Faron Pharmaceuticals Ltd is pleased to announce that Tekes has granted €1,535,100 in funding to progress the preclinical development of Clevegen, Faron´s novel cancer immunotherapy drug candidate. The funding awarded is a loan, which covers 50 per cent of the budgeted cost of the preclinical development of Clevegen.
Clevegen targets Clever-1 cell surface receptors, which are involved in cancer growth and spread. When Clever-1 is blocked, tumour-associated macrophages cannot enter the tumour site and their function in the tumour as an immune suppressive cell is diminished. Both these events are shown to change the tumour environment from immune suppression to immune stimulation, allowing the host immune system to fight the tumour cells.
“We are very grateful to Tekes for this non-dilutive funding. Clevegen has the potential to become an important part of immune therapies against cancers and is currently undergoing preclinical trials by our collaborators in cells from cancer patients. We are excited about the opportunities presented by Clevegen which also has the potential to be used in combination therapies with other immune check-point compounds while progressing to clinical stage”, Dr Markku Jalkanen, CEO of Faron said.
Faron has entered into an agreement with Selexis SA under which Selexis will establish the rapid generation of high expressing clonal cell lines for use in the development and production of Clevegen monoclonal antibodies for pre- and clinical development.
For more information, please contact
Faron Pharmaceuticals Oy
Phone +358 (50) 577 4807
katja.wallenlind (at) faronpharmaceuticals.com
Cairn Financial Advisers LLP, Nominated Adviser
Emma Earl, Tony Rawlinson and Rebecca Anderson
Phone: +44 207 148 7900
Whitman Howard Limited, Nominated Broker
Niall Devins, Francis North
Phone: +44 207 659 1234
Hume Brophy, PR
Mary Clark, Eva Haas, Hollie Vile
Phone: +44 203 440 5654
faron (at) humebrophy.com