Faron Pharmaceuticals reports €9.2M loss for 2016

Faron Pharmaceuticals, the clinical stage biopharmaceutical company, has reported full year audited results for the year ended 31 December 2016.

The company has reported €9.2 million net loss for the period which is a decrease comparing the loss for the last year of €6.2 million.

Commenting on the results, Dr Markku Jalkanen, CEO of Faron, said: “Faron’s mission is to develop new treatments in genuine areas of unmet medical need. 2016 was an important year of progress for Faron, during which we sucessfully achieved all of the major goals set out at the time of our IPO in 2015, with a lower cash burn than anticipated. This was due, in part, to our effective use of grant funding (being non-dilutive financing) to continue our exciting development programmes.”

“2017 will be a pivotal year for Faron as we await results from our Phase III INTEREST trial, which if favourable, will pave the way for the launch of our first commercial product Traumakine, for the treatment of ARDS. We also look forward to making significant progress with our exciting immune switch candidate, Clevegen,  which we hope to see move into the clinic during 2017. None of this would be possible without the support of our highly motivated and skilled staff, and supportive shareholders, who I would like to thank on the behalf of the management team and Board.”