Arecor Therapeutics PLC (AIM:AREC) chief executive Sarah Howell used the company's interim results release to hail the potential of its lead asset, AT278, a fast-acting insulin.
A phase I study revealed it performed better than the current gold standard when administered to people with Type 2 diabetes who are overweight.
The read-out was the highlight from a busy six months for the business with the pace unlikely to drop in the second half.
Arecor said it plans to expand its diabetes and obesity pipeline. It is targeting the GLP-1 market to create an oral alternative to mega-blockbusters such as Ozempic and Mounjaro and it has also inked a deal with Medtronic, the med-tech giant.
In commentary alongside the results, it said that AT220, the first product using the company's Arestat technology, is generating growing royalties under a worldwide licensing agreement.
For the six months ending June 30, the group recorded revenue of £2 million and a loss of £4.64 million, reflecting heavy investment in R&D. It had cash of £2.53 million and has raised a further £6.4 million.
Looking ahead, Arecord said it was on track to meet 2024 revenue targets but warned of potential uncertainties tied to AT220 royalties on sales, ongoing licensing deals, and the growth of Ogluo product sales.
"With multiple opportunities for value creation, we continue to build momentum across the business," said CEO Howell.
"With a strengthened financial position following our fundraise we are confident in our ability to deliver against our strategy and excited about what can be achieved through 2024 and beyond."