Arecor Therapeutics shares were at 380p in late afternoon trading on Monday, after the company reported a total income of £1.8 million against £2.1 million in 2020 and a post-tax loss of £6.2 million compared to £2.9 million last year.
However, the biopharmaceutical group announced a successful IPO of £20 million on AIM, alongside a cash and cash equivalents rise to £18.3 million from £2.9 million in the last year.
Arecor Therapeutics also confirmed that it was debt-free following the conversion of £4.4 million shareholder in loan notes into new ordinary shares.
The company’s highlights included a successful Phase one clinical trial for its AT278 ultra-concentrated ultra-rapid acting insulin for diabetes, with data scheduled for oral presentation by Arecor at the Advanced Technologies and Treatments For Diabetes meeting (ATTD) on 28 April this year.
The firm secured five new technology partnership agreements and was awarded a £2.8 million Innovate UK grant to support the Phase two development of its AT247 ultra-rapid acting insulin treatment.
Arecore Therapeutics also confirmed the expansion of its global patent portfolio with the grant of US, Canadian and European patents underpinning Arestat, its innovative proprietary formulation technology platform.
“After a year of significant progress in 2021, we are well positioned to continue to execute our strategy in 2022 and beyond as we develop enhanced therapeutic products that can truly transform patient care,” said Arecor Therapeutics CEO Sarah Howell.
“As we look forward, I am excited about the opportunities ahead in 2022, especially within our proprietary pipeline with additional clinical data for AT247 expected later in the year following the excellent clinical results for the AT278 first-in-man study.”
“We have a strong pipeline of opportunities ahead within our Specialty Hospital portfolio and I look forward to us continuing to build on our strong partnering performance.”