Arecor Therapeutics PLC (LON:AREC) has signed an additional agreement with an existing client to develop a new ready-to-use (RTU) product formulation for a product that is currently administered intravenously.
The formulation study agreement is with Par Sterile Products, part of US company Endo International PLC (NASDAQ:ENDP), which will fund the development work.
Under the agreement, Arecor will use its proprietary formulation technology platform Arestat to develop a differentiated, stable, single dose RTU formulation that supports safe medication practices and operational efficiency by eliminating the need for reconstitution.
Par has the option to acquire the rights to the new proprietary formulation and associated intellectual property under a technology licensing model, which includes potential milestone and royalty payments, to further develop and commercialise the product.
Used to deliver reformulations of existing products as well as improving properties of new products in development, Arecor's Arestat technology platform enhances the properties of therapeutic proteins, peptides and vaccines.
"We are delighted to be collaborating with Par on an additional programme which further strengthens our track record in developing RTU medicines," said Arecor chief executive Sarah Howell.
"This growing partnership supports both companies' product development strategies to bring enhanced products to market that simplify care and improve patient outcomes.
"We believe that our Arestat technology has the potential to deliver a new formulation that can support safe medication practices and improve healthcare efficiency to benefit patients.
"We look forward to developing this relationship with Par which augments our partnership portfolio of major pharmaceutical companies and demonstrates how our formulation expertise can provide novel solutions for our partners."