Faron
Pharmaceuticals Oy
("Faron"
or the "Company")
Issuance of
warrants
Company Announcement, 17 May 2024 at
18:00 (EEST) / 16:00 (BST) / 11:00 AM (EDT)
TURKU, FINLAND / BOSTON,
MA - Faron Pharmaceuticals Ltd. (AIM: FARN,
First North: FARON), a clinical-stage biopharmaceutical company
pursuing a CLEVER approach to reprogramming myeloid cells to
activate anti-tumor immunity in hematological and solid tumor
microenvironments, today announces that it has issued to its lender
IPF Fund II SCA, SICAV-FIAR ("IPF") 333,333 warrants ("Warrants")
in accordance with the announcement released on 30 April 2024
in relation to a waiver extension. The strike price is 1.50 euros
for these Warrants and it will be adjusted to any lower subsequent
subscription price of shares in any future share issue. Each
Warrant entitles its holder to subscribe for one new share in the
Company, and the Warrants may be exercised for a period of
seven years.
Pursuant to the terms of the
restated warrant holder agreement entered into between the Company
and IPF on 17 May 2024, the number of the Warrants to be issued to
IPF may be further increased upon (and subject to) agreed
adjustment events so that the total number of new shares in the
Company (as a result of the exercise of the Warranties) multiplied
by the (adjusted, if applicable) strike price is equal to EUR
500,000 (minus any amounts already paid). For that purpose,
the Board of Directors of Faron has approved the terms and
conditions for 750,000 Warrants of which the 333,333 Warrants are
now issued. The terms and conditions of the Warrants are available
on the Company's website. Any further issuances will be announced
separately.
On the date of this announcement,
IPF holds 1,320,343 warrants, which entitle them to subscribe for
the same number of shares in the Company using strike price EUR
1.50, representing 1.8% of the current number of shares in the
Company (72,007,497).
For
more information please contact:
Faron Pharmaceuticals
Investor Contact
LifeSci Advisors
Daniel Ferry
Managing Director
daniel@lifesciadvisors.com
+1 (617) 430-7576
ICR Consilium
Mary-Jane Elliott, David Daley, Lindsey
Neville
Phone: +44 (0)20 3709 5700
E-mail: faron@consilium-comms.com
Cairn Financial Advisers LLP,
Nomad
Sandy Jamieson, Jo Turner
Phone: +44 (0) 207 213
0880
Peel Hunt LLP, Broker
Christopher Golden, James
Steel
Phone: +44 (0) 20 7418
8900
Sisu Partners Oy, Certified Adviser
on Nasdaq First North
Juha Karttunen
Phone: +358 (0)40 555
4727
Jukka Järvelä
Phone: +358 (0)50 553
8990
About Faron Pharmaceuticals
Oy
Faron (AIM: FARN, First North:
FARON) is a global, clinical-stage biopharmaceutical company,
focused on tackling cancers via novel immunotherapies. Its mission
is to bring the promise of immunotherapy to a broader population by
uncovering novel ways to control and harness the power of the
immune system. The Company's lead asset is bexmarilimab, a novel
anti-Clever-1 humanized antibody, with the potential to remove
immunosuppression of cancers through targeting myeloid cell
function. Bexmarilimab is being investigated in Phase I/II clinical
trials as a potential therapy for patients with hematological
cancers in combination with other standard treatments and as a
monotherapy in last line solid cancers. Further information is
available at www.faron.com.