Shares of Faron Pharmaceuticals Oy (LON:FARN) dropped 16.9% during trading on Thursday . The company traded as low as GBX 95.50 ($1.24) and last traded at GBX 100.50 ($1.31). Approximately 438,575 shares traded hands during mid-day trading, an increase of 2,924% from the average daily volume of 14,501 shares. The stock had previously closed at GBX 121 ($1.58).

In related news, insider Frank Armstrong purchased 13,300 shares of the stock in a transaction dated Wednesday, June 20th. The stock was purchased at an average price of GBX 75 ($0.98) per share, with a total value of £9,975 ($12,993.36).

About Faron Pharmaceuticals Oy (LON:FARN)

Faron Pharmaceuticals Oy operates as a clinical stage drug discovery and development company in Finland. It has a pipeline of drug development projects focusing on acute organ traumas, vascular damage, and cancer immunotherapy. The company's lead product candidate is Traumakine, a recombinant human IFN beta-1a, which is in Phase III clinical trial for the treatment of acute respiratory distress syndrome (ARDS).

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