Yahoo Finance Unilever spin-off Arecor annouces London float to ramp up diabetes drug research
A biopharma company spun out of Unilever in 2007 is to list on the stock market as it looks to ramp up the development of drugs to help people with diabetes.
Cambridge-based Arecor Therapeutics recently secured £2.8 million from Innovate UK for AT247, its ultra-rapid insulin drug based on the company’s Arestat technology.
It believes its lead product can transform the lives of people living with Type 1 diabetes by enabling the greater control of blood glucose levels.
The company is chaired by biotech entrepreneur and investor Andrew Richards, who has been director of more than 25 healthcare and life-science companies including Vectura.
Chief executive Sarah Howell has been with the company since 2011, when the company primarily used its Arestat platform to develop drugs for other pharmaceuticals firms.
Unilever is still a 20% shareholder in the company, while Calculus, Downing and Albion Ventures came on board as part of a fundraising in 2018.
The company is thought to be looking to raise around £20 million in next month’s flotation on London’s AIM junior market. Panmure Gordon is acting as adviser and broker.
Richards said Arecor had the potential to become a significant biopharmaceuticals company and deliver benefits to patients and clinicians.
He added: “Arecor’s technology and expertise has been validated through multiple partnerships with major pharmaceutical and biotechnology companies.”
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