Business Update

RNS Number : 1431F

Arecor Therapeutics PLC

14 July 2021

 

Arecor Therapeutics plc

("Arecor", the "Company" or the "Group")

BUSINESS UPDATE

Continued progress across proprietary and partnered portfolio

Cambridge, UK,   14 July 2021:   Arecor Therapeutics plc (AIM: AREC), a globally focused biopharmaceutical company advancing today's therapies to enable healthier lives, provides a business update and announces that its interim results for the six months ended 30 June 2021 will be issued during the week commencing 20 September 2021.

Arecor is pleased to report progress in line with expectations. The first six months of the financial year included Admission to the AIM market on 3 June 2021 and a successful placing which raised £20 million from new and existing shareholders. The Company closed the first half of its financial year with a strong cash position of £22.1 million.

During the period, Arecor added to its partner portfolio of global pharmaceutical companies with three new agreements with Hikma, Eli Lilly and Par Sterile Products, an Endo International plc company.  Arecor will apply its Arestat™ technology, which enhances the properties of therapeutic proteins, peptides and vaccines, to deliver superior reformulations of its partners proprietary products. 

In June, Arecor presented data at ATTD following the successful results of its Phase 1 study of AT247 ultra-rapid acting insulin, in which AT247 demonstrated faster insulin absorption with an accelerated Pharmacokinetic (PK) and Pharmacodynamic (PD) profile compared to NovoRapid^® and Fiasp^®.  Preparation is also underway for the commencement of a three day insulin pump clinical trial with AT247.  The Phase I clinical trial for AT278, an ultra-concentrated rapid acting insulin, continues to progress, with topline results expected later this year.

Sarah Howell, Chief Executive Officer of Arecor, said:   "A key focus for H2 2021 is the Phase I clinical trial for AT278 which, if successful, would add significantly to the diabetes franchise and build on the positive data from the phase 1 study of AT247.  We continue to build momentum across the business with strong progress across our in-house proprietary pipeline and further strengthening of our partner portfolio with new agreements with Hikma, Lilly and Par, further demonstrating the strength of our Arestat^TM  platform.  With a robust financial base now in place following our successful IPO on AIM in June, we look forward to improving patient care by bringing innovative medicines to market and in doing so building further shareholder value."

This announcement contains inside information for the purposes of the retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").

-ENDS-

For more information, please contact:

Arecor Therapeutics plc  www.arecor.com  

Dr. Sarah Howell, Chief Executive Officer  Tel: [phone]

  Email: [e-mail]

Susan Lowther, Chief Financial Officer  Tel: [phone]

  Email: [e-mail]

Mo Noonan, Communications  Tel: [phone]

  Email: [e-mail]

Panmure Gordon (UK) Limited (NOMAD and Broker)  

Freddy Crossley, Emma Earl (Corporate Finance)  Tel: [phone]

Rupert Dearden (Corporate Broking)

Consilium Strategic Communications

Chris Gardner, David Daley, Angela Gray  Tel: [phone]

Email: [e-mail]

Notes to Editors

About Arecor

Arecor Therapeutics plc is a globally focused biopharmaceutical company transforming patient care by bringing innovative medicines to market through the enhancement of existing therapeutic products. By applying our innovative proprietary formulation technology platform, Arestat™, we are developing an internal portfolio of proprietary products in diabetes and other indications, as well as working with leading pharmaceutical and biotechnology companies to deliver enhanced formulations of their therapeutic products. The Arestat™ platform is supported by an extensive patent portfolio.

For further details please see our website, www.arecor.com

 

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