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Faron Pharmaceuticals says US Department of Defense gets behind coronavirus study with US$6.1mln of funding

Faron will be working directly with the 59th Medical Wing of the US Air Force

Faron Pharmaceuticals Ltd -

Faron Pharmaceuticals Oy (LON:FARN) (First North:FARON) has noted that the US Department of Defense (DoD) is the surprise source of funding for a trial being carried out by researchers from the company, which is developing a drug to treat people hospitalised with coronavirus (COVID-19).

The DoD has selected the phase II/III HIBISCUS study in the States to receive US$6.1mln under the Coronavirus Aid, Relief, and Economic Security, or CARES Act.

Faron will be working directly with the 59th Medical Wing of the US Air Force.

Its treatment, Traumakine, an interferon beta-1a drug delivered intravenously, was developed initially to treat acute respiratory and severe acute respiratory distress.

"IFN beta-1a has previously demonstrated a compelling argument as the body's first line of defence against viral infection,” said the company’s chief executive, Dr Markku Jalkanen in a statement.

“Deficiency of either IFN beta or the activation of its receptor have been associated with severe COVID-19 and poor outcome. This validation from the DoD represents important progress for both our science and intravenous IFN beta as a potential treatment for severe COVID-19 patients,” he added.

Quick facts: Faron Pharmaceuticals Oy

Price: 322.5 GBX

AIM:FARN
Market: AIM
Market Cap: £162.6 m
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