Arecor Therapeutics PLC (AIM:AREC) chief executive Sarah Howell described 2022 as a “year of delivery and execution" as she primed investors for another busy 12 months.
“As clinical development of the two lead insulin candidates in our diabetes franchise rapidly advances, 2023 should provide further evidence of their potential to enable a new frontier in diabetes management,” she added in commentary alongside the company’s prelims.
Looking ahead, Howell expects the first product incorporating the company’s ArestatT technology, AT220, to be marketed via a partnership under a royalty-generating licence agreement in a multi-billion dollar market.
The commercial roll-out of Ogluo, recent acquisition Tetris Pharma's key diabetes product, will accelerate across key European territories meeting key patient needs for people living with diabetes at risk of severe hypoglycaemia, investors were told.
“Arecor enters 2023 in its strongest position yet to transform patient care with enhanced, differentiated, life-changing treatments. I would like to thank our board, partners, stakeholders and shareholders for their belief in Arecor. And above all, my colleagues for their exceptional efforts and scientific achievements,” Howell added.
Financially, the company performed as you’d expect of a business heavily investing in research and development. It posted a loss of £9.3mln for the 12 months that ended 31 December 2022 (of which £8.6mln was spent on R&D). However, it also exited 2022 with £12.8mln in the bank.
One of the highlights of the year was the acquisition of Tetris Pharma, which received investor support in the form of a £6mln share placing.
Operationally, it was a busy year, too. Arecor announced positive results from a US phase I clinical trial of AT247, an ultra-rapid-acting insulin delivered via a continuous subcutaneous infusion through an insulin pump.
The findings bolstered AT247's potential to facilitate a fully closed-loop artificial pancreas system.
The company also initiated a second phase I trial of ultra-rapid acting, ultra-concentrated AT278 for type 2 diabetes patients, with the first patient dosed in the first quarter.
In addition, it transferred the ready-to-use injectable medicine AT307 to Hikma. The Arestat-enabled product's transfer to Hikma triggered a licence milestone for Arecor.
The company strengthened its partnership portfolio with two new collaborations involving a top-five global pharmaceutical firm and the pharmaceutical division of one of the world's largest chemicals marketing and pharmaceutical companies.
"2022 was a year of delivery and execution of our strategy,” CEO Howell said.
“As clinical development of the two lead insulin candidates in our diabetes franchise rapidly advances, 2023 should provide further evidence of their potential to enable a new frontier in diabetes management.”