Faron Pharmaceuticals Oy (LON:FARN) (FIRSTNORTH:FARON) said that negotiations with potential partners for its lead immunotherapy were continuing as it reported its full-year 2019 results.
The aim is to support the development of cancer treatment Clevegen, which is expected to be used in harness with other drugs.
Faron’s 2019 results statement covered a busy year for the Finnish drug developer and its lead drug:
- The first part of the company’s phase I/II MATINS trial has begun in Europe
- Clevegen has promoted a process called immune activation in all dosed patients
- Partial responses to the treatment were observed in two treatments
- Early data has shown Clevegen’s “early efficacy” and “good tolerability”
- Sign-off to begin an early-stage trial in the US
Development of the company’s second drug Traumakine, for acute respiratory distress, is expected to be funded by an outside party.
After discussions with the US Food & Drug Administration the Traumakine phase III clinical trial design has been amended to ensure that there is no overlapping use of corticosteroids, which appear to impair the efficacy of the company’s interferon-beta drug.
Turning to the financials, Faron lost €13.3mln in 2019, a busy year for research and development. It closed out the period with €7.1mln of cash.