Tuesday, August 29, 2023
Faron Pharmaceuticals Ltd., a clinical-stage biopharmaceutical company focused on tackling cancers via novel immunotherapies, today announces the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation (ODD) to its wholly owned asset bexmarilimab, for the treatment of acute myeloid leukemia (AML).
FDA’s Office of Orphan Drug Products grants orphan status to support the development of medicines for rare disorders that affect fewer than 200,000 people in the U.S. ODD provides Faron with certain benefits, such as market exclusivity upon regulatory approval if received, exemption of FDA application fees, and tax credits for qualified clinical trials.
“Receiving Orphan Drug Designation from the FDA signifies our continued progress and commitment to develop bexmarilimab as a potential treatment for AML,” said Chief Medical Officer Dr. Marie-Louise Fjällskog. “The designation represents a milestone in our development journey, one that we believe when combined with standard of care, will lead to better patient outcomes and improved quality of life.”
Bexmarilimab is currently in Phase I/II BEXMAB study (ClinicalTrials.gov: NCT05428969) in combination with standard of care (SoC) for the treatment of aggressive hematological malignancies of relapsed/refractory AML and myelodysplastic syndromes (MDS). Last month, Faron reported updated, positive data from the Phase I portion of the trial. Three of five patients in the 6 mg/kg bexmarilimab + azacitidine doublet cohort achieved objective responses and eight (out of 15 patients) objective responses were observed in all three doublet dosing cohorts, with one patient remaining on treatment for 13 months.
The completion of dose escalation, readout of enrichment cohorts and initiation of the Phase II portion of the BEXMAB trial are expected in Q4 2023.
About Faron Pharmaceuticals Ltd.
Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments. Further information is available at www.faron.com.
Forward-Looking Statements
Certain statements in this announcement are, or may be deemed to be, forward-looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should", "expect", "hope", "seek", ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
For more information please contact:
Investor Contact
LifeSci Advisors
Daniel Ferry
Managing Director
[email protected]
+1 (617) 430-7576
Media Contact
Faron Pharmaceuticals
Jennifer C. Smith-Parker
Head of Communications
[email protected]
