Faron Pharmaceuticals Limited (AIM:FARN) is actively exploring partnerships to fund phase III development and commercialisation of its promising cancer drug, bexmarilimab, following a successful €30.7 million fundraising in June.
In an update, the company said it is in talks with several potential partners, but has yet to finalise any agreements, preferring to carefully evaluate all terms to ensure the best outcome for both the company and its shareholders.
Faron has emphasised its commitment to maintaining flexibility in these discussions and said it may strengthen its financial position further before reaching any final decisions.
It brought investors up to speed ahead of its Capital Markets Day later Tuesday, where the company also showcased key progress in its clinical pipeline.
The highlight was the promising data from the BEXMAB phase I/II trial, which focuses on treating relapsed and refractory myelodysplastic syndrome (MDS). The trial has shown a 79% response rate, far exceeding the typical results seen in similar treatments, and extended patient survival times well beyond standard care.
These results, along with the ongoing recruitment for phase II, have positioned bexmarilimab as a potential breakthrough in cancer immunotherapy.
"As previously communicated, everything is progressing as planned and our focus is to ensure that we are armed with adequate resources to be able to meet our objectives of completing phase II of the BEXMAB trial and optimizing the outcome of partnering with phase II data," said CEO, Dr Juho Jalkanen.
"The next business decision we make will be crucial in how the value and future of bexmarilimab is divided.
"There is more than two decades of hard work behind the development of bexmarilimab, and our job is to see that the maximum potential of bexmarilimab comes to life for both patients and investors."
In addition to clinical updates, Faron revealed that it has renewed its Scientific Advisory Board, bringing on board top international cancer experts.