Arecor Therapeutics plc
("Arecor" or the "Group")
FIRST PRODUCT INCORPORATING ARECOR'S ARESTAT TECHNOLOGY, AT220, LAUNCHED IN EUROPE
First commercial sale triggers milestone payment and future royalties to Arecor
Cambridge, UK, 17 November 2023: Arecor Therapeutics plc (AIM: AREC), the biopharmaceutical company advancing today's therapies to enable healthier lives, announces the triggering of a milestone payment from its global pharmaceutical partner, following the first commercial sale of a product, AT220, incorporating its proprietary Arestat? technology platform.
Sarah Howell, Chief Executive Officer of Arecor, said: "The commercialisation of this product in Europe, the first to be launched incorporating our Arestat? technology, is a significant milestone for Arecor and further demonstrates the strength of our Arestat? platform and the value it can bring to our partners and ultimately patients. This also triggers a milestone payment and will lead to royalty payments, further underscoring our confidence in our strategy and the potential of our in-house portfolio and pipeline of partnered products to deliver long term value to shareholders."
Under a license agreement entered into in 2017, Arecor developed a novel and differentiated formulation of its global pharmaceutical company partner's product. Arecor has received earlier payments linked to specific development and commercial milestones, and moving forward, will receive revenue streams under the royalty bearing agreement from future sales.
This announcement contains inside information for the purposes of the retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").
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For more information, please contact:
| Arecor Therapeutics plc | |
| Dr Sarah Howell, Chief Executive Officer | Tel: +44 (0) 1223 426060 Email: info@arecor.com |
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| Susan Lowther, Chief Financial Officer | Tel: +44 (0) 1223 426060 Email: info@arecor.com |
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| Mo Noonan, Communications | Tel: +44 (0) 7876 444977 Email: mo.noonan@arecor.com |
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| Panmure Gordon (UK) Limited (NOMAD and Broker) Freddy Crossley, Emma Earl (Corporate Finance) Rupert Dearden (Corporate Broking) | Tel: +44 (0) 20 7886 2500
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| ICR Consilium | |
| Chris Gardner, David Daley, Lindsey Neville | Tel: +44 (0) 20 3709 5700 Email: arecor@consilium-comms.com |
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 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 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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