Patient shortage causes Faron to abandon HIBISCUS trial of Traumakine for COVID-19

Due to low COVID-19 hospitalization rates and a shortage of patients not already receiving steroids, London-listed Finnish biotech firm Faron Pharmaceuticals (AIM: FARN) is closing its Phase II/III HIBISCUS trial assessing Traumakine (Intravenous Interferon beta-1a; IFN beta-1a) as a first-line treatment for hospitalized COVID-19 patients who require low flow oxygen support.

The company’s decision was based on a recommendation from the HIBISCUS Independent Data Monitoring Committee (IDMC) to discontinue the study due to slow recruitment. The IDMC also informed the company that there were no safety concerns related to treatment of enrolled patients. Faron’s shares dipped 1.3% to 222.00 pence following the announcement.

“When the HIBISCUS trial was designed and initiated, infection and hospitalization rates were high across the US,” said Dr Markku Jalkanen, chief executive of Faron. “The emergence of the less severe Omicron variant and widespread vaccinations led to a significant decrease in the number of hospitalized patients requiring low flow oxygen support. While this was good news from a pandemic perspective, it, along with the widespread early use of steroids, severely limited our potential patient pool. As a result and based on a recommendation from the independent data monitoring committee, we made the decision to end patient enrollment in the HIBISCUS trial and re-focus immediate resources on the development of bexmarilimab,” he noted.