Arecor Therapeutics PLC ARECOR PROVIDES BUSINESS UPDATE (0219Z)
20 January 2022 - 06:01PM
UK Regulatory
TIDMAREC
RNS Number : 0219Z
Arecor Therapeutics PLC
20 January 2022
Arecor Therapeutics plc
("Arecor", the "Company" or the "Group")
BUSINESS UPDATE
Momentum continues across partnered and proprietary
portfolio
Cambridge, UK, 20 January 2022: Arecor Therapeutics plc (AIM:
AREC), a globally focused biopharmaceutical company advancing
today's therapies to enable healthier lives, provides a business
update and announces that its preliminary results for the 12 months
ended 31 December 2021 will be issued during the week commencing 25
April 2022.
The financial performance for the 12 months ended 31 December
2021 was in line with expectations and the Group closed its
financial year with a strong cash balance of GBP18.3 million.
Arecor's proprietary portfolio is advancing on track. As
announced today, the first patient has been dosed in the US Phase I
trial of AT247, Arecor's ultra-rapid insulin for the treatment of
diabetes to investigate the product's potential when delivered by
continuous subcutaneous infusion via insulin pump. The trial is
expected to complete in H2 2022 and builds on an earlier European
Phase I clinical study in Type I diabetic patients in which AT247
exhibited an earlier insulin appearance, exposure, and offset, with
corresponding enhanced early glucose-lowering effect compared with
NovoRapid(R) and Fiasp(R).
The Group also continues to drive growth through its portfolio
of collaborations across leading pharmaceutical, medical products
and biotech companies. The two exclusive formulation study
collaborations signed in Q4 2021 add to the Group's expanding
portfolio of revenue generating partnerships and demonstrate the
potential of Arecor's Arestat(TM) formulation technology to bring
enhanced products to market for partners, simplifying care and
improving medicine management. As previously announced, in H1 2022
Arecor expects further progress in its co-development agreement
with Hikma to develop a new, ready-to-use (RTU) injectable medicine
(AT282), transferring the final formulation to Hikma and triggering
a milestone payment.
Arecor is also pleased to announce that the European Patent
Office has granted patent EP3496734B, with claims protecting novel
compositions of insulin glargine with improved thermostability.
This grant further demonstrates the strength of the patent
portfolio protecting the Group's proprietary Arestat(TM)
technology.
Sarah Howell, Chief Executive Officer of Arecor, said: "The
continued business progress reflects the strength of our
formulation technology and the role it can play in the development
of innovative medicines through the enhancement of existing
therapeutic products. In the coming months we very much look
forward to advancing both our proprietary pipeline and expanding
further our portfolio of partnerships. 2022 has begun with strong
momentum across the business and we look forward to further
updating the market at our preliminary results."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 (MAR)
-ENDS-
For more information, please contact:
Arecor Therapeutics plc www.arecor.com
Dr Sarah Howell, Chief Executive Officer Tel: +44 (0) 1223 426060
Email: info@arecor.com
Susan Lowther, Chief Financial Officer Tel: +44 (0) 1223 426060
Email: info@arecor.com
Mo Noonan, Communications Tel: +44 (0) 7876 444977
Email: mo.noonan@arecor.com
Panmure Gordon (UK) Limited (NOMAD
and Broker)
Freddy Crossley, Emma Earl (Corporate Tel: +44 (0) 20 7886 2500
Finance)
Rupert Dearden (Corporate Broking)
Consilium Strategic Communications
Chris Gardner, David Daley, Angela Tel: +44 (0) 20 3709 5700
Gray Email: arecor@consilium-comms.com
Notes to Editors
About Arecor
Arecor Therapeutics plc is a globally focused biopharmaceutical
group transforming patient care by bringing innovative medicines to
market through the enhancement of existing therapeutic products. By
applying our innovative proprietary formulation technology
platform, Arestat(TM), we are developing an internal portfolio of
proprietary products in diabetes and other indications, as well as
working with leading pharmaceutical and biotechnology companies to
deliver enhanced formulations of their therapeutic products. The
Arestat(TM) platform is supported by an extensive patent
portfolio.
For further details please see our website, www.arecor.com
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