Small cap movers: Faron Pharma rockets as its rakes in more funds to bankroll new cancer drug
Cancer drug developer Faron Pharmaceuticals Oy (LON:FARN) has been on a tear, with the share price up 350% in the year to date.
The momentum continued this week as the stock rose 60% to 240p on news of a £7.5 million cash injection that will help the group finance a clinical trial of its new drug Clevegen.
Clevegen has been designed to recognise cancer and break the cells protective shell. Ultimately, if it is successful, this new breed of treatment could be used in combination with PD-1 inhibitors, another treatment method, to tackle the killer disease.
Farons boss, CEO Markku Jalkanen, said the trial will allow the firm to “clarify [the] full potential” of Clevegen, with a view of sharing that data with the US Food and Drug Administration (FDA), which approves drugs for the American market.
The AIM All-Share was up 0.4% at 894 in the week, while the FTSE 100 rose 1.1% to 7,380.
Turning to the mining sector, Amur Minerals Corporation (LON:AMC) received a welcome boost in the form of new funding this week after a £1.2 million investment from an unnamed asset manager sent the shares up 62% to 3p.
Investors also took a shine to KEFI Minerals PLC (LON:KEFI), which surged 52% higher to 1.2p after it resolved several administrative roadblocks with the Ethiopian government regarding its Tulu Kapi gold project.
State administrative arrangements had held up the closing of project financing past the originally set date of 31 October, but the gold explorer and developer said the project can now proceed.
Planet Zoos launch, which saw it hit the number-one bestseller spot on gaming platform Steam, coincided with an announcement that Frontiers new publishing arm, which has already signed two partnerships with third-party development partners to work on new games, is discussing more deals.
The announcement represents somewhat of a turnaround for the group, which saw its share price dive back in January when it posted a loss of £2.54mln for the year to 30 September.
The new products include HydroX-Cell(L) and HydroX-Cell(S), zero-emission fuel cells that use hydrogen to generate power.