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LONDON (Alliance News) - Faron Pharmaceuticals Ltd said Monday the Finnish Funding Agency for Innovation Tekes has granted it funding of EUR1.5 million to progress its cancer immunotherapy drug candidate Clevegen.
The funding is awarded via a government loan, and covers around 50% of the budgeted cost of the preclinical development of Clevegen, Finland-based Faron said. Whilst the final conditions of the loan are not yet negotiated, these loans are normally unsecured with low interest rates.
If the project falls short of its goals, part of the loan may then be converted into a grant, Faron said.
"We are very grateful to Tekes for this non-dilutive funding. Clevegen has the potential to become an important part of immune therapies against cancers and is currently undergoing preclinical trials by our collaborators in cells from cancer patients," said Chief Executive Officer Markku Jalkanen in a statement.
Shares in Faron were up 3.9% at 265.00 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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