Proactive Investors - Run By Investors For Investors

Faron Pharma raises around €1.34mln from share subscription by existing shareholder

The company said Timo Syrjälä and Acme Investments SPF Sarl, an entity wholly owned by Syrjälä has subscribed for 1,757,375 new ordinary shares at a price of €0.7598 (£0.65) each
Immunotherapy
Faron added that it will continue to explore further funding opportunities and in particular continue its discussions with potential licensing partners

Faron Pharmaceuticals Ltd (LON:FARN) has raised around €1.34mln (£1.15mln) from a share subscription by an existing shareholder to extend the company's working capital into mid-fourth quarter 2019 following on from a share placing in March.

The clinical stage biopharmaceutical company said Timo Syrjälä and Acme Investments SPF Sarl, an entity wholly owned by Syrjälä has subscribed for 1,757,375 new ordinary shares in the company at a price of €0.7598 (£0.65) each.

READ: Faron Pharma gears up for “pivotal year”; bosses convinced by Traumakine’s potential

Following the subscription, Syrjälä's total holding in the company's shares, which includes his indirect holding through Acme, is 4,519,375 shares, representing 12.14% of the enlarged issued share capital.

The group said the net proceeds of the subscription will also be applied towards advancement of the company's key products in line with the strategy set out in the recent placing on 26 March 2019 and its annual results announcement on 7 May 2019.

The company added that it will continue to explore further funding opportunities and in particular continue its discussions with potential licensing partners.

Markku Jalkanen, Faron’s CEO commented: "Following the financing raised from new and existing shareholders earlier this year, we are very pleased to receive this additional shareholder support.

“The year 2019 is significant for Faron, as we seek to advance our clinical programmes for Traumakine, and especially for Clevegen. We are highly encouraged by the confidence our shareholders continue to show in the Company."

View full FARN profile View Profile

Faron Pharmaceuticals Ltd Timeline

Related Articles

A woman with severe depression
April 25 2019
The New York clinical-stage biopharmaceutical company has several drugs in the pipeline capable of generating hefty revenue
scientist in a lab
April 12 2019
Danish giant Novo Nordisk recently signed up to use its NDD platform, and bosses expect more collaboration deals in the coming months
picture of a knee
May 20 2019
We take a closer look at Collagen Solutions, which received third-party validation of its business model in the form of outside investment from a blue-chip US agriculture company

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use