TIDMFARN
RNS Number : 2221Y
Faron Pharmaceuticals Oy
01 March 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
Faron Pharmaceuticals Oy
("Faron" or the "Company")
Results of Placing and Subscription
and
Issue of Equity
Successful over-subscribed fundraising of GBP5.0 million through
a Placing and Subscription
TURKU - FINLAND, 11.30 A.M. GMT, 1 March 2017 - Faron
Pharmaceuticals Oy ("Faron" or "Company") (LON: FARN), the clinical
stage biopharmaceutical company, is pleased to announce that,
following the announcement on 28 February 2017, the proposed
Placing and Subscription has been subscribed in full, in fulfilment
of the Placee Condition, and all subscription monies have now been
received by the Company. Pursuant to the Placing and Subscription,
the Company is raising approximately GBP5.0 million before expenses
by way of the Placing of 1,362,340 Placing Shares and the
Subscription of 60,000 Subscription Shares at the Issue Price of
350 pence per share. The Placing and Subscription have been
supported by the participation of existing and new institutional
shareholders. The Board of Directors of Faron has resolved on the
issuance of the Placing Shares and the Subscription Shares pursuant
to the authorisation granted by the Annual General Meeting of
Shareholders in May 2016 and approved the subscriptions. The
Placing Shares and the Subscription Shares are expected to be
registered with the Finnish Trade Register on or about today, 1
March 2017.
Application has been made to the London Stock Exchange for
admission to trading on AIM of the 1,422,340 Placing Shares and
Subscription Shares (in aggregate) ("Admission"), and it is
expected that Admission will take place at 8:00 a.m. on Friday 3
March 2017.
The Placing Shares and Subscription Shares will, when
registered, be credited as fully paid and will rank pari passu in
all respects with the existing Ordinary Shares, including the right
to receive all dividends or other distributions made, paid or
declared in respect of such shares after the date of registration
of the Placing Shares and Subscription Shares with the Finnish
Trade Register.
Faron's enlarged issued number of shares immediately following
registration and Admission will be 27,734,044 Ordinary Shares with
voting rights attached. The Company has no shares in Treasury;
therefore upon, and subject to, registration, the total number of
voting rights in Faron will be 27,734,044 (the "Enlarged Number of
Shares and Votes"). This figure may be used by shareholders as the
denominator for the calculations by which they will determine
whether they are required to notify an interest in, or a change to
their interest in, the Enlarged Number of Shares and Votes of the
Company.
Commenting on the successful Placing and Subscription, Dr Markku
Jalkanen, CEO of Faron, said:
"We are delighted by the interest we have received in this
oversubscribed financing round, and would like to thank our
existing and new institutional investors for their support and
continued committment to Faron. This funding will be invaluable as
we continue the advancement of our programmes during what is set to
be a pivotal year for the Company. As well as expecting to receive
data from our Phase III INTEREST trial in the second half of the
year, we can now look forward to expanding the pre-clinical and
planned clinical development of Clevegen into further solid tumour
indications including ovarian, pancreatic and melanoma. We believe
that Clevegen's ability to remove immune suppressision around
tumours will be the next important step in the fight against tumour
growth and spread, and could lead to complete cancer remission as
well as providing long term vaccination against future tumours from
the patient's own immune system."
The information contained within this announcement constitutes
inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014.
All capitalised terms in this announcement are with reference to
the announcement made by Faron at 7.00 a.m. on 28 February
2017.
ENDS
For more information please contact:
Faron Pharmaceuticals Oy
Dr Markku Jalkanen, Chief Executive Officer
E-mail: investor.relations@faronpharmaceuticals.com
Consilium Strategic Communications
Mary-Jane Elliott, Chris Welsh, Lindsey Neville, Rosie
Phillips
Phone: +44 203 709 5700
E-Mail: Faron@consilium-comms.com
Westwicke Partners, IR (US)
Chris Brinzey
Phone: +1 339 970 2843
E-Mail: chris.brinzey@westwicke.com
Cairn Financial Advisers LLP, Nominated Adviser
Emma Earl, Tony Rawlinson, Rebecca Anderson
Phone: +44 207 213 0880
Panmure Gordon (UK) Limited, Lead Bookrunner and Corporate
Broker
Freddy Crossley, Duncan Monteith (Corporate Finance)
Tom Salvesen (Corporate Broking)
Phone: +44 207 886 2500
Whitman Howard Limited, Joint Corporate Broker
Ranald McGregor-Smith, Francis North
Phone: +44 207 659 1234
About Faron Pharmaceuticals Oy
Faron is a clinical stage biopharmaceutical company developing
novel treatments for medical conditions with significant unmet
needs. The Company currently has a pipeline focusing on acute organ
traumas, cancer immunotherapy and vascular damage. The pipeline is
built on Faron's scientific knowledge and control of the
endothelial barrier, the membrane of cells lining blood and
lymphatic vessels to separate blood content from tissues. The
Company's lead candidate Traumakine is in development for the
treatment of Acute Respiratory Distress Syndrome ("ARDS"), a rare,
severe, life-threatening medical condition characterised by
widespread inflammation in the lungs. Traumakine is currently in
pan-European (INTEREST) and Japanese pivotal Phase III studies, and
is commencing a European Phase II trial for the Rupture of
Abdominal Aorta Aneurysm ("RAAA"). Additionally, Faron is
developing Clevegen(R) a ground breaking pre-clinical anti-Clever-1
antibody. Clevegen has the ability to convert the immune
environment around a tumour from being immune suppressive to immune
stimulating. This novel macrophage-directed immuno-oncology
approach is called Tumour Immunity Enabling Technology ("TIET") and
can be used alone or in combination with other immune checkpoint
molecules for the treatment of cancer patients. New application
opportunities related to TIET cover chronic infections and
inefficient vaccination. Based in Turku, Finland, Faron
Pharmaceuticals is listed on AIM under the ticker 'FARN'. Further
information is available at www.faronpharmaceuticals.com
Forward Looking Statements
Certain statements included herein express Faron
Pharmaceutical's expectations or estimates of future performance
and constitute "Forward-looking Statements". Forward-looking
Statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by Faron
Pharmaceuticals are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Such
Forward-looking Statements involve known and unknown risks,
uncertainties and other factors that may cause the actual financial
results, performance or achievements to be materially different
from estimated future results, performance or achievements
expressed or implied by those Forward-looking Statements and, as
such, the Forward-looking Statements are not guarantees of future
performance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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