Arecor Therapeutics PLC (AIM:AREC) said it is expanding its exclusive hospital formulation collaboration with an unnamed chemicals pharma company.
The partnership, initiated in November 2022, is focused on developing a unique, ready-to-use liquid formulation of the drug AT351 using Arecor's Arestat technology.
Certain 'in-house activities' will now be undertaken to accelerate the development programme. These efforts are directed towards advancing towards a pre-Investigational New Drug (Pre-IND) meeting with the US Food and Drug Administration (FDA).
To support this intensified development, Arecor's partner will provide additional funding. The agreement also includes an option for the partner to acquire rights to the new proprietary formulation. This opportunity falls under Arecor's technology licensing model, which would allow further development and commercialisation of the product.
"The rapid progress of this collaboration and expansion of the development project illustrate the value that our proprietary technology platform, Arestat, and our experience in the specialty hospital field, can bring to our partners and the development of differentiated medicines to improve patient outcomes," said chief executive Sarah Howell.