After the invasion of the London stock exchange by US-based companies PureTech (€147M raised) and Verseon (€92M raised) last June, it’s now the turn of two EU companies to go public in the British capital. Shield Therapeutics wants to grab a massive £110 million, while Faron Pharmaceuticals had not disclose its intention yet.
Faron, based in Turku (Finland), intends to fund its Phase III study of Traumakine, a drug in development for treatment of acute respiratory distress syndrome (“ARDS”). ARDS is a severe medical condition characterised by widespread capillary leakage and inflammation in the lungs, most often as a result of sepsis, pneumonia or significant trauma. With no current treatment, the disease is considered an orphan drug disease with a high, 30–45% mortality rate.
Traumakine -which development has been granted a €6 million financing from EU- has shown encouraging results in Phase I/II studies, with an associated 81% reduction in the odds of 28 day mortality rate in patients with ARDS.
Faron’s pipeline also includes a novel pre-clinical cancer immunotherapy called Clevegen.