Faron Pharmaceuticals Ltd - Turku, Finland-based clinical stage biopharmaceutical company - Conducts private placing to raise EUR5 million in 2.0 million newly issued treasury shares at EUR2.49 each. Once the funds are received, Faron expects to have sufficient working capital to last until the first quarter of 2023. Net proceeds will be largely used for the acceleration of the clinical development program and manufacturing of bexmarilimab, its immunotherapy asset.
Notes existing shareholder Timo Syrjala subscribed for EUR3.4 million, or 1.4 million shares, via Acme Investments SPF Sarl, and now holds a 19% stake in the company. Syrjala's total holding is 10.5 million shares.
Director Markku Jalkanen buys a total of 28,132 shares at EUR2.49 each, for a total of EUR69,998, on Monday, as part of the placing, on Nasdaq First North Growth Market.
Current stock price: 206.00 pence, down 5.3% on Tuesday
12-month change: down 46%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Faron Pharmaceuticals (FARN)