Faron Pharmaceuticals Limited (AIM:FARN) said it successfully raised €30.7 million in an oversubscribed fundraiser that generated 'significant interest' with investors who bought into the potential of its lead asset, the cancer candidate bexmarilimab.
It brought in €27 million in fresh investment with €3.7 million coming from the conversion of debt into equity.
Providing a cash runaway out to March 2025, proceeds will be used to complete the company's phase II BEXMAB clinical trial assessing efficacy in late-stage and hard-to-treat suffers of a group of blood-borne cancers called myelodysplastic syndrome.
The new investment also gets Faron to the next major inflexion point for the drug developer - partnering discussions based on the data generated, said CEO, Dr Juho Jalkanen.
"This financing round has been highly successful," he added.