Faron Pharmaceuticals Oy (LON:FARN) (NASDAQFIRSTNORTH:FARON) said it has received a €2.5mln grant that will help “support the acceleration” of an early-stage study of its cancer immunotherapy.
The award has come from the European Innovation Council Accelerator pilot scheme, which exists to back small companies and scientists working on breakthrough products.
Faron’s phase I/II MATINS trial is being carried out to assess the tolerability, safety and efficacy of Clevegen, a precision cancer immunotherapy targeting Clever-1 positive tumour associated macrophages.
In March, Faron updated on the study, revealing that there had been two partial responses to the drug and seven cases of stable disease in patients with hard-to-treat, end-stage cancers.
In a statement, Faron chief executive Markku Jalkanen said of the new funding: "We are very excited to be selected as a candidate to receive this highly competitive grant, which will support our acceleration of the MATINS trial and enable us to further our ambition of becoming a world leader in macrophage guided immunotherapy."