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(Sharecast News) - Arecor Therapeutics announced on Wednesday that it has entered into a new collaboration with a major global pharmaceutical company to apply its proprietary Arestat technology platform to develop an enhanced formulation of the partner's proprietary product.
The AIM-traded firm said the formulation study would be fully funded by the partner, with the potential for future licensing opportunities.
It said the agreement would see Arecor leverage Arestat, its established formulation technology, to improve the stability, usability or delivery profile of the product.
Specific details of the product or partner were not disclosed.
The deal aligned with Arecor's strategy to advance innovative formulation solutions through fully funded collaborations with leading pharmaceutical companies, providing both immediate revenue and longer-term value creation opportunities.
"Arecor continues to partner with the world's leading pharmaceutical companies, which is testament to our leadership position in the field of drug delivery and formulation innovation and further validates the potential of our proprietary technology platform, Arestat to enable enhanced formulations of partners' proprietary products which would otherwise be unachievable," said chief executive officer Sarah Howell.
At 1145 GMT, shares in Arecor Therapeutics were up 2.04% at 50p.
Reporting by Josh White for Sharecast.com.
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