3rd Feb 2025 13:28
(Alliance News) - Arecor Therapeutics PLC on Monday said its revenue increased in 2024 and said it is excited by the prospects of its "superior insulin candidate".
The Cambridgeshire, England-based biopharmaceutical company said in a trading update that revenue grew 11% in 2024 to GBP5.1 million from GBP4.6 million in the previous year.
The company said this included royalty contributions from the commercialised product AT220, revenue from partnered programmes and Tetris Pharma sales.
It closed the year with cash and cash equivalents of GBP3.3 million, down 51% from GBP6.8 million in the previous year.
The firm said it "remains confident" in its "next-generation insulin portfolio", which is focused on insulin candidate AT278. It said it is in advanced negotiations for a co-development deal to further progress AT278 in an insulin pump.
Chief Executive Officer Sarah Howell said: "Arecor is focused on transforming patient care by bringing innovative medicines to market. As such, we are focused on R&D opportunities where there are significant unmet patient needs that we can address, in high value markets.
"We are particularly excited by the prospects of AT278, our unique ultra-concentrated, ultra-rapid acting insulin and also our prospects of developing a game-changing technology platform for the oral delivery of peptides, on the back of early initial positive data. We are well positioned for future success and remain confident in our prospects having now streamlined our focus to fully pursue opportunities for Arecor that drive significant value creation for shareholders."
Shares in Arecor were flat at 57.00 pence in London on Monday afternoon.
By Michael Hennessey, Alliance News reporter
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