Arecor Therapeutics PLC BUSINESS UPDATE (1916N)
January 19 2023 - 2:00AM
UK Regulatory
TIDMAREC
RNS Number : 1916N
Arecor Therapeutics PLC
19 January 2023
Arecor Therapeutics plc
("Arecor", the "Company" or the "Group")
BUSINESS UPDATE
Cambridge, UK, 19 January 2023: 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 2022 will be issued during the week commencing 17
April 2023.
The financial performance for the 12 months ended 31 December
2022 was in line with market expectations and the Group closed its
financial year with an unaudited cash balance of GBP12.8
million.
Arecor's proprietary portfolio of diabetes products continues to
make excellent progress. Headline results from the second Phase I
clinical trial of the Group's ultra-rapid acting insulin candidate,
AT247, announced in October 2022, clearly demonstrate faster
insulin absorption than currently available gold standard rapid
acting insulins, NovoRapid(R) and Fiasp(R). These results reinforce
the potential of AT247 to enable a fully closed loop artificial
pancreas system, a potentially life changing treatment option for
people living with diabetes. A second Phase I trial of AT278, an
ultra-rapid acting, ultra-concentrated insulin candidate, was
initiated earlier this month in Type 2 diabetic patients, to
further explore the product's potential to disrupt the market as
the first concentrated, yet rapid acting, insulin. The study is
expected to complete within Q4 2023.
The Group also continues to execute its partnering strategy with
major pharmaceutical and biotech companies. The Group continues to
grow its portfolio of partnerships as demonstrated by its recent
exclusive formulation study collaboration established in November
2022 with the pharmaceutical division of one of the world's largest
chemicals marketing and pharmaceutical companies. This
collaboration adds to the Group's growing portfolio of partnerships
and demonstrates the potential of Arecor's Arestat(TM) technology
to bring enhanced products to market for partners and, subject to
licencing, include potential significant revenue upside. The
recently announced (January 2023) transfer to Hikma of AT307, a
ready-to-use ("RTU") injectable medicine developed as part of a
collaboration established in 2020, is a significant milestone not
only further validating Arecor's expertise in developing RTU
medicines, but also Hikma's commitment to further develop and
commercialise this key medicine. Hikma's decision to deprioritise
AT282, the second RTU medicine under co-development, and to return
all rights to Arecor, provides the Group with optionality for the
future of this product and further partnering opportunities.
Tetris Pharma, the speciality pharmaceutical company acquired by
Arecor in August 2022, continues the European commercial roll out
of its key diabetes product, Ogluo(R), a proprietary ready-to-use
glucagon autoinjector pen indicated to treat severe hypoglycaemia.
Following an earlier UK launch, the product has been available to
patients in Germany since November and was launched in Austria
earlier this month. A service agreement between Tetris Pharma and
Syneos Health, signed in December 2022, will support the product's
continued, accelerated roll-out across Europe, with additional
launches planned across key European territories throughout the
year to further support anticipated revenue growth.
Sarah Howell, Chief Executive Officer of Arecor, said: "We have
once again seen significant progress across our internal portfolio
of proprietary products and within our partnered programmes, which
truly reflects the strength and broad applicability of our
formulation technology. In addition, our recently acquired
subsidiary, Tetris Pharma, is successfully executing the European
roll out of its lead product, Ogluo (R). We look forward to further
delivery of our strategy in 2023 and will update the market further
in our preliminary results."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
-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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