REG - Arecor Therapeutics - ARECOR ANNOUNCES TRANSFER OF AT307 TO HIKMA

Arecor TherapeuticsAnnouncement

12/01/2023 07:00

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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™, 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™ 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 (http://www.arecor.com/)
 Dr Sarah Howell, Chief Executive Officer         Tel: +44 (0) 1223 426060

                                                  Email: info@arecor.com (mailto:sarah.howell@arecor.com)

 Susan Lowther, Chief Financial Officer           Tel: +44 (0) 1223 426060

                                                  Email: info@arecor.com (mailto:susan.lowther@arecor.com)

 Mo Noonan, Communications                        Tel: +44 (0) 7876 444977

                                                  Email: mo.noonan@arecor.com (mailto:mo.noonan@arecor.com)

 Panmure Gordon (UK) Limited (NOMAD and Broker)   Tel: +44 (0) 20 7886 2500

 Freddy Crossley, Emma Earl (Corporate Finance)

 Rupert Dearden (Corporate Broking)

 Consilium Strategic Communications
 Chris Gardner, David Daley, Lindsey Neville      Tel: +44 (0) 20 3709 5700

                                                  Email: arecor@consilium-comms.com (mailto: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™, 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™
platform is supported by an extensive patent portfolio.

 

For further details please see our website, www.arecor.com
(http://www.arecor.com)

 

 

 

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