Faron Pharmaceuticals Oy has announced an understanding with its lender, IPF Fund II SCA, SICAV-FIAR, to extend the waiver that was originally announced on 4 March 2024. This extension allows the company to continue its preparations to secure longer-term funding. The waiver extension is conditional on certain terms, including a minimum cash covenant and the issuance of new warrants to IPF. The company has completed significant cash preservation actions and expects to have cash runway into Q3/2024.
Dr. Juho Jalkanen, Faron's incoming Chief Executive Officer, expressed gratitude to all parties involved in the decision-making process and actions taken to support the development of bexmarilimab for HMA-failed MDS. The company is actively working to secure longer-term funding that would enable bexmarilimab to enter a pivotal trial post the US Food and Drug Administration's advice and partnership for commercialization. Initial data from the ongoing Phase II part of the BEXMAB trial is expected to be published during the week commencing 20 May 2024.
For more information, interested parties can contact Faron Pharmaceuticals or its investor contacts at LifeSci Advisors, ICR Consilium, Cairn Financial Advisers LLP, Peel Hunt LLP, and Sisu Partners Oy.