REG - Arecor Therapeutics - Inhibrx milestone triggers payment to Arecor

Arecor TherapeuticsAnnouncement

02/11/2023 07:16

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RNS Number : 1183S  Arecor Therapeutics PLC  02 November 2023

Arecor Therapeutics plc

("Arecor" or the "Company")

 

INHIBRX MILESTONE TRIGGERS PAYMENT TO ARECOR UNDER LICENSE AGREEMENT

 

Cambridge, UK, 2 November 2023. Arecor Therapeutics plc (AIM: AREC), the
biopharmaceutical company advancing today's therapies to enable healthier
lives, announces the triggering of a milestone payment from Inhibrx Inc.
("Inhibrx"), for a novel enhanced formulation of INBRX-101, developed by
Arecor using the Company's patented technology, Arestat™, under a license
agreement entered into by the two companies in December 2020.

 

Under the terms of the license agreement, Arecor received an initial upfront
payment from Inhibrx and is entitled to further payments on the achievement of
certain development, regulatory and commercial milestones along with annual
Technology Access Fees post commercialisation.

 

INBRX-101 is an optimized recombinant human AAT-Fc fusion protein, for
treatment of patients with emphysema due to alpha-1 antitrypsin deficiency
(AATD). AATD is an underdiagnosed inherited orphan genetic disease that can
cause serious lung disease in adults and/or liver disease at any age,
affecting an estimated 100,000 patients in the United States. INBRX-101 has
the potential to significantly reduce the frequency of annual infusions,
eliminate lung decline from Alpha-1 Disease, and could significantly improve
patient quality of life compared to the current standard of care. In March
2022, the FDA granted orphan-drug designation for INBRX-101 for the treatment
of AATD.(1) On 26 April 2023, Inhibrx announced the initiation of a
registration-enabling trial for INBRX-101.(1) The initial read-out from the
ElevAATe trial is expected to occur in late 2024.

 

Sarah Howell, Chief Executive Officer of Arecor, said: "This collaboration
demonstrates the unique capability of the Arestat™ technology to deliver
superior and novel formulations of complex products, in this case for
treatment of an orphan disease. It also highlights the strength of Arecor's
licensing model in providing the opportunity to receive near-term revenues
from milestone payments and future significant revenue upon commercialisation,
bringing long-term value to the Company and our shareholders. Inhibrx is an
excellent partner, and we are delighted with the progress made in INBRX-101's
development programme. This registration-enabling study may be sufficient to
file for regulatory approval under the FDA's Accelerated Approval Program and
is an important step in making this much needed medicine available to patients
with AATD."

 

This announcement contains inside information for the purposes of the
retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK
MAR").

 

1.
https://inhibrx.investorroom.com/2023-04-26-Inhibrx-Initiates-a-Registration-Enabling-Trial-of-INBRX-101-in-AATD-and-Announces-Lift-of-Partial-Clinical-Hold-on-INBRX-109-DR5-Agonist-Trials
(https://inhibrx.investorroom.com/2023-04-26-Inhibrx-Initiates-a-Registration-Enabling-Trial-of-INBRX-101-in-AATD-and-Announces-Lift-of-Partial-Clinical-Hold-on-INBRX-109-DR5-Agonist-Trials)

 

-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

 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)   Tel: +44 (0) 20 7886 2500

 Freddy Crossley, Emma Earl (Corporate Finance)

 Rupert Dearden (Corporate Broking)

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

                                                  Email: arecor@consilium-comms.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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