Arecor Therapeutics PLC (AIM:AREC) said it made ‘significant progress’ last year as it updated investors ahead of its annual results.
As a research-led group, cash investment is key to achieving its goals. The market was told the company is well funded with an unaudited cash balance of £12.8mln as of December 31, 2022.
Assessing Arecor’s performance in the lab, the trading update noted that its proprietary portfolio of diabetes products continue to make ‘excellent’ headway.
Results from the second phase I clinical trial of the group's ultra-rapid-acting insulin candidate, AT247 were announced in October 2022. They ‘clearly demonstrated’ faster insulin absorption than currently available gold standard rapid-acting insulins, NovoRapid and Fiasp, the company said.
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, it added.
Arecor also continued to ‘execute’ its partnering strategy with major pharmaceutical and biotech companies, the group said.
Key among them was an exclusive formulation study collaboration established in November 2022 with one of the world's largest chemicals marketing and pharmaceutical companies.
It adds to a growing portfolio of partnerships. It also demonstrates the potential of Arecor's Arestat technology to bring enhanced products to market for partners and, subject to licensing, including potential significant revenue upside, the firm said.
The company also recently announced that it has transferred AT307, a ready-to-use injectable medicine developed as part of a collaboration established in 2020, to Hikma Pharmaceuticals PLC.
This is a significant milestone that further validates Arecor's expertise in developing ready-to-use medicines and Hikma's commitment to develop further and commercialise this essential medicine, investors were told.
In a statement, Arecor chief executive Sarah Howell 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.”