TIDMFARN
RNS Number : 6572C
Faron Pharmaceuticals Oy
19 April 2017
Faron Pharmaceuticals Ltd
("Faron" or the "Company")
Proposed Board Changes
TURKU - FINLAND, 19 April 2017 - Faron Pharmaceuticals Ltd
("Faron" or the "Company") (LON: FARN), the clinical stage
biopharmaceutical company, is pleased to announce the proposed
appointment of two new Non-Executive Directors, Dr. Gregory B.
Brown and Mr John Poulos, to the Company's Board. Pursuant to the
requirements of Finnish law, the appointment of Dr. Brown and Mr
Poulos remains subject to the approval of Shareholders at the
Company's Annual General Meeting (AGM) which is to be held on 16
May 2017. The notice of the AGM will be published separately
today.
Dr. Gregory B. Brown has more than 35 years of experience in
healthcare and investment. Most recently, Greg founded HealthCare
Royalty Partners, a healthcare-focused private asset management
firm investing in biopharmaceutical and medical products, where he
currently serves as Vice Chairman. In addition, Greg is currently a
director of Caladrius Biosciences Inc (NASDAQ) and Nuron Biotech
Inc and previously acted as a director of Invuity Inc (NASDAQ)
between October 2014 and December 2015. Prior to this, he was a
General Partner at Paul Capital Partners in New York, Co-Head of
Investment Banking at Adams, Harkness & Hill, and VP of
Corporate Finance at Vector Securities International.
Mr John Poulos has a wealth of expertise in global corporate
life sciences, having spent 38 years working for AbbVie and Abbott.
Most recently, John served as Vice President, Head of Licensing and
Acquisitions for AbbVie, and Group Vice President, Head of
Pharmaceutical Licensing and Acquisitions for Abbott
Pharmaceuticals. During his career, John was instrumental in the
negotiation of numerous acquisitions, including Knoll/BASF Pharma
in 2001 for $6.9 billion and Solvay in 2010 for $6.2 billion.
In addition, Faron announces today that Dr Juho Jalkanen will,
as of 16 May 2017, step down from the Board as Non-Executive
Director, a position he has held since 2013. Dr Juho Jalkanen has
this month been appointed to a new position of Vice President of
Business Development of Faron and has joined the Management Team of
the Company.
Commenting on the proposed Board changes, Dr Frank Armstrong,
Chairman of Faron, said: "On behalf of the Board, it is with great
pleasure that we propose the appointment of Greg and John to Faron.
They will both bring a wealth of global experience in the life
sciences and investment community to strengthen our Board,
particularly from a US and commercial angle, as we continue to
progress through a pivotal year. I also congratulate Juho on his
new position as Vice President of Business Development and extend
my gratitude to him for his contribution to the Board over the past
four years. I am confident that these proposed additions to the
Board will bring invaluable insights and perspectives to the
Company."
Dr. Gregory (Greg) Bailey Brown
Pursuant to Rule 17 and Schedule Two (g) of the AIM Rules, the
following information is disclosed in respect of Dr Gregory Bailey
Brown (aged 63):
Current Appointments Appointments in the last
5 years
Caladrius Biosciences Invuity Inc
Inc
Monosol Rx LLC Cardiorentis AG
Vanderbilt Clinical SARL Acufocus Inc
Nuron Biotech Inc Tear Science
Healthcare Royalty Partners
LP
Healthcare Management
LLC
Healthcare Royalty Partners
II LP
Healthcare Royalty Partners
II-A LP
Healthcare Royalty Partners
III LP
Healthcare Royalty Partners
III-A LP
Vanderbilt Capital Partners
LLC
Dr. Brown was a director of Oscient Pharmaceuticals Inc
("Oscient") between 2006 and 2009 having been initially elected to
the board of Oscient as a representative of Paul Capital Partners,
a financier which, during 2006, arranged financing of approximately
$70 million in aggregate for Oscient. In July 2009, as a result of
being unable to refinance an existing convertible debt, the
directors of Oscient (being 9 board members in total) filed a
voluntary petition for Chapter 11 Bankruptcy protection. Its assets
were subsequently divested to satisfy the majority of creditors and
Oscient was dissolved in July 2012.
There is no other information regarding Dr. Gregory Brown
required to be disclosed under the AIM Rules.
Mr John Poulos
Pursuant to Rule 17 and Schedule Two (g) of the AIM Rules, there
is no other information regarding John Poulos (aged 62) required to
be disclosed under the AIM Rules.
Related Party Transaction
The appointment of Dr Juho Jalkanen to Vice President of
Business Development of Faron and the payment of associated
remuneration (EUR168,000 per annum, payable monthly) constitutes a
related party transaction pursuant to the AIM Rules. The
independent directors (being all Directors of the Company save for
Dr Juho Jalkanen) consider, having consulted with the Company's
nominated adviser, that the terms of the new management contract
entered into by Dr Juho Jalkanen are fair and reasonable insofar as
the Company's Shareholders are concerned.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For more information, please contact:
Faron Pharmaceuticals Ltd
Dr Markku Jalkanen, Chief Executive Officer
investor.relations@faron.com
Consilium Strategic Communications
Mary-Jane Elliott, Chris Welsh, Lindsey Neville
Phone: +44 (0)20 3709 5700
E-mail: faron@consilium-comms.com
Westwicke Partners, IR (US)
Chris Brinzey
Phone: 01 339 970 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, Joint Broker
Freddy Crossley, Duncan Monteith (Corporate Finance)
Tom Salvesen (Corporate Broking)
Phone: +44 207 886 2500
Whitman Howard Limited, Nominated Broker (UK)
Ranald McGregor-Smith, Francis North
Phone: +44 207 659 1234
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 focusing on acute
organ traumas, vascular damage and cancer immunotherapy. The
Company's lead candidate Traumakine, to prevent vascular leakage
and organ failures, is currently the only treatment for Acute
Respiratory Distress Syndrome (ARDS) undergoing Phase III clinical
trials. There is currently no approved pharmaceutical treatment for
ARDS. An additional European Phase II Traumakine trial is underway
for the Rupture of Abdominal Aorta Aneurysm ("RAAA"). Faron's
second candidate Clevegen(R) is a ground breaking pre-clinical
anti-Clever-1 antibody. Clevegen has the ability to switch immune
suppression to immune activation in various conditions, with
potential across oncology, infectious disease and vaccine
development. This novel macrophage-directed immuno-oncology switch
called Tumour Immunity Enabling Technology ("TIET") may be used
alone or in combination with other immune checkpoint molecules for
the treatment of cancer patients. Faron is based in Turku, Finland.
Further information is available at
www.faronpharmaceuticals.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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