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Faron Pharmaceuticals Oy reported wider losses in the first half of the year following an increase in costs.
For the six months ended June, pre-tax losses widened to £10.6 million from £7.3 million. No revenue was generated during the period.
Research and development expenditure increased by €3.5 million to €9.0 million year-on-year, and administrative expenses increased by €0.3 million to €2.6 million.
'We progressed our most advanced pipeline assets with bexmarilimab showing compelling antitumor activity as a monotherapy in heavily pre-treated patients across multiple solid tumor types and the initiation of the HIBISCUS trial assessing Traumakine as a first-line treatment for hospitalized COVID-19 patients, which we believe will represent a significant step forward in the treatment of lung failure due to viral infections,' the company said.