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Faron Pharmaceuticals Ltd on Friday reported a widened loss in 2022 as it ramped up its research & development efforts. The Turku, Finland-based biopharmaceutical drug discovery and development company said pretax loss widened 36% to €28.7 million in 2022 from €21.2 million a year prior. Faron Pharma does not yet generate revenue. Research & development expenses increased 19% to €20.7 million from €17.4 million. Meanwhile, general & administrative expenses narrowed 25% to €7.5 million from €9.9 million, despite raising its headcount to 40 employees at the end of 2022 from 37 a year before. The company incurred a financial expense of €1.4 million in 2022, up sharply from €235,000 in 2021. Faron Pharmaceuticals said one of its 2022 highlights was the successful conduction of two fundraising rounds, raising €13.4 million gross in total via new and existing investors. Further, it obtained up to €30 million in debt funding from IPF Partners, and drew €10.0 million upon signing in February 2022. IPF Partners is a Luxembourg-based investor in emerging commercial stage pharmaceutical companies, among others. Faron said another highlight was that ‘Bexmarilimab has been evaluated as a single agent in the Phase I/II MATINS in more than 200 patients and found to be well-tolerated’. Bexmarilimab is the company’s wholly-owned precision immunotherapy, in combination with standard of care in aggressive hematological malignancies including acute myeloid leukemia and myelodysplastic syndrome. Chief Executive Officer Markku Jalkanen said: ‘Last year we accelerated the development of bexmarilimab in hematological malignancies and reported exciting early data that lays a solid trajectory. We also demonstrated compelling antitumor activity in heavily pretreated patients across multiple solid tumor types, setting the stage for a combination with standard of care in first-line solid tumors.’ Faron Pharmaceuticals shares were 3.0% lower at 320.15 pence each in London on Friday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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