(Alliance News) - Faron Pharmaceuticals Oy said Friday it has entered into a liquidity providing agreement with Lago Kapital Ltd, a Finnish securities lender and financial services provider.
Under the agreement, Lago will quote bids and offers for Faron's shares within the framework of the Nasdaq First North Growth Market Finland rules for liquidity provision.
Nasdaq First North is a division of Nasdaq Nordic and an alternative stock exchange for smaller European companies.
The spread of the bid and offer prices is set at a maximum of 4% calculated on the bid price. The quotes on bid and offer must be at least EUR3,000 worth of shares.
The agreement is subject to the accepted listing of Faron's shares on Nasdaq First North, which is expected to take place on December 3.
The agreement will be in force initially for a fixed term of three months and thereafter until further notice, with a notice period of one calendar month.
Shares in the Turku, Finland-based clinical stage biopharmaceutical company were up 6.1% at 243.95 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Faron Pharma (FARN)