Faron Pharmaceuticals Limited (AIM:FARN), the clinical-stage immunotherapy company, has now completed its fully committed rights issue, raising approximately €40.1 million in gross proceeds, or around €32.8 million net of transaction costs.
A total of 80 million new shares were issued at €0.50 each, representing approximately 67.1% of the enlarged share capital.
Net proceeds will fund a 90-patient Phase II trial of lead drug candidate bexmarilimab in high-risk myelodysplastic syndrome, a blood and bone marrow disorder, as well as up to five investigator-initiated trials of the same asset.