viewFaron Pharmaceuticals Ltd

Faron jumps as CEO indicates Traumakine study has secured third-party financing

In an interview with Proactive, Dr Markku Jalkanen indicated that the firm had “an understanding that we have third-party financing for the trial”

Faron Pharmaceuticals Ltd - Faron surges as CEO says Traumakine study has secured third-party financing

Faron Pharmaceuticals Oy (LON:FARN) (FIRSTNORTH:FARON) shares jumped on Tuesday after the company’s chief executive indicated the firm has secured third-party financing for a second phase III study of its Traumakine treatment for acute respiratory distress syndrome (ARDS).

In an interview with Proactive on Monday, Dr Markku Jalkanen said the firm had “an understanding that we have third-party financing for the trial”, however, he did not disclose the exact source of the funding.

The Faron boss also noted that, amid the ongoing outbreak of coronavirus, the World Health Organisation (WHO) has recommended that steroids should not be used to treat infected patients as they block the production of interferon-beta, one of the first lines of defence against viral infections.

As Traumakine is an interferon-beta medication that does not require the overlapping use of steroids, Jalkanen said the firm was “absolutely” seeing more interest in its treatment following the outbreak.

Faron shares were 12.2% higher at 272p in mid-morning trading.

Quick facts: Faron Pharmaceuticals Ltd

Price: 455 GBX

Market: AIM
Market Cap: £196.97 m

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