Arecor Therapeutics PLC (AIM:AREC) said it expects to transfer a ready-to-use injectable formulation of a new product to partner Hikma Pharmaceuticals in 1H 2022.
Transfer of the formulation will trigger a milestone payment to Arecor under the terms of their collaboration agreement.
The two companies signed a deal in January for 2020 for two products to be developed using Arecor’s formulation platform Arestat.
Sarah Howell, Arecor’s chief executive, said: "We are pleased with the progress being made with AT282, the first of two co-development programmes with Hikma.
“Ready-to-use medicines such as AT282 are becoming increasingly important in the hospital setting and we are proud that our Arestat technology is supporting the development of a medicine that has the potential to provide a safer, more convenient and immediate treatment option for patients.”
Under the co-development agreement, Arecor is responsible for optimising the novel formulation of the product.
No details of Hikma's new products have been released but Arecor specialises in diabetes and has two drugs of its own currently undergoing early-stage clinical trials - ultra-rapid acting insulin (AT247) and ultra-concentrated rapid-acting insulin (AT278).