London Stock Exchange welcomes Arecor to AIM
London Stock Exchange today welcomes Arecor Therapeutics (“Arecor”) as it begins trading on AIM under the ticker “AREC” having successfully raised £20 million in an oversubscribed raise, giving a market capitalisation at IPO of £62.5 million.
Arecor is a globally focused biopharmaceutical company that is transforming patient care by bringing innovative medicines to market through the enhancement of existing therapeutic products. By applying its innovative proprietary formulation technology platform, Arestat™, Arecor is developing a portfolio of proprietary products and working with leading pharmaceutical and biotechnology companies to deliver enhanced reformulations of their therapies, supported by an extensive patent portfolio.
The Arestat™ technology, in combination with the extensive know-how of stability requirements, development processes and regulatory requirements, offers a series of formulation options that have been specifically designed to overcome the challenges associated with delivering enhanced pharmaceutical products via reformulation.
Arecor proprietary product portfolio is currently focused on diabetes and specialty hospital care. For partners, it develops novel enhanced formulations of their biological products that include biosimilars, biological products and vaccines.
The proceeds will be used to progress the Company’s lead diabetes products, develop and expand its pipeline of specialty hospital Ready-To-Use and Ready-To-Administer products and build the team, as well as bolster working capital and strengthen the balance sheet.
Sarah Howell, Chief Executive Officer of Arecor, said: “Today represents an important milestone for Arecor and we are delighted to be listing on AIM. This IPO will allow us to continue to grow the business through the development of our own proprietary diabetes and specialty hospital products whilst creating further value through our technology licensing partnerships. We were delighted by the support and interest we received during this transaction which is testament to the potential of our innovative proprietary formulation technology platform, Arestat™. I would like to take this opportunity to thank our new and existing shareholders for their support and we are looking forward to embarking on this next exciting chapter in the Company’s development.”
Andrew Richards, Chairman of Arecor, commented: “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.”
Advisers to the IPO:
Panmure Gordon (UK) Limited, Nominated Advisor and Sole Broker to the Company
Covington & Burling LLP, Legal Advisers
Grant Thornton, Reporting Accountant
Consilium Communications, Financial PR Advisers