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Faron Pharmaceuticals Oy’s options widen after fund-raising

Demand for shares in Faron Pharmaceuticals Oy’s (LON:FARN) was strong when the company tapped the City last week for £8mln to fund the development of its two lead drugs.
Faron’s chief executive (CEO), Dr Markku Jalkanen, tells Proactive Investors the fund-raising has brought “quite a number of UK institutional investors” on to the shareholder register.
Some of the new funding will pay for a phase I/II trial in the US of Traumakine, its lead product, in patients with a heart condition called rupture of abdominal aorta aneurysm.
“It’s really important for us to get activities on the US side, specifically for our lead product. We want to conduct a safety trial there, which was the advice given by the [US] Food and Drug Administration, and this will take up maybe half of the proceeds raised at this time,” Dr Jalkanen said.
Some has been kept aside for the pre-clinical and early clinical development of Clevegen, an antibody that could help the body’s own immune system tackle cancer.
“Clevegen is becoming more and more interesting,” the CEO said.
Early stage biotechs are no strangers to fund-raising and there may be another share issue in the offing next year but it is not the only option on the table, Dr Jalkanen said, opening up the possibility of partnership or licensing activities.

 
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September 12 2018

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