Faron Pharmaceuticals Limited (AIM:FARN) has moved to settle part of its convertible bond financing by issuing shares from treasury, raising just under €0.85 million through a bond amortisation converted into equity. The clinical-stage immunotherapy developer said it approved the exercise of 453,979 special rights, each entitling the holder to one existing treasury share, in connection with an accelerated amortisation of its first tranche of convertible bonds.
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