Faron Pharmaceuticals acquires rights to AOC3 inhibitors

Clinical stage biopharmaceutical company Faron Pharmaceuticals has acquired rights for the potential new use of AOC3 inhibitors covered by a recently filed patent application.

Faron said on Monday that it will be responsible for the management, prosecution and maintenance of any patent applications assigned from AOC3's inventors to the group, as well as for the filing of new patent applications for the AOC3 protein inhibitor.

The AIM-listed group will also pay AOC3's inventors "low single-digit royalties" of net revenues from all products associated with the inflammatory mediator.

Pre-clinical studies with humanised AOC3 mice and with ex-vivo were currently ongoing, with further information set to be provided on that later in the year.

As of 1005 GMT, Faron shares were up 2.29% at 335p.