(Alliance News) - Faron Pharmaceuticals Ltd on Wednesday said it has appointed James O'Brien as its new chief financial officer, effective from Monday next week, succeeding Toni Hanninen.
The Turku, Finland-based biopharmaceutical drug discovery and development company said outgoing CFO Hanninen is leaving Faron to pursue another career opportunity, while describing O'Brien as "an accomplished biotech and financial executive with extensive experience in the US capital markets".
It said it believed his appointment highlighted its progression towards becoming a global pharmaceutical company.
O'Brien most recently served as CFO at clinical-stage biopharmaceutical company Cognition Therapeutics Inc, which raised around USD52 million at its initial public offering in October 2021.
Faron also said O'Brien served as executive vice president of finance at Enzo Biochem Inc, after holding various positions with increasing responsibilities at pharmaceutical companies including Actavis PLC, now AbbVie Inc. He also has experience at the US subsidiary of Swiss firm Nycomed, which has since been acquired by Takeda Pharmaceutical Co Ltd, and also had a stint at Bristol-Myers Squibb Co.
"I am thrilled to welcome James to Faron, considering his strong record of performance in public markets, capital raising in the US, business development and strategic planning," said Faron Chief Executive Officer Markku Jalkanen.
"His US business acumen will be a crucial asset for our company as we plot out the clinical development plan for our lead asset bexmarilimab."
Incoming CFO O'Brien added: "I am pleased to join Faron, bringing my strong background in the US biotech and pharma financial sectors to drive the company successfully forward."
Shares in Faron were up 1.0% to 318.00 pence each in London on Wednesday morning.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Faron Pharma (FARN)