Half Year 2024 Faron Pharmaceuticals Oy Earnings Call Transcript
Key Points
- Faron Pharmaceuticals Oy (FRA:4FR) successfully raised EUR 35.5 million in the first half of 2024, resulting in a cash balance of over EUR 30 million by the end of June.
- The company has sufficient funds to support operations until the first quarter of 2025.
- Faron Pharmaceuticals Oy (FRA:4FR) has shown excellent results in Phase II trials for relapsed refractory MDS with bexmarilimab, leading to positive feedback from the FDA.
- The FDA granted fast track designation for bexmarilimab for the treatment of relapsed refractory myelodysplastic syndrome, which includes benefits like more frequent meetings with the FDA and eligibility for accelerated approval.
- The company has increased its shareholder base and liquidity, becoming one of the largest market caps in Helsinki First North.
- Despite the successful fundraising, the current cash runway will not be sufficient to complete the full readout of the Phase II trial, requiring additional funding or partnerships.
- The company had to make significant cuts in headcount and operational costs to manage financial constraints.
- There was a CEO and CFO change during the first half of 2024, which can be disruptive for the company.
- The biotech sector's challenging capital market conditions have impacted Faron Pharmaceuticals Oy (FRA:4FR), necessitating small bridging rounds to maintain operations.
- The company cannot provide specific timelines or details about ongoing partnership discussions due to confidentiality, which may create uncertainty for investors.
Welcome, everybody, to the H1 results webcast of Faron Pharmaceuticals. My name is Juho Jalkanen, the CEO of the company. I hope you've all had a relaxing summer charging your batteries because we have an action-packed second half coming up but before we go into that, let's have a look at what the first half looked like.
Standard disclaimer because we will be making some forward-looking statements. But what brings us all together here relapsed refractory MDS a dreadful condition, very poor survival, basically no effective treatment options, nothing. On the other hand, on the right-hand side, what can we possibly bring to the table we can extend survival. We have an excellent response rate. We can possibly truly change the treatment paradigm in this condition. But then to the actual H1 results.
I'm going to hand it over to our Chief Financial Officer, Yrjo.
Hello. My name is Yrjö Wichmann. I'm the Chief
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