Arecor Therapeutics: Formulation expertise exemplified in diabetes
Arecor is leveraging its Arestat platform and formulation expertise to create a portfolio of proprietary and partnered clinical assets with enhanced properties. For the internal programmes the aim is to develop these Diabetes and Specialty Hospital Products to key inflection points, typically Phase II proof-of-concept, data from which will help inform decisions on optimal partnering strategy. Phase I data from both diabetes programmes, AT247 (ultra-rapid insulin) and AT278 (ultra-concentrated ultra-rapid insulin), have demonstrated highly promising, differentiated profiles. These two diabetes assets represent an attractive, and low-risk, franchise, with the recent data raising our confidence in achieving future growth and value realisation. Revisiting our diabetes assumptions following promising AT278 Phase I data and the dosing of the first patient in the AT247 US three-day insulin pump study generates a new valuation of £141m, or 506p per share (vs £103.7m, 374p per share previously).
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