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Faron Pharmaceuticals Oy boss pleased with healthier than expected cash balance

Last updated: 10:25 06 Sep 2016 EDT, First published: 05:25 06 Sep 2016 EDT

Faron Pharmaceuticals Oy (LON:FARN) ended the first half of 2016 with more cash than it had anticipated.

Research & development (R&D) expenses more than doubled, but the combination of higher than anticipated income, in the form of both revenue and grant income, and lower operating costs meant the company experienced only a modest cash outflow over the reporting period.

Chief executive Dr Markku Jalkanen told Proactive revenue comprised mostly of a €750,000 signing fee from Pharmbio and a €356,500 pre-payment relating to IFB-beta production.

The group also received €968,000 from the European Union from its FP7 Traumakine grant.

The company had a cash balance of €8.9mln at the end of June, it revealed in its results for the first half of the year.

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