TIDMAREC
RNS Number : 5821G
Arecor Therapeutics PLC
20 July 2023
Arecor Therapeutics plc
("Arecor" or the "Group")
BUSINESS UPDATE
- Strong pipeline of revenue-generating collaborations with
major pharmaceutical and biotech companies with further deals
anticipated during H2 and beyond
- Significant progress across proprietary diabetes focused
portfolio with AT278 scheduled to complete within Q4 2023
- Good partner progress across licensed portfolio
Cambridge, UK, 20 July 2023: Arecor Therapeutics plc (AIM:
AREC), the biopharmaceutical group advancing today's therapies to
enable healthier lives, today provides a business update and
announces that its interim results for the six months ended 30 June
2023 will be issued in mid-September.
Arecor is pleased to report strong progress across the business
in the first half of 2023, with advances across its in-house and
partnered programmes and continued success in the roll-out of
Ogluo(R) in key territories. Arecor looks forward to providing a
full update on performance and outlook at the time of its interim
results. The Group's unaudited cash position at 30 June 2023 was
GBP8.2 million.
Sarah Howell, Chief Executive Officer at Arecor, said: "We have
continued to make significant progress across all areas of the
business, strengthening the foundations for future growth across
our in-house proprietary products and partnered programmes and
supported by a revenue contribution from our commercial subsidiary,
Tetris Pharma. Later this year we expect key data for AT278 and
anticipate further value inflection points within our licensed
product portfolio. With further partnerships and collaborations
expected, we are continuing towards our ambition of building a
significant self-sustaining biopharmaceutical company."
The Group has continued to make strong progress across its
proprietary diabetes focused portfolio. The second Phase I clinical
trial of AT278 in Type 2 diabetic patients is scheduled to complete
within Q4 2023. AT278 is an ultra-rapid, ultra-concentrated
(500U/mL) insulin candidate that has been designed to accelerate
the absorption of insulin post injection, despite a 5-fold increase
in concentration compared with 100U/mL insulins available to
patients today. It has the potential to become the gold standard
treatment for the growing population of people with diabetes with
high daily insulin needs as the first and potentially only
concentrated, yet rapid acting insulin. A truly rapid acting,
concentrated insulin is also a critical step towards the
advancement of the next generation of longer wear and miniaturised
insulin delivery devices. Positive results from the Group's second
Phase I clinical trial investigating ultra-rapid acting insulin
product candidate, AT247, presented at the American Diabetes
Association (ADA) 83rd Scientific Sessions meeting in June 2023 ,
clearly demonstrate faster insulin absorption than current,
gold-standard, rapid acting insulins and reinforce AT247's
potential to enable a fully closed loop artificial pancreas - a
life changing treatment approach for people living with
diabetes.
The Group maintains a strong pipeline of revenue-generating
collaborations with major pharmaceutical and biotech companies with
further deals anticipated in H2 and beyond. In June 2023, the Group
entered into a revenue-generating agreement with a leading
biopharmaceutical company to support development of a biosimilar
product. This collaboration follows an earlier technology
partnership between the two companies, further demonstrating the
strength and relevance of the Group's technology platform and
expertise. This was the second agreement signed in the first half
of 2023, after an additional formulation agreement with an existing
Top 5 pharma partner in February, bringing the total number of new
technology partnerships signed to 10 since IPO. These partnerships
deliver revenue and offer significant upside potential from
licensing under milestone and royalty bearing agreements.
The Group's three licensed programmes, under milestone and
royalty-based agreements or equivalent, have also advanced. Arecor
continues to expect the first product incorporating its Arestat(TM)
technology, AT220, to be commercialised by its partner under a
royalty-generating license agreement in a multi-billion dollar
market, with US FDA approval anticipated in H2 2023.
In addition, Hikma continues to progress AT307, a ready-to-use
("RTU") injectable medicine after its milestone-triggering transfer
from Arecor in January 2023. The Group was also pleased to note, in
April 2023, that its partner Inhibrx initiated a
registration-enabling trial of INBRX-101, an Arestat(TM) formulated
optimized recombinant human AAT-Fc fusion protein, for treatment of
patients with emphysema due to alpha-1 antitrypsin deficiency
(AATD).
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) (glucagon prefilled
autoinjector pen), adding Denmark and Norway in May 2023 , to
existing markets in Austria, Germany and the UK, and sales continue
to grow. During the remainder of H2 2023, Tetris Pharma will focus
on accelerating market adoption of Ogluo(R) and roll-out across key
territories. With this continued focus on growing and maximising
the value of Ogluo(R) in the UK and Europe, Dr Shafiq Choudhary,
Founder and Managing Director, will be leaving the business later
this year following a handover period. The Management Team and
Board of Arecor thank Shafiq for his contribution and commitment
since the acquisition.
The momentum we are seeing and the increasingly pan-European
focus of our commercial efforts provide the Group with continued
confidence in Ogluo(R). Sales of Gvoke(R) in the US also remain
strong with continued quarter on quarter growth and, while the
market dynamics clearly differ, the US experience provides further
support for the Group's belief in the growth potential of the
product in the UK and Europe.
The Group has continued to strengthen its patent portfolio to
protect its Arestat(TM) technology platform and proprietary
pipeline products, with six new patent grants this year, most
recently, in June 2023 , announcing key patents from the European
Patent Office and the China National Intellectual Property
Administration, protecting novel formulations of AT278 and AT247.
The Group's intellectual property (IP) portfolio currently
comprises 36 patent families, including >75 granted patents in
Europe, the US and in other key territories.
This announcement contains inside information for the purposes
of the retained UK version of the EU Market Abuse Regulation (EU)
596/2014 ("UK 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
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, 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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