Andrew Richards, chair of Arecor Therapeutics PLC (AIM:AREC), developer of next-generation diabetes drugs, said the company is making "significant strides" towards establishing a self-sustaining business.
Ahead of the annual meeting, investors were told progress was made on a number of fronts last year and in the face of some difficult market and economic conditions.
"New partnerships with leading pharmaceutical companies strengthened our reputation as an innovator that pharma and biopharma can work with and clearly demonstrate the strength and relevance of our platform and intellectual property," Richards said.
"These partnerships provide a route to multiple potential ongoing revenue streams through licenses and through pre-license technology partnerships.
"Our existing partnerships continue to progress towards commercialisation and we see significant further opportunities to apply our technology in ready-to-use and ready-to-administer hospital care medicines and to partner programmes across a range of indications and formulations."
He also expressed satisfaction over the successful completion of a phase I clinical trial for the ultra-rapid acting insulin candidate AT247 in diabetes treatment, which shows promising features for optimal insulin delivery in a fully closed loop artificial pancreas.
This achievement dovetails with the initiation of a second phase I clinical trial for AT278, an ultra-rapid-acting, ultra-concentrated insulin candidate for Type 2 diabetes patients.
"In terms of our financial growth, we managed to secure a £6 million investment to acquire Tetris Pharma, a move that will potentially equip Arecor with a revenue-generating marketing, sales and distribution capability," Richards noted.
This acquisition is expected to bring greater flexibility to the firm in the future, particularly for its specialty products franchise and potential partner products. The addition of Tetris' lead product, Ogluo, is likely to speed up Arecor's commercial strategy.
Looking ahead to 2023, Richards is optimistic about an accelerated performance across key business areas, with the ultimate goal of continually creating long-term value for shareholders.