Last checked at 25 Oct 2019 09:27
Faron Pharmaceuticals Ltd
("Faron" or the "Company")
Results of the Extraordinary General Meeting
TURKU - FINLAND, 25 October 2019 - The extraordinary general meeting ("EGM") of Faron Pharmaceuticals Ltd (LON: FARN) took place in Turku, Finland today, 25 October 2019. The EGM approved all the proposals of the board of directors ("Board"), as set out in the notice of the EGM published on 4 October 2019.
Decisions of the EGM - share authorities
The Board was unanimously authorised to resolve by one or several decisions on issuances of shares, options or other special rights entitling to shares referred to in chapter 10, section 1 of the Finnish Limited Liability Companies Act ("Companies Act"), which authorisation contains the right to issue new shares or dispose of the shares in the possession of the Company. The authorisation gives the Company the right to issue up to 7,871,000 shares in aggregate (including shares to be received based on options or other special rights), which corresponds to approximately 20 per cent of the existing shares and votes in the Company on the date of the EGM ("Authorisation").
The Authorisation includes the Board's right to decide on the issuance of shares, options or other special rights entitling to shares in deviation from shareholders' pre-emptive rights. The Authorisation can be used for material Company arrangements, such as financing or implementing business arrangements, investments or for other such purposes determined by the Board where a weighty financial reason for issuing shares, options or other special rights entitling to shares, and possibly deviating from the shareholders' pre-emptive rights, exists.
The Board was authorised to resolve on all other terms and conditions of the issuance of shares, options or other special rights entitling to shares relating to the Authorisation. The Authorisation will be effective until 30 June 2020. It will replace the authorisation for up to 7,095,000 shares (of which 2,121,353 had been used) in the aggregate granted by the Company's annual general meeting held on 28 May 2019 ("2019 AGM") concerning the issuance of shares, options or other special rights entitling to shares. The Authorisation will not replace the authorisation for up to 2,000,000 shares in the aggregate granted by the 2019 AGM concerning issuances of options or other special rights entitling to shares referred to in chapter 10, section 1 of the Companies Act to be used for implementing an option plan for the employees and directors of, and persons providing services to, the Company's group.
Minutes of the EGM
The minutes of the EGM will be available on the Company's website from 8 November 2019 at the latest.
For more information please contact:
Faron Pharmaceuticals Ltd
Dr Markku Jalkanen, Chief Executive Officer
investor.relations@faron.com
Consilium Strategic Communications
Mary-Jane Elliott, David Daley, Lindsey Neville
Phone: +44 (0)20 3709 5700
E-mail: faron@consilium-comms.com
Panmure Gordon (UK) Limited, Nomad and Broker
Emma Earl, Freddy Crossley (Corporate Finance)
James Stearns (Corporate Broking)
Phone: +44 207 886 2500
Westwicke Partners, IR (US)
Chris Brinzey
Phone: 01 339 970 2843
E-mail: chris.brinzey@westwicke.com
About Faron Pharmaceuticals Ltd
Faron (AIM:FARN) is a clinical stage biopharmaceutical company developing novel treatments for medical conditions with significant unmet needs. The Company currently has a pipeline based on the endothelial receptors involved in regulation of immune response, in oncology and organ damage. Clevegen, its precision immunotherapy, is a novel anti-Clever-1 antibody with the ability to switch immune suppression to immune activation in various conditions, with potential across oncology, infectious disease and vaccine development. Currently in phase I/II clinical development as a novel macrophage checkpoint immunotherapy for patients with untreatable solid tumours, Clevegen has potential as a single-agent therapy, in combination with other immune checkpoint molecules or other cancer standard cares. Traumakine, the Company's pipeline candidate to prevent vascular leakage and organ failures, has completed a phase III clinical trial in Acute Respiratory Distress Syndrome (ARDS). Plans for its future development are being finalised to avoid interfering steroid use together with Traumakine. Faron is based in Turku, Finland. Further information is available at www.faron.com.