Arecor Therapeutics PLC (AIM:AREC) has passed a significant commercial landmark following the first commercial sale of a product that incorporates its proprietary Arestat technology, known as AT220.
Part of a licence agreement with an unnamed global pharma partner initiated in 2017, the milestone has triggered a payment to Arecor. It will also receive royalties on sales.
The Arecor technology was used to develop a "differentiated" form of a drug already on the market.
"The commercialisation of this product in Europe, the first to be launched incorporating our Arestat technology, is a significant milestone for Arecor and further demonstrates the strength of our Arestat platform and the value it can bring to our partners and ultimately patients," said chief executive Sarah Howell.
"This also triggers a milestone payment and will lead to royalty payments, further underscoring our confidence in our strategy and the potential of our in-house portfolio and pipeline of partnered products to deliver long-term value to shareholders."