Analysts at brokerage Peel Hunt have weighed in on the news that Faron Pharmaceuticals Limited (AIM:FARN) has received fast-track approval from the US Food and Drug Administration (FDA) for its lead candidate, bexmarilimab.
“The most recent data update from bexmarilimab’s phase 2 shows that, for this otherwise untreatable patient group, bexmarilimab is able to achieve a 79% objective response rate (ORR) with 11 out of 14 patients responding,” noted Peel Hunt, adding: “Faron has previously commented that this compares to a 0-20% ORR for these patients when using existing alternative therapies.”
Peel Hunt has held off on providing a target share price for now, stating: “We are currently Under Review while we rebuild the finances/forecasts given recent funding rounds, but continue to believe bexmarilimab is a very exciting asset on the oncology landscape, potentially bringing a new care paradigm to patients with few options available to them in MDS and other myeloid malignancies.”
The market clearly sees substantial upside to the recent FDA approval.
Shares rocketed up 21% to a three-month high of 210p following the announcement.