Faron Pharmaceuticals Limited (AIM:FARN) CEO Dr Juho Jalkanen talked with Proactive about the company's €12 million fundraising through an oversubscribed share placing. Originally set at €10 million, strong investor confidence in Faron’s programs, particularly in bexmarilimab, led to an increase in the raise.
Jalkanen expressed gratitude for investor support, noting that demand exceeded expectations. "It exceeded our expectations. It was significantly oversubscribed," he said, emphasising that the company is now well-funded to advance its clinical programs.
The proceeds will support the ongoing development of bexmarilimab, including the Phase II BEXMAB trial in relapsed refractory myelodysplastic syndromes (MDS). Jalkanen highlighted the trial’s promising results, stating that survival rates have increased from 5–6 months to 13.4 months, with an 80% response rate.
Looking ahead, key milestones for 2025 include the Phase II readout in April, further data presentations at major medical conferences, regulatory discussions with the FDA, and additional survival data updates. Jalkanen emphasized that the company is gearing up for a significant year with multiple developments on both the clinical and business fronts.
Proactive: Joining me is Faron Pharmaceuticals CEO Dr Juho Jalkanen. Juho, very good to speak with you. You've announced that you've raised gross proceeds of €12 million in a share placing, and it was oversubscribed, which is why you raised from the initial €10 million. This really shows confidence in your programs and in bexmarilimab.
Dr Juho Jalkanen: Yes, totally. It exceeded our expectations. It was significantly oversubscribed. I just want to thank everybody for their support and send my regards. Unfortunately, we couldn't allocate as much as everyone wanted, but we truly appreciate the support. I think this is just gearing up for success and for a huge 2025.
Proactive: You mention in the RNS that this comes at a pivotal time for the company. How do you plan to use these proceeds to take the program forward?
Dr Juho Jalkanen: As you may have heard, we just completed enrollment for the Phase II BEXMAB trial in relapsed refractory MDS. In a couple of months, we'll have the Phase II readout, which we expect will be positive. This will be a pivotal moment for the company and the development of bexmarilimab.
Proactive: Can you take us through the Phase II trial and its focus?
Dr Juho Jalkanen: Yes. To recap, our Phase II trial is in relapsed refractory MDS, a form of leukemia where available treatments have very poor outcomes. The prognosis is typically only 5 to 6 months. However, we've seen survival improve from that to 13.4 months, and our response rate is currently at 80%, which is extremely high for such an underserved population.
Proactive: Beyond the readouts expected in April, what else should investors look out for in 2025?
Dr Juho Jalkanen: 2025 will be a big year with a lot happening. First, the top-line readout will be available in April. Then, we’ll present more detailed data at major medical conferences. We also plan to meet with the FDA to discuss the findings. More survival data will follow, including response duration. From a business perspective, we expect this data to drive further activity.
Proactive: Juho, I hope you'll keep us posted on any progress. Thank you very much for the update today.