Arecor Therapeutics PLC (AIM:AREC) said the ‘momentum continues’ across its portfolio of owned and partnered assets as it flagged the start of a US phase I trial of its lead asset.
Investors were told that it had begun its clinical assessment of AT247, an ultra-rapid insulin that will be delivered by continuous subcutaneous infusion via insulin pump.
The assessment will compare the Arecor treatment with two other rapid onset insulins in what is called a three-way crossover study.
Specifically, researchers will assess how the drug interacts with the human body.
The evaluation is expected to be complete in the second half of the year and builds on an earlier phase I European study.
In a separate announcement, the biopharma specialist provided a business update in which it said it had £18.3mln in the bank as at the end of last year, leaving it in a strong financial position.
Two exclusive agreements signed towards the tail end of last year have expanded the company’s portfolio of revenue-generating commercial partnerships, Arecor said.
Its work on a new ready-to-use injectable medicine should trigger a milestone payment from Hikma in the first half of this year when it hands over the final formulation to the FTSE 100 drugs group.
Chief executive Sarah Howell said: "The continued business progress reflects the strength of our formulation technology and the role it can play in the development of innovative medicines through the enhancement of existing therapeutic products.
“In the coming months, we very much look forward to advancing both our proprietary pipeline and expanding further our portfolio of partnerships.
“2022 has begun with strong momentum across the business and we look forward to further updating the market at our preliminary results."