Arecor Therapeutics PLC (AIM:AREC) is gearing up for a busy end to the current year and start to 2024, according to commentary alongside the company's interim results.
Among the upcoming highlights are anticipated further partnering milestones and continued commercial traction for Ogluo, its diabetes product.
Potentially moving the dial will be key data from key asset AT278, Arecor's ultra-rapid, ultra-concentrated insulin candidate.
The company made significant strides in this regard, including progress in the second phase I clinical trial of AT278.
AT247, another ultra-rapid insulin, showed promise in enabling a fully closed-loop artificial pancreas system.
The firm also transferred AT307, a ready-to-use injectable medicine, to Hikma Pharmaceuticals in January, triggering a milestone payment.
Additionally, the company expanded its market presence with Ogluo, a diabetes treatment, in Denmark, Norway and Austria. It also strengthened its intellectual property portfolio with key patents granted in multiple countries.
The company expects regulatory approval for its first Arestat technology-based product, AT220, in the coming months and has entered into three new revenue-generating partnerships in the pharmaceutical and biotech sectors.
In its interim results for the six months ending 30 June 2023, the biotech company revealed a 141% increase in revenue to £1.7 million, up from £0.7 million in the first half of 2022.
Total income also rose by 103% to £2.3 million. The firm reported a loss after tax of £4.5 million, which is to be expected from a company investing heavily in research.
More importantly, it had £8.2 million in the bank as of the period-end, supplemented by a £1.3 million R&D tax credit received last month.