Arecor Therapeutics PLC (AIM:AREC) announces an expanded collaboration with Eli Lilly and Company that will see the former's Arestat technology used to develop a new enhanced liquid formulation of an unnamed product sold by the American drugs giant.
Lilly will finance the development and holds an option to acquire rights to this innovative formulation and related intellectual property.
Arecor chief executive Sarah Howell said: "Building on what has already proven to be a successful partnership, we are delighted that Lilly has turned to us once again for our innovative technology and expertise."
The company now has 11 technology partnerships that "provide near-term revenue plus upside potential from future licensing opportunities", Howell noted.