(Alliance News) - Finnish drugs developer Faron Pharmaceuticals Ltd said Friday it knew of no "operational or corporate reason" for the dramatic share price movement it was experiencing.
Shares in Turku-based Faron were 8.7% higher at 194.00 pence in London on Friday, having jumped as much as 54% earlier in the day.
The biopharmaceutical firm confirmed it continued to progress its key cancer treatment Clevegen product through the Matins clinical trial. It was also seeking advice from the US Food & Drug Administration on the future of the development of its acute respiratory distress syndrome treatment Traumakine.
Faron said it was also funded until early 2020, and was continuing to explore additional potential sources of funding.
This includes extending its authority to issue up to 7.9 million shares and was considering the possibility of dual-listing its shares on the Nasdaq North Growth Market, in order to makes its shares more easily tradeable to Finnish investors.
By Ahren Lester; ahrenlester@alliancenews.com
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Faron Pharma (FARN)