Faron Pharmaceuticals Oy (LON:FARN) said it has raised £2.3mln from its open offer and share subscription with existing investors contributing £920,000 to the total.
The cash injection will provide the group with working capital out to the first quarter of next year.
Specifically, it will allow Faron to complete a phase I trial to determine the maximum tolerated dose of Clevegen for part II of the clinical assessment. The plan is also to expand the colorectal group.
Additionally, the new money will provide a cash cushion while the company seeks a partner for the drug.