Faron Pharmaceuticals Oy (LON: FARN) have seen their shares soar after the firm won US regulatory approval for a cancer medication as it updated shareholders on Thursday afternoon.
Faron Pharmaceuticals is clinical stage biopharmaceutical company developing novel treatments for medical conditions with significant unmet needs.
“Research and development to find treatments for severe diseases with serious unmet medical needs is what we do. I am proud and excited to be among this group of people working hard, facing challenges and understanding the humane purpose of science. ” Dr Markku Jalkanen, CEO
Shares of Faron soared 36.21% after the announcement to 224p. 28/11/19 12:47BST.
The firm said that US regulators had approved its Clevegen cancer treatments, as an investigational new drug which sent shares soaring.
Additionally, the firm reported that the drug was given clearance to allow the expansion of a clinical trial into the US, which sparked shareholder enthusiasm.
The US Food & Drug Administration approved the IND application for Clevegen, an immunotherapy targeting tumour associated with macrophages in some metastatic or inoperable solid tumours.
“We are very pleased to receive this IND approval from the FDA, marking another milestone in the development of Clevegen,” Chief Executive Officer Markku Jalkanen said.
“This approval will allow us to expand Matins into the US using the same protocol both in Europe and in the US, accelerating our understanding of this novel precision medicine in cancer patients who are refractory to all other treatment options and streamlining the regulatory processes,”
Jalkanen added. “With the US IND now approved, in due course, we plan to file applications for Breakthrough status in the US and Prime status in Europe, further facilitating regulatory interactions during the development of Clevegen.”
Market leaders such as Pfizer (NYSE: PFE) and GSK (LON: GSK) have reported bullish interim updates, which gives them further foot holding the global pharmaceuticals market.
Noteworthy updates also come from ImmuPharma (LON: IMM) and Beximco (LON: BXP) who both reported progress in their trading reports.