Arecor Therapeutics plc - First commercial sale triggers milestone payment and future royalties to Arecor
Cambridge, UK - Arecor Therapeutics, the biopharmaceutical company advancing today’s therapies to enable healthier lives, announces the triggering of a milestone payment from its global pharmaceutical partner, following the first commercial sale of a product, AT220, incorporating its proprietary Arestat™ technology platform.
Sarah Howell, Chief Executive Officer of Arecor, said: “The commercialisation of this product in Europe, the first to be launched incorporating our Arestat™ technology, is a significant milestone for Arecor and further demonstrates the strength of our Arestat™ platform and the value it can bring to our partners and ultimately patients. This also triggers a milestone payment and will lead to royalty payments, further underscoring our confidence in our strategy and the potential of our in-house portfolio and pipeline of partnered products to deliver long term value to shareholders.”
Under a license agreement entered into in 2017, Arecor developed a novel and differentiated formulation of its global pharmaceutical company partner’s product. Arecor has received earlier payments linked to specific development and commercial milestones, and moving forward, will receive revenue streams under the royalty bearing agreement from future sales.
This announcement contains inside information for the purposes of the retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").
