Update: Finnish Biotech to Raise £10M for Rare Lung Disease Drug
Update (10/10/2017): Faron Pharmaceuticals’ fundraising has been oversubscribed, which reflects the excitement around its drug candidate, Traumakine. By securing £10M, Faron matches its IPO from November 2015.
Originally published on 5/10/2017
Faron Pharmaceuticals will place over 1 million shares on the market to raise funds for the progression of its acute respiratory distress syndrome (ARDS) drug.
Faron specializes in drugs to combat acute respiratory distress syndrome (ARDS) and cancer. Its lead candidate, Traumakine, treats ARDS by preventing vascular leakage and organ failure. It was previously granted €6M by the EU, and has recently received backing from the FDA. This has triggered Faron to open fundraising, which will help to accelerate the commercialization of the drug.
ARDS is characterised by widespread capillary leakage and inflammation in the lungs, causing shortness of breath, low blood pressure and extreme tiredness. The active ingredient of Traumakine is human recombinant interferon β-1a. This enhances the expression of CD73, a molecule that is essential to endothelial barrier function in the lungs, which controls vascular leakage and inflammation.
With no current treatment, the disease is considered an orphan drug disease with mortality ranging from 24-58%. Fingers crossed that the results of the ongoing Phase III trial will support Faron’s pursuit towards the market.
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