LONDON (ShareCast) - (ShareCast News) - Clinical stage biopharmaceutical company Faron Pharmaceuticals posted its full year audited results for the year to 31 December on Wednesday, with revenue rising to €1.15m from €0.52m in the prior year.
The AIM-traded firm reported a gross profit of €1.15m, compared to €0.5m, with other operating income rising to €1.74m from €0.7m.

Administrative expenses were reduced to €2.16m from €3.06m, but research and development costs surged to €9.59m from €3.97m.

Faron's operating loss therefore widened to €8.86m from €5.84m in 2015.

"Faron's mission is to develop new treatments in genuine areas of unmet medical need," explained CEO Markku Jalkanen.

"2016 was an important year of progress for Faron, during which we successfully achieved all of the major goals set out at the time of our IPO in 2015, with a lower cash burn than anticipated."

Dr Jalkanen said that was due, in part, to the company's effective use of grant funding - being non-dilutive financing - to continue its development programmes.

"2017 will be a pivotal year for Faron as we await results from our Phase III INTEREST trial, which if favourable, will pave the way for the launch of our first commercial product Traumakine, for the treatment of ARDS.

"We also look forward to making significant progress with our exciting immune switch candidate, Clevegen, which we hope to see move into the clinic during 2017.

"None of this would be possible without the support of our highly motivated and skilled staff, and supportive shareholders, who I would like to thank on the behalf of the management team and board."

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