REG - Arecor Therapeutics - Arecor Full Year 2024 Trading Update

Arecor TherapeuticsAnnouncement

03/02/2025 07:15

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RNS Number : 6234V  Arecor Therapeutics PLC  03 February 2025

Arecor Therapeutics plc

("Arecor" or the "Company")

 

Full Year 2024 Trading Update

 

Cambridge, UK, 3 February 2025: Arecor Therapeutics plc (AIM: AREC), the
biopharmaceutical company advancing today's therapies to enable healthier
lives, provides an unaudited trading update and announces that its audited
results for the 12 months ended 31 December 2024 will be issued during April
2025.

 

Highlights

-        Arecor's operations and resources focused on proprietary
products and drug delivery technologies in areas of high unmet need in large
markets to deliver transformational value opportunities

o  Progress towards co-development partnership for AT278 clinical pump study
continues at pace

o  Non-clinical PK data for oral GLP-1 on track to be delivered within 1H 25

-        Total revenue of £5.1 million (2023: £4.6 million)

-        Cash and cash equivalents of £3.3 million (2023: £6.8
million)

 

Sarah Howell, Chief Executive Officer of Arecor, said: "Arecor is focussed on
transforming patient care by bringing innovative medicines to market. As such,
we are focused on R&D opportunities where there are significant unmet
patient needs that we can address, in high value markets. We are particularly
excited by the prospects of AT278, our unique ultra-concentrated, ultra-rapid
acting insulin and also our prospects of developing a game-changing technology
platform for the oral delivery of peptides, on the back of early initial
positive data. We are well positioned for future success and remain confident
in our prospects having now streamlined our focus to fully pursue
opportunities for Arecor that drive significant value creation for
shareholders."

 

AT278 - a superior insulin candidate for innovative insulin pump technology

Arecor remains confident in its ability to maximise the high value
opportunities within its next-generation insulin portfolio, focusing on the
continued development of its novel ultra-concentrated, ultra-rapid acting
insulin candidate, AT278. The Company is in advanced negotiations for a
co-development deal to further develop AT278 in a next-generation insulin
pump. With superior characteristics in the competitive insulin analogue
market, demonstrated by the positive results
(https://otp.tools.investis.com/clients/uk/arecor_therapeutics_plc/rns/regulatory-story.aspx?cid=2671&newsid=1862807)
from the Company's Phase I clinical trial in Type 2 diabetics with a high body
mass index (BMI), AT278 presents a unique opportunity to improve the future
management of diabetes and generate significant value for Arecor.

 

Transformational potential from an oral peptide delivery platform

Arecor is advancing innovation in the field of oral delivery of peptides, with
the initial focus on developing an oral GLP-1 with superior bioavailability to
the only marketed oral GLP-1 available today, Rybelsus®. With positive in
vitro data, Arecor is rapidly advancing the next stages of development with
non-clinical pharmacokinetic (PK) data on track to be delivered in 1H 2025. If
successful, an oral GLP-1 with enhanced bioavailability has the potential to
generate significant value and, more importantly, validate the broader
application of Arecor's technology in the growing and highly valuable field of
oral peptide therapeutics.

 

Trading for the full year ended 31 December 2024

For the 12 months ended 31 December 2024, revenue was £5.1 million (2023:
£4.6 million). This included contributions from the royalty stream associated
with the commercialised product AT220, revenues from Arecor's multiple
partnered programmes, and Tetris Pharma sales. Arecor closed its financial
year with cash and cash equivalents of £3.3 million.

 

Tetris Pharma

Arecor announced its decision in January 2025 to cease operations
(https://otp.tools.investis.com/clients/uk/arecor_therapeutics_plc/rns/regulatory-story.aspx?cid=2671&newsid=1899705)
within its subsidiary Tetris Pharma alongside the mutual agreement with Xeris
BioPharma Holdings, Inc. to return the rights to Ogluo®, the ready to-use
glucagon auto-injector pen for severe hypoglycaemia. Tetris Pharma delivered
product sales of £3.4 million in 2024 (2023: £2.9 million). During 2025,
Tetris Pharma will generate cash through selling existing Ogluo pens into 2H
25.

 

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 Officer                      Tel: +44 (0) 1223 426060

                                                               Email: info@arecor.com (mailto:info@arecor.com)
 David Ellam, Interim Chief Financial Officer                  Tel: +44 (0) 1223 426060

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

 Singer Capital Markets Advisory LLP (NOMAD and Joint Broker)
 Phil Davies, Sam Butcher                                      Tel: +44 (0) 20 7496 3000

 WG Partners LLP (Joint Broker)
 Nigel Barnes, Satheesh Nadarajah                              Tel: +44 (0) 20 3705 9321

 David Wilson, Claes Spang

 ICR Healthcare
 Chris Gardner, David Daley, Lindsey Neville                   Tel: +44 (0) 20 3709 5700

                                                               Email: arecor@icrhealthcare.com (mailto:arecor@icrhealthcare.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™, 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™ 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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