Arecor pencils in June AIM flotation as it hones diabetes approaches
Arecor, the Chesterford Research Park-based biopharmaceutical company bringing innovative medicines to market through the enhancement of existing therapeutic products, has announced its intention to float on AIM (Alternative Investment Market).
Founded in 2007 as a spin-out from Unilever, Arecor is advancing a robust portfolio of partnered and proprietary treatments from existing therapies to enable healthier lives.
Sarah Howell, Arecor’s CEO, said: “This IPO will enable us to advance the development of our internal proprietary diabetes and specialty hospital products to a defined value inflexion point prior to potential partnering.
“In addition, it will allow us to create further value through the growth of our technology licensing partnerships where we leverage the Arestat technology to develop enhanced reformulations of our partners’ products, offering the potential for milestone and royalty payments in markets including novel biologics, biosimilars and vaccines.
“Our two lead products are in clinical development for the treatment of diabetes where, despite advances in treatment options, there remain significant unmet needs.
“There are estimated to be 463 million people living with diabetes world-wide, with approximately 56 million insulin users. Through our Arestat technology, we are developing novel formulations of insulin with either enhanced ultra-rapid or ultra-concentrated rapid acting properties that have the potential to be life-changing for patients by enabling better management of their disease and greater use of new approaches such as the artificial pancreas and miniaturised pumps.”
Arecor was awarded a £2.8m Innovate UK grant in April to accelerate phase II development of its ultra-rapid acting insulin product, AT247.
Andrew Richards, chairman of Arecor, added: “Arecor’s technology and expertise has been validated through multiple partnerships with major pharmaceutical and biotechnology companies. The company also has a balanced business model that offers the potential for significant returns associated with successful drug development but with reduced development risk through development of existing approved therapeutics products and partnering.
“As someone who has always championed the London market and has supported UK life science companies to IPO in London I am very pleased Arecor has chosen to list on AIM. Led by a strong team and board, Arecor has the potential to become a significant UK biopharmaceutical company and deliver benefits to patients and clinicians.”
Admission is expected to occur in early June 2021. Arecor’s most recent annual turnover was $8m and it has a headcount of 36 employees.
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