Faron Pharmaceuticals Oy - Finland-based biopharmaceutical company with a pipeline focusing on acute organ traumas, vascular damage and cancer immunotherapy - Gets US Food & Drug Administration approval for its phase 2/3 Hibiscus trial assessing intravenous drug Traumakine in hospitalised patients with Covid-19. Traumakine to be used prior to corticosteroids, the current practice, to prevent systemic inflammatory response syndrome and acute respiratory distress syndrome, improve clinical condition, and reduce patient death. Study sponsorship changes to Faron, with Daniel Talmor from Harvard University's Beth Israel Deaconess Medical Center as principal investigator.
Traumakine's mode of action, in addition to antiviral effect, is to upregulate cell surface protein cluster of differentiation 73. Faron applies for new patent protection relating to induction of CD73 in organ production, followed by steroids, in treating systemic inflammation.
Faron Chief Executive Markku Jalkanen: "There have been no innovative new drugs in the field of emergency care for decades and it remains a highly underserved area of medicine in respect to therapeutics. We strongly believe that vital organs can be better protected by the induction of CD73 and so we are pleased to be continuing the development of Traumakine through a number of important trials and collaborations. As such, we are continuing to scale up our manufacturing process with AGC Biologics as we work to create a new, state of the art manufacturing facility for Traumakine."
Current stock price: 415.90 pence; up 4.6% on Tuesday
Year-to-date change: up 60%
By Anna Farley; annafarley@alliancenews.com
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Faron Pharma (FARN)