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LONDON (Alliance News) - Finland-based Faron Pharmaceuticals Oy on Thursday posted a widened pretax loss for 2015, driven by costs related to its listing in London and a step up in research and development spending.
The firm's pretax loss for the year to the end of December was EUR6.1 million, compared to EUR1.4 million in 2014, as administrative costs doubled due to the costs of its listing in London in November. Research and development costs also more than doubled, as Faron ramped up its drug development programme.
Revenue for the year fell to EUR520,000 from EUR906,000.
The company established a phase 3 trial for its Traumakine acute respiratory distress syndrome treatment and said it was making progress on this, with recruitment for the trials on track and work due to start in April. The group also secured funding to back the pre-clinical development programme for Clevegen, its cancer immunotherapy treatment.
"We are looking forward to making significant progress with these innovations to develop new treatments for these true unmet medical needs," said Chief Executive Markku Jalkanen.
Faron shares were untraded in London on Thursday, having last traded at 271.25 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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