Arecor Therapeutics PLC (AIM:AREC) is well positioned to execute its strategy in 2022 after making significant progress in 2021.
The biopharmaceutical company floated in June 2021 and released its first set of full-year results, covering 2021.
The company raised £20mln in its flotation on AIM and ended the year with cash and cash equivalents of £18.3mln, up from £2.9mln a year earlier.
Total income in 2021 was £1.8mln, compared to £2.1mln in 2020.
Spending on research & development increased to £5.9mln from £3.9mln the year before, contributing to a widening of the loss after tax to £6.2mln from a loss in 2020 of £2.8mln.
“We started the year strongly on the back of successful clinical data from our first clinical trials of our lead product, AT247, an ultra-rapid insulin. We followed with rapid advancement of our portfolio of proprietary products and through the expansion of our partner portfolio with agreements with leading pharmaceutical, medical technology and biotechnology companies such as Lilly, Hikma and Intas,” observed Andrew Richards, the non-executive chair of Arecor.
“We closed the year with our second insulin product, AT278, successfully completing its first clinical trials with results at the highest end of our expectations along with commercial progress with additional partner agreements,” he added.
Chief executive Sarah Howell said it had been a “transformational year” for Arecor, with the partnership agreements validating the strength of the company’s Arestat technology.
READ: Arecor Therapeutics to deploy Arestat technology as part of exclusive study collaboration
“As we look forward, I am excited about the opportunities ahead in 2022, especially within our proprietary pipeline with additional clinical data for AT247 expected later in the year following the excellent clinical results for the AT278 first-in-man study. We have a strong pipeline of opportunities ahead within our Specialty Hospital portfolio and I look forward to us continuing to build on our strong partnering performance,” Howell said.
“Through our innovative and proprietary technology platform, Arestat, we have the prospect of improving the lives of people living with chronic disease and reducing the burden on health care systems,” she added.