Faron Pharmaceuticals Ltd (LON:FARN) has confirmed that it knows of no operational or corporate reason why its share price shot up on Friday.

The biotech, which saw its shares jump 14.9% to 205p in mid-afternoon trading, reiterated previous announcements that it was continuing to progress its key product Clevegen through the MATINS trial and is seeking advice from the Food and Drug Administration (FDA) regarding future Traumakine development.

READ: Faron Pharma “extremely happy” with progress of Clevegen trial

Faron also said it is currently funded into early 2020 and continues to explore additional potential sources of funding, as well as continuing partnership discussions in respect of Clevegen to support the expansion of clinical development and explore the potential of Clevegen in combination with existing cancer therapies, including also other immunotherapies.

The company is also investigating various options to facilitate easier trading of its shares, especially for Finnish investors, including the possibility of dual listing on the Nasdaq First North Growth Market, although a final decision has not been made.