29th Aug 2023 10:15
(Alliance News) - Faron Pharmaceuticals Ltd on Tuesday said its interim loss widened on higher costs but saw shares soar after it gained a US Food & Drug Administration orphan drug designation for Bexmarilimab.
Shares in Faron were up 11% at 299.80 pence each in London on Tuesday morning.
The Turku, Finland-based clinical-stage biopharmaceutical company said it was granted an orphan drug designation by the FDA for Bexmarilimab for the treatment of acute myeloid leukaemia.
Orphan drug designation gives intellectual property cover and data protection to investigational drugs, as well as potential tax credits on eventual US sales of an approved orphan drug.
Bexmarilimab is an immunotherapy designed to overcome resistance to existing treatments for acute myeloid leukaemia, a type of cancer, and myelodysplastic syndromes.
Faron also announced its pretax loss widened to EUR13.7 million in the six months to June 30 from EUR13.1 million a year prior as general and administrative expenses grew by 13% to EUR4.3 million.
It did not report any revenue in all of 2022, nor in the first half of 2023.
By Sabrina Penty, Alliance News reporter
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