(Alliance News) - Arecor Therapeutics PLC on Thursday celebrated a "strong commercial performance" for 2023, touting the first commercial product incorporating its platform Arestat.
The West Sussex, England-based commercial biotechnology company said that revenue surged 90% to GBP4.6 million in 2023 from GBP2.4 million in 2022. Cash at the end of 2023 was at GBP6.8 million, down from GBP12.8 million a year prior.
The company highlighted that commercialisation by a partner of the first product incorporating Arestat technology, AT220, "was a significant milestone for the group, further demonstrating the strength of its technology and its value to partners and ultimately patients."
The first commercial sale in November triggered a licence milestone payment, with Arecor now receiving royalties on product sales.
In January, Arecor noted an announcement from Inhibrx Inc and Sanofi SA that both companies have agreed Sanofi will acquires all assets and liabilities associated with INBRX-101 for around USD1.7 billion. INBRX-101 is an optimised recombinant alpha-1 antitrypsin augmentation therapy, currently undergoing a residential trial treating patients with alpha-11 antitrypsin deficiency or AATD.
Alpha-1 antitrypsin deficiency puts people at greater risk for lung, liver or skin disease, as it is the alpha-1 antitrypsin that protects the lungs and liver from inflammation.
INBRX-101 incorporates "a novel enhanced formulation" developed by Arecor using its patented Arestat technology. Arecor and Inhibrx entered a licence agreement in December 2020.
Arecor said Thursday: "That announcement is a further endorsement of the group's Arestat platform and highlights both the value of this novel therapy for patients and its future commercial potential. The group believes that Sanofi is well placed to complete the late-stage development of this novel medicine and, ultimately, bring it to patients in need."
Chief Executive Officer Sarah Howell said Thursday: "With a first commercial product incorporating Arestat launched in late 2023 and now generating royalties, licence milestones triggered on partnered products, a stream of new pharma technology partnerships and continued momentum with our diabetes portfolio clinical development, we continue to realise the potential of our Arestat platform and, in doing so, are building a significant biopharmaceutical company."
Arecor expects to release its 2023 results in the week starting April 22.
Arecor shares were 0.7% higher at 167.15 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Arecor Therape (AREC)