Faron Pharmaceuticals Oy - Finland-based biopharmaceutical company with a pipeline focusing on acute organ traumas, vascular damage and cancer immunotherapy - Intends to raise EUR15 million through a placing in which Swedbank AB is acting as sole bookrunner and financial adviser.
Proceeds will go towards the expansion of the bexmarilimab clinical development programme and manufacturing, as well as supporting the clinical development of TraumakineO and its new manufacturing process.
"We have continued to accelerate the clinical development of both of our lead pipeline programs, bexmarilimab and traumakine, over recent months and we are continually gaining valuable insights into these promising immunotherapy candidates. It is a significant achievement to have the support from the European Innovation Council, firstly in the form of a grant in summer 2020 and now with the pre-commitment, which is EIC's first investment in a publicly listed company," said Chief Executive Officer Markku Jalkanen.
Current stock price: 404.00 pence
Year-to-date change: up 55%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Faron Pharma (FARN)