- Arecor Therapeutics, which was carved out of Unilever in 2007, is ready to be listed on the London Stock Exchange.
- It is planning a float that could help fund the creation of novel formulations of insulins and other drugs.
- Arecor recently received funding worth £2.8 million from Innovate UK.
Cambridge-based biopharma company Arecor Therapeutics, which was divested from Unilever in 2007, is vying to get listed on the London Stock Exchange as it plans to increase the drug development process for people suffering from diabetes.
The company is planning a float that could help fund the creation of novel formulations of insulins and other drugs that have superior properties. The company has all the necessary technology in the proprietary formulation and has also planned to licence out drugs to pharma companies for reasonable payments and royalties as they progress towards launch.
Copyright © 2021 Kalkine Media
Arecor recently received funds worth £2.8 million from Innovate UK. The funding was for its ultra-rapid insulin medicine developed through the company’s Arestat technology. AT247, its ultra-rapid insulin drug and the lead product, as per the company’s expectation, is likely to outperform market rivals from companies like Sanofi, Eli Lilly, and Novo Nordisk, and control Type 1 diabetes by helping in better control over blood glucose levels.
The company has four active licensing deals currently in place with partners, which include Inhibrx and Hikma. The company would focus initially on developing three insulin-based products to deal with diabetes.
Biotech entrepreneur Andrew Richards, having director’s experience in over 25 life-science and healthcare companies like Vectura is heading Arecor.
Also read: Bharat Biotech to commence Phase 2/3 trial of its COVID-19 vaccine on children
Of the three insulin-based products in development by the company, the second drug is ultra-concentrated insulin that is rapid acting and would position itself as a rival for concentrated insulins that are given at mealtimes. The third drug from the stable is a drug that is a co-formulation of insulin and pramlintide, which could be the next generation cure for type 1 and 2 diabetes.
Also read: Federal Budget: Healthcare takes priority amid COVID-19
Arecor said the efficiency and safety of insulin has already been established, and so, fewer clinical studies would be needed to launch the drug in the market. The company also said the novel formulations it creates for its products, as well as its technology have substantial intellectual property protection.
Richards said the company had the potential to become an important biopharmaceuticals company and help clinicians and patients benefit from the company. He also said Arecor’s expertise and technology back up have been certified because of the many partnerships it has engaged with big names from the sector.
The company is expected to raise around £20 million in June’s flotation on AIM junior market in London. Panmure Gordon would be the broker and adviser to the company. Unilever owns a 20 per cent share in the company. Downing, Calculus and Albion Ventures became a part of the company in its 2018 fundraising.