logo-loader
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

AIM:FARN
Market: AIM
Market Cap: £196.97 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Faron Pharmaceuticals Ltd named herein, including the promotion by the Company of Faron Pharmaceuticals Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Morning Report: FTSE 100 collapses as oil price war erupts

Headlines from the Proactive UK newsroom. Oil prices slumped by 30% on Monday as Saudi Arabia chopped prices after attempts to agree a production deal with Russia collapsed over the weekend. Brent crude plunged to US$31 a barrel after registering its largest daily drop since the Gulf...

2 weeks, 5 days ago

2 min read