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.