Faron: Proposed Placing and Subscription to raise £8.0 million
Faron Pharmaceuticals Oy, the clinical stage biopharmaceutical company located in Turku, has announced a proposed placing of up to 2,868,000 new ordinary shares in the capital of the Company and a proposed subscription of up to 332,000 new ordinary shares in the capital of the Company tion Shares at a price of 250 pence per share to raise, in aggregate, up to approximately £8.0 million before expenses.
Commenting on the proposed Placing and Subscription, Dr Markku Jalkanen, CEO of Faron, said:
“The new funding would enable us to continue to deliver on our business objectives as we advance our exciting pipeline over the next two-to-three years. Given the positive data collected to date, we believe Traumakine presents a significant opportunity for several hundred thousand patients globally suffering from ARDS, a severe, life threatening medical condition with a mortality rate of approximately 30-45%, for which there is currently no approved pharmaceutical treatment. The US represents a large opportunity to Faron for Traumakine, and the funding would allow us to take the first step in its development and FDA registration process.
“We have made substantial progress with our immunotherapy candidate Clevegen and expanded the development strategy to focus on chronic infections and vaccination enhancement. We expect to create significant shareholder value by progressing Clevegen into clinical development through the application of the funding.”