Faron Pharmaceuticals Ltd (LON:FARN) said discussions to find a commercial partner for its cancer immunotherapy continue.
In an update alongside its interim results, the drug developer said it is looking for a collaborator that will support and expand the clinical development Clevegen as well as assess its potential in combination with existing drugs.
An early-stage study of the potential treatment, called MATINS, has established a maximum tolerated level for the formulation. Partial responders to the medication were observed.
Manufacturing is underway to produce drugs for the second part of the MATINS study.
One of two drug candidates
Clevegen is one of two drug candidates being developed by Faron.
The other is Traumakine for a condition called acute respiratory distress (ARDS).
Faron said a third-party was likely to fund a second phase III trial on the treatment.
This new late-stage clinical evaluation would address the issue around steroid use in patients with the life-threatening condition.
New study design
"It has become clear that Traumakine's development requires a study design which would avoid concomitant corticosteroid use,” Markku Jalkanen, the firm’s chief executive.
“Faron's solution is a design which would allow corticosteroid use within the standard of care arm but never in combination with Traumakine.
“As soon as the company receives feedback for this new design, we will finalise plans to allow us to progress third party funding discussions.
“The unmet medical need among these patients is significant and the widespread use of corticosteroids for ARDS and multi-organ failures requires serious re-consideration.”
In common with most drug developers investing in R&D, the company was loss-making. The deficit was €6.3mln. Cash at the period-end was €2.9mln.