RE: Link26 Jun 2021 11:33
Not exactly hot air .
At the end of 2020 - yes , they had no funding past Q1 2020
But..
They had 5 million euros cash at end of 2020
They raised 15 million euros in Feb 2021 , with the European Investment Council Fund ( EIC ) being the biggest part of that .
They also have over 13 million euros in funding via grants and soft loans.
So let say 30 million euros roughly by Feb .
Their cash burn has been approx 13-16 million euros a year .
However - instigating trials is a front loaded cost set up , so I'd imagine now things are rolling , the burn isn't quite as fast .
Either way - without any further funding/grants/loans/deals - they should have enough cash to see them through 2020 easily .
From the Feb RNS
Commenting on the successful Placing, Toni Hänninen, Chief Financial Officer of Faron, said: "We are extremely pleased with the results of this Placing conducted on a very competitive market. This allows us to accelerate our development programmes and significantly strengthens our balance sheet."
Worth re-reading what the placing investment was mainly to be used for :
Use of Proceeds
The primary reason for conducting the Fundraise was to accelerate and expand the clinical development of the Company's main drug candidates, bexmarilimab and Traumakine® (intravenous interferon beta). In summary:
Bexmarilimab
· testing higher frequency of dosing to investigate potential for enhanced clinical responses;
· three new trials to study bexmarilimab treatment in a neoadjuvant setting, in combination with a PD(L)-1 checkpoint inhibitor and in haematological malignancies; and
· continuation of the MATINS trial, where five solid tumour cohorts have demonstrated early signs of clinical benefit in the first two stages (Part I and II) of the study.
Traumakine
· launch of the phase II/III HIBISCUS study in the US; and
· preparations to expand into additional clinical indications.
General corporate
· establishment of an operational unit in the US;
· investment in the manufacturing of both bexmarilimab and intravenous interferon beta; and
· strengthening of the Company's balance sheet.
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