Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s investment case centres on the prospects for its development stage diabetes and obesity franchise. Attention is, rightly, focussed on AT278, its innovative ultra-rapid ultra-concentrated insulin. AT278 has the potential to become a key enabler in the development and uptake of next-generation insulin pump delivery systems, allowing both greater miniaturisation and longer wear times. We do not view Arecor as a revenue story, hence the impact of Tetris related changes to our valuation is relatively small. We will review our rNPV model as soon as practicable but, for context, Tetris represents less than 5% (£7m, or 18.7p per share) of our current Arecor valuation of £155m, or 410p per share.
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