Arecor Therapeutics PLC (AIM:AREC) said it is preparing for another busy year after making significant progress clinically, financially and commercially. Key among those achievements was exiting the period with £6.8 million in the bank - which was more than expected.
In its update, Arecor said it had completed patient enrolment in its AT278 clinical trial, marking a significant step towards the release of key data expected in the first half of 2024.
Additionally, it celebrated the first commercial launch of a product incorporating its Arestat technology, AT220, which has started generating royalties following a milestone payment.
Turning to the financials, total income rose to £5.6 million from £3.5 million in 2022. The number reflected the successful commercial roll-out of diabetes treatment Ogluo by Tetris Pharma and securing new revenue-generating technology partnership agreements.
Sarah Howell, CEO of Arecor, highlighted the launch of the first commercial product using Arestat, the ongoing success of Tetris Pharma's Ogluo across the UK and Europe, and the potential of the diabetes portfolio as key drivers of the company's success in 2024.
"We continue to realize the potential of our Arestat platform, building a significant biopharmaceutical company," Howell stated, emphasizing the strong sales performance and the anticipation of further partnerships and clinical data in 2024.