Faron Pharma operating loss for 6 months down from last years same period

Faron Pharma posted operating loss of €6.3 million for the six months ended 30 June 2019, cutting it from the same period last year, of €14.0 million.

Commenting on the results, Dr Markku Jalkanen, CEO of Faron, said: “We have focused on two important matters during H1-2019, MATINS study progress and the re-design of Traumakine’s development pathway. I am delighted to report that both of these have advanced significantly. Our novel precision cancer immunotherapy, Clevegen, has been well tolerated in cancer patients with advanced solid tumours, all showing an immune switch that we predicted based on the preclinical data and expected mode of action of Clevegen. We have also observed a first partial responder showing a constant decline of tumour burden in tumour imaging and biochemical markers. The response in this patient, who suffers from colorectal cancer (MSI low type) and has failed on all previous treatments, is a promising indicator of Clevegen’s potential.

He said that it has become clear that Traumakine’s development requires a study design which would avoid concomitant corticosteroid use. Jalkanen said that Faron’s solution is a design which would allow corticosteroid use within the standard of care arm but never in combination with Traumakine. He said that as soon as the company receives feedback for this new design, it will finalise plans to allow it to progress third party funding discussions. The unmet medical need among these patients is significant and the widespread use of corticosteroids for ARDS and multi-organ failures requires serious re-consideration, the company’s CEO said.

“I am pleased that, through the recent fundraise, the Company is in a more secure financial position while we explore partnering activities for Clevegen and funding opportunities for Traumakine.”