Arecor Therapeutics PLC Inhibrx milestone triggers payment to Arecor (1183S)
02 November 2023 - 6:00PM
UK Regulatory
TIDMAREC
RNS Number : 1183S
Arecor Therapeutics PLC
02 November 2023
Arecor Therapeutics plc
("Arecor" or the "Company")
INHIBRX MILESTONE TRIGGERS PAYMENT TO ARECOR UNDER LICENSE
AGREEMENT
Cambridge, UK, 2 November 2023. Arecor Therapeutics plc (AIM:
AREC), the biopharmaceutical company advancing today's therapies to
enable healthier lives, announces the triggering of a milestone
payment from Inhibrx Inc. ("Inhibrx"), for a novel enhanced
formulation of INBRX-101, developed by Arecor using the Company's
patented technology, Arestat(TM), under a license agreement entered
into by the two companies in December 2020.
Under the terms of the license agreement, Arecor received an
initial upfront payment from Inhibrx and is entitled to further
payments on the achievement of certain development, regulatory and
commercial milestones along with annual Technology Access Fees post
commercialisation.
INBRX-101 is an optimized recombinant human AAT-Fc fusion
protein, for treatment of patients with emphysema due to alpha-1
antitrypsin deficiency (AATD). AATD is an underdiagnosed inherited
orphan genetic disease that can cause serious lung disease in
adults and/or liver disease at any age, affecting an estimated
100,000 patients in the United States. INBRX-101 has the potential
to significantly reduce the frequency of annual infusions,
eliminate lung decline from Alpha-1 Disease, and could
significantly improve patient quality of life compared to the
current standard of care. In March 2022, the FDA granted
orphan-drug designation for INBRX-101 for the treatment of AATD.(1)
On 26 April 2023, Inhibrx announced the initiation of a
registration-enabling trial for INBRX-101.(1) The initial read-out
from the ElevAATe trial is expected to occur in late 2024.
Sarah Howell, Chief Executive Officer of Arecor, said: "This
collaboration demonstrates the unique capability of the Arestat(TM)
technology to deliver superior and novel formulations of complex
products, in this case for treatment of an orphan disease. It also
highlights the strength of Arecor's licensing model in providing
the opportunity to receive near-term revenues from milestone
payments and future significant revenue upon commercialisation,
bringing long-term value to the Company and our shareholders.
Inhibrx is an excellent partner, and we are delighted with the
progress made in INBRX-101's development programme. This
registration-enabling study may be sufficient to file for
regulatory approval under the FDA's Accelerated Approval Program
and is an important step in making this much needed medicine
available to patients with AATD."
This announcement contains inside information for the purposes
of the retained UK version of the EU Market Abuse Regulation (EU)
596/2014 ("UK MAR").
1.
https://inhibrx.investorroom.com/2023-04-26-Inhibrx-Initiates-a-Registration-Enabling-Trial-of-INBRX-101-in-AATD-and-Announces-Lift-of-Partial-Clinical-Hold-on-INBRX-109-DR5-Agonist-Trials
-ENDS-
For more information, please contact:
Arecor Therapeutics plc www.arecor.com
Dr Sarah Howell, Chief Executive Tel: +44 (0) 1223 426060
Officer 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 Tel: +44 (0) 20 7886 2500
and Broker)
Freddy Crossley, Emma Earl (Corporate
Finance)
Rupert Dearden (Corporate Broking)
ICR Consilium
Chris Gardner, David Daley, Lindsey Tel: +44 (0) 20 3709 5700
Neville Email: arecor@consilium-comms.com
Notes to Editors
About Arecor
Arecor Therapeutics plc is a globally focused biopharmaceutical
company transforming patient care by bringing innovative medicines
to market through the enhancement of existing therapeutic products.
By applying our innovative proprietary 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
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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