Faron Pharmaceuticals Ltd - Turku, Finland-based biopharmaceutical drug discovery and development company - Raises EUR12.0 million via placing of 3.7 million shares at the issue price of EUR3.25 each. Faron says that with these proceeds and the current level of activity, it has sufficient working capital into the third quarter of 2023.
The main reason for the placing is to accelerate and expand the clinical development of the company's main drug candidate, bexmarilima, which treats haematological malignancies, which are cancers that begin in blood-forming tissues. The three main types of that cancer type are leukaemia, lymphoma and multiple myeloma. Further, the company seeks to strengthen its presence in the US.
Current stock price: 312.00 pence, down 8.2% on Friday
12-month change: up 32%
By Tom Budszus, Alliance News reporter
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Faron Pharma (FARN)