(Alliance News) - Faron Pharmaceuticals Oy on Tuesday said it has raised EUR2.5 million via share subscription and open offer.
The company raised EUR1.0 million from the issue of 859,513 shares at EUR1.19 per share pursuant to an open offer. It also received EUR380,000 from subscription of 320,000 open offer shares not taken up.
Faron additionally raised EUR1.1 million from a separate share subscription of 941,840 shares at the same issue price, taking the total raised to EUR2.5 million before expenses.
The clinical stage biopharmaceutical firm now has working capital through to early in the first quarter of 2020.
The total number of Faron shares in issue after the subscription, open offer, and further subscription shares are issued will be 39.4 million.
Shareholder Timo Syrjala subscribed for 70,000 subscription shares via his wholly owned entity, Acme Investments SPF Sarl, for EUR80,000 - plus 168,198 open offer shares. Syrjala now owns 15% stake or 5.7 million shares in Faron Pharma.
Shares in Faron were down 1.3% at 111.00 pence in London on Tuesday.
Faron Pharma (FARN)