Faron selected for €2.5 million grant from European Innovation Council Accelerator pilot for MATINS study acceleration

TURKU – FINLAND Faron Pharmaceuticals Oy (AIM: FARN, First North: FARON), the clinical stage biopharmaceutical company, announces today that, it has been selected to receive a €2.5 million grant from the European Innovation Council (EIC) Accelerator pilot scheme to progress the MATINS Study and related business activities.

The EIC Accelerator pilot scheme supports top-class innovators, entrepreneurs, small companies and scientists with funding opportunities to support developing and bringing to the market new breakthrough products, services and business models that would become future drivers of economic growth for Europe.

Faron’s ongoing phase I/II MATINS clinical trial is investigating the tolerability, safety and efficacy of Clevegen, the Company’s wholly-owned novel precision cancer immunotherapy targeting Clever-1 positive tumour associated macrophages (TAM), in selected metastatic or inoperable solid tumours.

Dr. Markku Jalkanen, Faron's CEO, said: “We are very excited to be selected as a candidate to receive this highly competitive grant, which will support our acceleration of the MATINS trial and enable us to further our ambition of becoming a world leader in macrophage guided immunotherapy.”

Award of the grant remains subject to the satisfaction of final eligibility criteria and finalization of the grant agreements. The Company expects this to take a few weeks.