Faron Pharmaceticals intends to float on AIM
Faron Pharmaceuticals Oy, the clinical stage biopharmaceutical company has announced its intention to raise new funds through a placing and offer for subscription and to apply for admission of its ordinary shares to trading on the AIM market of the London Stock Exchange.
Faron Pharmaceuticals Oy is a Turku-based clinical stage biopharmaceutical company. It intends to raise new funds and applies for admission to trading on AIM market of the London Stock Exchange.
Dr Markku Jalkanen, CEO of Faron Pharmaceuticals said:
“Faron is at a very exciting stage in its development, and the Placing, Subscription and Admission to AIM are important milestones for the Company. They will strengthen our business and support our objectives of progressing our lead programme Traumakine® into a Phase III Study and the development of our pre-clinical cancer immunotherapy candidate, Clevegen.”
Faron’s lead drug Traumakine® is in Phase III development for treatment of acute respiratory distress syndrome (“ARDS”).
“ARDS is a severe, life threatening medical condition for which there is currently no approved pharmaceutical treatment. There are approximately 170,000 annual ARDS patients in Europe and nearly 200,000 in the US, with a mortality rate of approximately 30–45 %. We believe that Traumakine® presents a significant opportunity for those suffering from ARDS, the hospitals which treat them and societies covering the recovery of ARDS patients“, Dr. Markku Jalkanen said.
Faron Pharmaceuticals is based in Turku Science Park. Faron has recently moved to new premises in the Intelligate II building.