Faron Pharmaceuticals (FARN) , on Friday finished a £7.48 million private placing to further the clinical development of Clevegen®.
Dr Markku Jalkanen, CEO of Faron, commented: "This financing will allow us to further progress our clinical programme on Clevegen with a view to clarifying its full potential, either alone or in combination with existing cancer treatments.”
Faron’s MATINS trial showed that Clevegen® promoted immune activation in patients, potentially making it a new and effective macrophage immune checkpoint drug for cancer patients.
Dr. Jalkanen said: “This is very important as many, if not all, cancer patients have reduced immune capacity to defend them against cancer spread and may potentially be focal information in terms of specifying our goals for the ongoing partnering discussions."
Shares in Faron were trading 10.47% higher at 237.5p after the fundraise
Shares in Faron have risen by about 350% year to date.
3,935,500 shares were placed at 190p, representing about 10% of Faron’s issued share capital before the placing.
Faron told investors that the proceeds are expected to provide twelve months of working capital.
The company is to advance Clevegen, initiating the cohort expansion of the MATINS trial in colorectal cancer, eventually sharing the data with the US FDA to discuss a biologics licence application.
It is also having a face-to-face meeting with the FDA in early December to discuss Traumakine, its phase III treatment for acute respiratory distress.
Faron also welcomed the significant number of new Nordic shareholders after the placing, after Swedish firm Carnegie Investment Bank AB acted as financial adviser and bookrunner.
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