(Alliance News) -Â Faron Pharmaceuticals Oy on Friday said its bookbuild has now closed, and the firm will issue 3.5 million shares.
The placing shares will be issued at a price of EUR4.26 each, a 5% discount to the 30-day volume weighted average price on Nasdaq Helsinki First North Growth. Faron raised EUR15 million in the placing.
Shares in Faron were up 1.1% at 399.50 pence in London on Friday.
Several new "high-quality continental European institutional investors" participated in the placing, expanding Faron's investor base, along with existing investors, as planned.
The European Investment Council Fund which had given a pre-commitment, was the largest of the new investors. Faron is the first publicly listed company that the EIC Fund has invested in.
"With these additional resources we can further accelerate our pipeline projects, especially in the fight against cancer with our Clever-1 targeting precision immunotherapy, bexmarilimab. The recent discovery of free, soluble Clever-1 as an immune suppressive agent capable of directly restricting T-cell activation in all locations of the body may help us to control cancer-induced immune suppression in remote locations such as distant organs," said Chief Executive Markku Jalkanen.
By Lucy Heming;Â lucyheming@alliancenews.com
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Faron Pharma (FARN)