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Faron Pharmaceuticals Oy reported higher first-losses on increased costs.
For the six months to 30 June, pre-tax profit widened to £7.3 million from £6.4 million year-on-year. Research and development expenses increased to £5.5 million from £5 million and general and administrative costs rose to $2.4 million from £1.4 million.
The company received additional grants of €3.3m and €4.6m loans awarded to drive R&D and CMC programmes.
'Our focus for H2 2020 will be the expedition of Clevegen's clinical development through Parts II and III of the MATINS trial and to report these data to regulatory authorities, the company said. 'We will also continue to support the ongoing COVID-19 research initiatives investigating the potential of the company's IV IFN beta-1a, Traumakine.'
At 9:31am: (LON:FARN) Faron Pharmaceuticals share price was +2.5p at 405p