Arecor is planning to debut on AIM with a £20mln IPO next month to boost its pipeline of diabetes treatment.
The biopharmaceutical group was recently awarded a £2.8mln grant from Innovate UK to support the Phase II development of AT247.
WATCH: Arecor awarded £2.8m from Innovate UK to accelerate fight against diabetes
The candidate is an ultra-rapid acting insulin product based on the biopharma company’s proprietary Arestat technology platform.
The formulation was designed to accelerate insulin absorption, post injection, to achieve more effective and controlled management of blood glucose levels.
Arecor spun out of Unilever PLC (LON:ULVR) in 2007, though the consumer goods giant remains a major shareholder with a 20% stake.
Calculus, Downing and Albion Ventures became shareholders in a 2018 funding round, with stakes of 11.17%, 7.82% and 7.82% respectively.
Panmure Gordon is acting as adviser and broker in the flotation, the Evening Standard reported.