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Faron Pharmaceuticals Ltd

Faron Pharma cash injection will fund development of cancer drug

The £7.48mln raised will be used to initiate part-two of the phase I/II MATINS trial of the Clevegen in colorectal cancer

Faron Pharmaceuticals Ltd -
Separately, Faron confirmed it will meet the US regulator face to face early next month to discuss the future of Traumakine

Faron Pharmaceuticals Oy (LON:FARN) has raised £7.48mln via a placing of shares at 190p each, cash that will bankroll the future development of the company’s cancer drug.

Chief executive Dr Markku Jalkanen said the fundraiser had brought in a significant number of new Nordic shareholders.

“[It] will allow us to further progress our clinical programme on Clevegen with a view to clarifying its full potential, either alone or in combination with existing cancer treatments,” he added.

Clevegen has been designed to recognise cancer and break the cell’s protective shell. Ultimately, if it is successful, this new breed of treatment could be used in combination with PD-1 inhibitors to tackle the killer disease.

The new cash injection will finance part-two of the phase I/II MATINS trial of the drug in colorectal cancer.

Once the group of patients reaches “meaningful size”, the company plans to share the data with the US Food and Drug Administration.

Faron will also carry out further analysis of patient data from the initial tranche of the trial to aid the selection of additional cancer groups meriting further study.

The MATINS study has shown Clevegen, which was safe and well tolerated, promotes immune activation, while lower doses appear to encourage a stronger immune response than higher doses.

Separately, Faron confirmed it will meet the US regulator face to face early next month to discuss the future of Traumakine, its phase III treatment for acute respiratory distress.

“[This] is expected to result in a written opinion of the FDA on the company's clinical development plan for Traumakine,” the company added.

Quick facts: Faron Pharmaceuticals Ltd

Price: 185 GBX

Market: AIM
Market Cap: £80.09 m
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