Arecor Therapeutics PLC (AIM:AREC) said its pipeline for "future revenue-generating partnered collaborations" was strong with further deals expected in the second half and beyond.
The group, which is developing ultra-rapid acting insulin treatments, provided the progress report as part of a business update in which investors were told the group was sitting on £13.7mln of cash on June 30.
It said phase I data from its lead asset, AT278, exceeded expectations. And it added that it remains on course to report headline data from a US phase I evaluation of AT247 later this year.
“These data are key, both as an important next step in determining whether AT247 can facilitate a fully closed loop artificial pancreas, a transformational treatment option for people living with diabetes, and in turn, generating a partnering package demonstrating the superiority of AT247 compared to gold standard insulins available to patients today,” investors were told.
Chief executive Sarah Howell said Arecor continued to "build strong momentum" developing its portfolio of drug candidates.
“This progress gives us confidence in Arecor's science and business model, which underpins our vision to transform patient care and our ambition to build a large self-sustaining biopharmaceutical company,” she added.
“We look forward to further progress in 2022 within our diabetes franchise, with key data for AT247 in the second half having the potential to be a significant inflexion point for the group, and we are continuing discussions with potential partners to expand our portfolio of revenue-generating partnership deals."
The company's interim results are expected the week commencing 5 September.