REG - Arecor Therapeutics - BUSINESS UPDATE

Arecor TherapeuticsAnnouncement

19/01/2023 07:00

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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 £12.8 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® and Fiasp®.  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™ 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®, 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®. 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 (http://www.arecor.com/)
 Dr Sarah Howell, Chief Executive Officer        Tel: +44 (0) 1223 426060

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

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

                                                 Email: info@arecor.com (mailto:info@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)
 Freddy Crossley, Emma Earl (Corporate Finance)  Tel: +44 (0) 20 7886 2500

 Rupert Dearden (Corporate Broking)

 Consilium Strategic Communications
 Chris Gardner, David Daley, Angela Gray         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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