Arecor Therapeutics PLC (AIM:AREC) has hinted that further deals are being penned for the second half of the year.
In a business update which revealed that its interim results would come out in mid-September, the biopharmaceutical firm suggested that further partnerships were being eyed following the two already sealed in 2023.
“With further partnerships and collaborations expected, we are continuing towards our ambition of building a significant self-sustaining biopharmaceutical company,” Arecor chief executive officer Sarah Howell said.
AIM-listed Arecor has already signed deals with a leading biopharmaceutical company and an existing top five pharmaceuticals firm in the first half of the year, to develop biosimilar products and formulate existing assets respectively.
“These partnerships deliver revenue and offer significant upside potential from licensing under milestone and royalty-bearing agreements,” the group explained in its statement. They also marked the ninth and tenth partnerships signed by Arecor since its mid-2021 float in London.
Also hailing progress so far this year, Arecor confirmed it held cash of £8.2mln by late June, with strong progress in Europe of its patented glucose goods, alongside growing sales in the US.
Key results from the second phase one trial of ultra-rapid and concentrated insulin AT278 are also to be expected come by the year-end, Arecor said, after tests in type two diabetics.
“Later this year we […] anticipate further value inflection points within our licensed product portfolio,” Howell added, “strengthening the foundations for future growth”.
The company also revealed that Shafiq Choudhary, managing director of newly acquired Tetris Pharma, will leave the business later this year amid a new focus on the rollout of glucose products in Europe.