Faron Pharmaceuticals Oy (LON:FARN) has recruited its first patient to a phase II clinical trial of its lead drug, Traumakine, in the treatment of organ failure following a ruptured abdominal aorta aneurysm (RAAA).
The condition, which has 70-80% mortality rate, requires immediate surgery.
Around half of the deaths of RAAA patients are due to not reaching the hospital in time, while the other half occur within a month of the operation to repair to aorta and are due to multi-organ failure.
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The Traumakine is being developed to treat this second group. The latest trial will assess efficacy and safety.
The drug is currently undergoing a phase III study in patients with acute respiratory distress syndrome after delivering some remarkable results earlier in its development.
The shares, up 40% in the last three months, advanced a further 1.6% by mid-afternoon to 353p.
The broker Panmure Gordon lifted its valuation of the stock to 404p from 361p on the back of Monday’s announcement.
“The addition of RAAA to the market for Traumakine increases the market opportunity by around 20,000 patients in US and Europe,” said analyst Dr Julie Simmonds.