Arecor Therapeutics PLC ARECOR ANNOUNCES TRANSFER OF AT307 TO HIKMA (4644M)
January 12 2023 - 2:00AM
UK Regulatory
TIDMAREC
RNS Number : 4644M
Arecor Therapeutics PLC
12 January 2023
Arecor Therapeutics plc
("Arecor" or the "Group")
ARECOR ANNOUNCES TRANSFER OF AT307 TO HIKMA
License milestone to develop and commercialise ready-to-use
medicine achieved
Arecor regains rights to AT282 following portfolio review at
Hikma
Cambridge, UK, 12 January 2023: Arecor Therapeutics plc (AIM:
AREC), the biopharmaceutical group advancing today's therapies to
enable healthier lives, is pleased to announce a key advancement in
the development of AT307, a ready-to-use ("RTU") injectable
medicine, with the transfer of development activities and
achievement of the next license milestone under the co-development
and license agreement with Hikma.
Following the agreement announced in October 2020, Arecor has
successfully completed the application of its proprietary drug
formulation technology platform, Arestat(TM), to develop a novel
RTU formulation of an existing therapeutic product. Hikma has
triggered the transfer of AT307 and will now take full
responsibility for further development of the product and seeking
approval under the U.S. Food and Drug Administration's 505(b)(2)
regulatory pathway. Hikma will generate all data required for
regulatory submission and approval in its territories, including
the United States. These studies will be fully funded by Hikma.
Under the terms of the royalty-based agreement, a milestone payment
to Arecor has also been triggered. This follows the upfront payment
to Arecor in October 2020 following signature of the co-development
and license agreement between the parties.
In addition, following a product portfolio review, Hikma has
made the decision to deprioritise AT282, the second RTU medicine
under co-development with Arecor as part of the co-development and
licensing agreement. All rights to this product will be returned to
Arecor and on the back of a strong data package being available for
this product Arecor will assess options for seeking a new partner
for this important product.
Sarah Howell, Chief Executive Officer of Arecor, said: "We are
delighted to be able to announce the achievement of this
significant milestone for AT307. Arecor has an excellent track
record in developing RTU medicines which are coming to play an
increasing role in enabling fast, safe and effective treatment
options for patients and care providers. The transfer of this
differentiated RTU product to Hikma demonstrates their commitment
to its further development and future commercialisation to bring
this important medicine to patients. It also meets a financial
license milestone under our royalty bearing agreement.
"Having advanced the development of AT282 as part of our
collaboration, we will now explore options to achieve commercial
value through partnering and will provide an update in due
course."
Riad Mishlawi, President of Injectables at Hikma, said: "Today's
announcement marks an important milestone in our strategic
partnership with Arecor. It further demonstrates our commitment to
bring important new RTU treatment options to patients and the
potential of Arecor's Arestat (TM) technology to deliver difficult
to achieve differentiated ready-to-use liquid formulations of
products currently only available as lyophilised powders. We look
forward to advancing AT307 through further development and to
continuing our highly productive collaboration with Arecor."
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 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)
Consilium Strategic Communications
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
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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