Faron Pharmaceuticals Oy (AIM:FARN, OTC:FPHAF) has confirmed that further clinical trials of its lead cancer asset will get underway in the fourth quarter after it showed “compelling antitumour activity” in multiple solid forms of the disease earlier in the process.
Bexmarilimab, which is undergoing phase I/II evaluations, is being developed as an immunotherapy candidate for hard-to-treat forms of the disease.
Additional data from the trial – codenamed MATINS by Faron – will be presented at the European Society for Medical Oncology in mid-September, investors were told.
The update was provided alongside half-year results, which revealed the company ended the six months to June 30 with €7.0mln in the bank.
As is common with innovative businesses spending heavily on research and development, Faron posted a deficit for the period. The operating loss was €10.4mln.
The company has a second clinical asset in the form of Traumakine, an interferon beta-1a therapy being developed for acute respiratory distress syndrome and other ischemic or hyperinflammatory conditions.
On Wednesday (August 26), the company said it had begun treating the first patient in the HIBISCUS phase II/III study to assess the drug’s efficacy in patients suffering the more acute symptoms of Covid.
During the first half, it also inked a partnership with the 59th Medical Wing of the US Air Force and US Army and US Army Institute of Surgical Research.
Military medics will explore whether Traumakine can be used to protect against multi-organ failure following severe injury in combat.
Chief executive Dr Markku Jalkanen said he was "extremely proud" of the progress made over the first half.
"We progressed our most advanced pipeline assets with bexmarilimab showing compelling antitumour activity as a monotherapy in heavily pre-treated patients across multiple solid tumour types and the initiation of the HIBISCUS trial assessing Traumakine as a first-line treatment for hospitalized COVID-19 patients, which we believe will represent a significant step forward in the treatment of lung failure due to viral infections," he added.