Faron Pharmaceuticals Oy (AIM:FARN, OTC:FPHAF) raised €10.5mln via a placing of new shares backed by the European Innovation Council (EIC), around €2.5mln more than the minimum threshold for the share placing.
The funds will support the ongoing development of its putative cancer treatment, bexmarilimab, and Traumakine, for acute respiratory distress.
The cash will also be put to work manufacturing the two drugs.
"We are extremely pleased with the results of this placing and the interest we received from investors, including a second significant investment from the European Investment Council Fund," said Toni Hänninen, Faron’s chief financial officer.
"These funds raised to strengthen our balance sheet and will allow us to continue accelerating our bexmarilimab and Traumakine development programs."
Serial investor Timo Syrjälä followed his money, acquiring 1.3mln placing shares at €3.80 a share. He now has a 16.7% stake in Faron.