Faron Pharma Share News (FARN)

(Sharecast News) - Clinical-stage biopharmaceuticals company Faron Pharmaceuticals has been selected to receive a €2.5m (£2.24m) grant from the European Innovation Council's 'Accelerator' pilot scheme, it announced on Thursday, to progress the 'MATINS' study, and related business activities.
The AIM-traded firm said the EIC Accelerator pilot scheme supported innovators, entrepreneurs, small companies and scientists, with funding opportunities to support the development and route-to-market of new breakthrough products, services and business models that would become future drivers of economic growth for Europe.

It said its ongoing phase 1 and 2 MATINS clinical trial was investigating the tolerability, safety and efficacy of 'Clevegen', its wholly-owned novel precision cancer immunotherapy targeting Clever-1 positive tumour associated macrophages in selected metastatic or inoperable solid tumours.

"We are very excited to be selected as a candidate to receive this highly competitive grant, which will support our acceleration of the MATINS trial and enable us to further our ambition of becoming a world leader in macrophage guided immunotherapy," said chief executive officer Dr Markku Jalkanen.

Award of the grant remained subject to the satisfaction of final eligibility criteria and the finalisation of grant agreements, which Faron expected to take several weeks.

At 1305 BST, shares in Faron Pharmaceuticals were up 1.93% at 344p.