Faron Pharmaceuticals kicks off second half with FDA announcement
London, UK
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September 01, 2023 08:03 AM Eastern Daylight Time
Faron Pharmaceuticals Limited (AIM:FARN, OTC:FPHAF) CEO Markku Jalkanen and CFO James O'Brien speak to Thomas Warner from Proactive after the clinical stage biopharmaceutical company revealed its been granted orphan drug designation by the US Food and Drug Administration (FDA) for its bexmarilimab asset to treat acute myeloid leukaemia.
The news was published alongside Faron's first-half results. Jalkanen gives an overview of how the company's BEXMAB study is progressing so far, highlighting the accelerated achievement of complete remission among patients who had limited options. Jalkanen stated that the treatment's dual action mechanism, stimulating the immune system and targeting cancer cells, was ideally designed for this context.
He goes on to address the granting of orphan status from the FDA, before CFO James O'Brien speaks specifically about the company's finances. He says Faron has raised over €18 million this year, positioning itself strongly with cash reserves exceeding €12.8 million for future operations. He suggests that Faron is currently funded through to the end of the end of this calendar year with several options for extending the cash runway.
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