fusions and mutations within the kinase domain, and has received Orphan Drug Designation from the United States Food and Drug Administration (the “FDA”) for the treatment of solid tumors with the NTRK fusion gene. AUM302 is a potentially first-in-class macrocyclic oral kinase inhibitor rationally designed small molecule to uniquely combine pan-PIM kinase, pan-PI3K and mTOR inhibition in a single agent, and has received Orphan Drug Designation from the FDA for the treatment of neuroblastoma, as well as a Rare Pediatric Disease Designation. Comprised of pharma industry veterans with decades of research and development experience, the AUM leadership team has an extensive track record of selecting distinctive early-stage assets, successfully exiting virtual biotech models, and has contributed to over 50 INDs and over 150 oncology clinical trials, and development of several currently marketed oncology treatments with annual peak sales up to $3 billion.

About Mountain CrestMountain Crest Acquisition Corp. V (Nasdaq: MCAG) is a blank check company formed under the laws of the State of Delaware, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Non-Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Important Information About the Proposed Business Combination and Where to Find ItIn connection with the proposed business combination, AUM and Mountain Crest have caused AUM Biosciences Limited to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a registration statement on Form F-4 containing a proxy statement/prospectus (the “Registration Statement”). The Registration Statement includes a proxy statement/prospectus to be distributed to holders of Mountain Crest’s common stock in connection with Mountain Crest’s solicitation of proxies for the vote by Mountain Crest’s stockholders with respect to the proposed transaction and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of securities to be issued to AUM’s stockholders in connection with the proposed business combination. As the Registration Statement has been filed and declared effective, Mountain Crest is mailing a definitive proxy statement to its stockholders. Copies of these documents may be obtained free of charge at the SEC's website at www.sec.gov. Stockholders of Mountain Crest are urged to read the Registration Statement and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information. The information contained on, or that may be accessed through, the website referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the SolicitationMountain Crest and its directors and executive officers may be deemed participants in the solicitation of proxies from Mountain Crest’s stockholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in Mountain Crest is included in the Registration Statement for the proposed business combination and is available at www.sec.gov. Additional information regarding the interests of such participants is contained in the Registration Statement for the proposed business combination. Information about Mountain Crest’s directors and executive officers and their ownership of Mountain Crest common stock is set forth in Mountain Crest’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation is included in the Registration Statement pertaining to the proposed business combination. These documents can be obtained free of charge from the sources indicated above.

AUM and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Mountain Crest in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination is included in the Registration Statement for the proposed business combination.

Forward-Looking StatementsThis press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Mountain Crest’s and AUM’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Mountain Crest’s and AUM’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Mountain Crest’s and AUM’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement; (2) the outcome of any legal proceedings that may be instituted against Mountain Crest and AUM following the announcement of the Agreement and the transactions contemplated therein; (3) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of Mountain Crest and AUM, certain regulatory approvals, or satisfy other conditions to closing in the Agreement; (4) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Agreement or could otherwise cause the transaction to fail to close; (5) the impact of the COVID-19 pandemic on AUM’s business and/or the ability of the parties to complete the proposed business combination; (6) the inability to obtain the listing of Holdco’s ordinary shares on Nasdaq following the proposed business combination; (7) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (8) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of AUM to grow and manage growth profitably, and retain its key employees; (9) costs related to the proposed business combination; (10) changes in applicable laws or regulations; (11) the possibility that Mountain Crest or AUM may be adversely affected by other economic, business, and/or competitive factors; (12) risks relating to the uncertainty of the projected financial information with respect to AUM; (13) risks related to the organic and inorganic growth of AUM’s business and the timing of expected business milestones; (14) the risk that AUM001 or its other drug candidates may fail to meet the safety or efficacy criteria necessary for marketing approval; (15) the amount of redemption requests made by Mountain Crest’s stockholders; and (16) other risks and uncertainties indicated from time to time in the final prospectus of Mountain Crest for its initial public offering and the Registration Statement relating to the proposed business combination, including those under “Risk Factors” therein, and in Mountain Crest’s other filings with the SEC. Mountain Crest cautions that the foregoing list of factors is not exclusive. Mountain Crest and AUM caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Mountain Crest and AUM do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.

Contacts:

For AUM Biosciences Pte. Ltd.:Mr. Vishal DoshiCEO10 Anson Road, 24-16 A/B, Singapore, 079903

Investors:ICR WestwickeStephanie CarringtonT: (646) 277-1282stephanie.carrington@westwicke.com 

Media:FINN PartnersGlenn SilverT: (973) 818-8198glenn.silver@finnpartners.com 

SPAG/FINNVerlynn Heng+65-91861225verlynn.heng@spag.asia