Time Walker (1982)

Professor Doug McCadden is in charge of opening his university's latest acquisition - a sealed Egyptian sarcophagus. Opening it reveals an ancient mummy and a mold substance which proves to eat the flesh of anyone touching it. Later, sneaky student Pete Sharpe finds five hidden jewels in the bottom of the casket and distributes them to various co-eds on campus, not realizing the mummy, recently revived with an overdose of x-rays, is bound and determined to reclaim them. McCadden, who has carefully analyzed x-rays taken of the mummy, comes to the reluctant conclusion that it is not what it seems.