(Alliance News) - Faron Pharmaceuticals Oy on Monday announced it will receive USD6.1 million in funding from the US Department of Defense and the Coronavirus Aid, Relief, & Economic Security Act to explore the use of Traumakine, its IV Interferon beta-1a treatment, for US patients hospitalised with Covid-19.
Shares in Faron were up 22% at 337.56 pence in London on Monday.
The Finland-based biopharmaceutical company, focusing on acute organ traumas, vascular damage and cancer immunotherapy, said the funding support for its phase 2 and 3 Hibiscus trial requires final contracting between Faron and the US Department of Defense's designated military unit, the 59th Medical Wing of the US Air Force, and is under preparation.
Faron kicked off its third trial to investigate Traumakine as a respiratory medication to treat Covid-19 back in June.
Chief Executive Markku Jalkanen said: "[Interferon beta-1a] has previously demonstrated a compelling argument as the body's first line of defence against viral infection. Deficiency of either IFN beta or the activation of its receptor have been associated with severe Covid-19 and poor outcome.
"This validation from the Department of Defense represents important progress for both our science and intravenous IFN beta as a potential treatment for severe Covid-19 patients. We look forward to working with the Department of Defense, 59th Medical Wing of the Air Force, University of Colorado Medical School Anschutz Campus and Harvard to fight Covid-19 and protect central organs."
By Zoe Wickens; zoewickens@alliancenews.com
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Faron Pharma (FARN)