TIDMFARN
RNS Number : 9082P
Faron Pharmaceuticals Oy
06 September 2017
Faron Pharmaceuticals Ltd
("Faron" or the "Company")
Interim Results for the six months ended 30 June 2017
- INTEREST Phase III Traumakine(R) trial patient recruitment to
complete in Q4 2017 and FDA advice received regarding advancement
to BLA
- Traumakine clinical development broadened to include organ protection opportunities
- Clevegen(R) advancing towards clinic
TURKU - FINLAND, 6 September 2017 - Faron Pharmaceuticals Ltd
("Faron") (LON: FARN), the clinical stage biopharmaceutical
company, today announces its unaudited Interim Results for the six
months ended 30 June 2017 (the "Period").
HIGHLIGHTS
Operational (including post period-end)
-- Pipeline progress with portfolio of products focused on acute
organ traumas, vascular damage and cancer immunotherapy
-- Traumakine - lead product in late Phase III with opportunity
to become world's only approved ARDS treatment
o Pivotal, pan-European, Phase III INTEREST trial with Faron's
lead product Traumakine for the treatment of Acute Respiratory
Distress Syndrome ("ARDS") continues as planned and is expected to
complete recruitment of the targeted 300 patients during the fourth
quarter of 2017.
o Faron announced plans to initiate a program for compassionate
use of Traumakine treatment once the trial is closed to new
patients.
o FDA proposal to proceed directly to BLA submission for
Traumakine(R) upon completion of European and Japanese Phase III
studies following successful discussions with the Agency as
announced 4 September 2017.
o Collaboration was initiated with INC Research/inVentiv Health
- a global biopharmaceutical solutions organization with end-to-end
clinical development and commercialization capabilities - to
develop the pre-launch commercialization strategy for
Traumakine.
o Japanese partner Maruishi continues to progress their pivotal
Phase III ARDS trial in Japan and has received two IDMC
recommendations to continue the trial as planned. Maruishi
anticipates completion of recruitment in this 120 patient study
during H1 2018.
o Formulation patent granted in Finland and filed in the US and
PCT for Faron's IV dose form of interferon-beta.
o First patient enrolled in February in the Phase II INFORAAA
clinical trial of Traumakine for the treatment of Multi-Organ
Failure (MOF) and mortality prevention of surgically operated
Ruptured Abdominal Aorta Aneurysm (RAAA).
o INFORAAA program open at five sites in Finland with three to
four more planned in Estonia and Lithuania in the near future;
filing in progress to open three to four sites in the UK.
-- Clevegen - wholly-owned novel cancer immunotherapy in development
o Preclinical toxicity studies commenced as planned following
successful production of technical batches of Clevegen by
manufacturing partner Abzena.
o Agreement signed with the University of Birmingham Medical
School, UK, to initiate a liver cancer clinical trial program,
focused on the protocol design for a Phase I/II trial.
o Initiated protocol design to treat melanoma, pancreas and
ovarian cancer with Clevegen and to be submitted to the Finnish
regulatory authority, FIMEA, later this year.
Financial
-- Raised approximately GBP5.0 million before expenses through a
placing of 1,422,340 Ordinary Shares at an issue price of 350 pence
per share in March 2017.
-- Cash balances of EUR10.3 million (2016: EUR8.9 million) at 30
June 2017 aided by prudent cost control.
-- Operating loss of EUR7.2 million (2016: EUR3.0 million) for
the six months ended 30 June 2017.
-- Net assets of EUR9.5 million (2016: EUR7.7 million) on 30 June 2017.
Corporate
-- Dr Juho Jalkanen was appointed as Vice President of Business
Development in April and stepped down from the Board in May.
-- Two new Board members, Dr Gregory Brown and Mr John Poulos,
with significant global networks, were appointed as Non-Executive
Directors in May.
Commenting on the results, Dr Markku Jalkanen, CEO of Faron,
said: "Our aim is to build Faron into a global business dedicated
to addressing areas of significant unmet need, utilising the
opportunities contained within our wholly owned pipeline of novel
drug candidates. The Truamakine Phase III INTEREST study for ARDS
completed two further independent safety reviews and is approaching
completion of recruitment in Q4 2017. We are looking forward to the
data readout, which if favourable, will pave the way for our first
commercial launch of Traumakine. We were further encouraged by the
FDA's recent proposal to allow Traumakine to proceed directly to
BLA submission upon completion of the European and Japanese trials
and which will likely result in a faster and cheaper route to
market in the US in the event of positive data.
"Beyond ARDS, we believe that Traumakine has excellent potential
for application in other areas of organ protection. Impairment of
endothelial barrier can be a reason for many organ dysfunctions. We
are currently exploring its efficacy in addressing Multi-Organ
Failure and mortality in patients with surgically operated Ruptured
Abdominal Aorta Aneurysm (RAAA) through a Phase II trial.
"We are also pleased to have made substantial progress with our
novel cancer immunotherapy candidate Clevegen, which works to
remove immune suppression around tumours caused by tumour
associated type-2 macrophages (TAM). Following the development of
our new TIET platform and the commencement of preclinical toxicity
studies we are now preparing to embark upon an extensive clinical
program to investigate this promising candidate. In addition to its
potential application in oncology, we are excited by Clevegen's
potential application in a broader range of indications including
chronic infections and vaccination enhancement."
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, Philippa Gardner, 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
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
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 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.faron.com
Chairman's and Chief Executive Officer's Review
Introduction
We are pleased to report on the progress of Faron
Pharmaceuticals during the six months ended 30 June 2017, a period
which has seen the Company make significant progress in the
development of its most advanced drug candidates Traumakine and
Clevegen. We believe that the Company is now well placed to move
into its next stage of development as a commercial entity as we
anticipate the outcome of data from the INTEREST trial. As such,
during the period we established a collaboration with a
biopharmaceutical solutions organization to prepare a
commercialization strategy for Traumakine for execution in the
event of a positive INTEREST trial outcome. In addition, we believe
that in time Faron could become the world's leading company around
organ protection in cardiovascular surgery, transplantation, and
other ischemic-reperfusion injuries of vital central organs.
Traumakine - progressing towards completion of Phase III
recruitment in Q4 2017
Faron's lead candidate Traumakine continues to progress through
the clinic and we anticipate that INTEREST, the pivotal,
pan-European, Phase III trial for the treatment of Acute
Respiratory Distress Syndrome ("ARDS") will complete recruitment of
the targeted 300 patients during the fourth quarter of 2017. In
August, Faron announced plans to initiate an early access program
for compassionate use of Traumakine once the trial is closed to new
patients following the fifth meeting of the trial's Independent
Data Monitoring Committee (IDMC) which recommended continuation of
the study as planned. The early access programme will allow
compassionate use of Traumakine in eligible named patients at
European ICU hospitals, who may benefit from Traumakine treatment
ahead of the product's potential regulatory approval.
Following successful pre-IND discussions, we are pleased to
report that the FDA has proposed that Faron can proceed directly to
Biologics License Application (BLA) submission pending positive
results from the two on-going Phase III trials in Europe and Japan.
In the letter received on 1 September 2017, the FDA proposed that,
subject to the FDA being satisfied with data from the trials, the
BLA application for Traumakine can be filed purely with data
obtained from the ongoing trials outside of the US. In the event of
positive outcomes of the ongoing trials this FDA feedback is
therefore expected to shorten the time for approval of Traumakine
in US.
Faron has decided to discuss this new important feedback with
its US experts, who have been involved in planning the development
of Traumakine in the US. Based on the outcome of these discussions
the Company will refine its strategy to build its US presence based
on the recent FDA feedback.
In preparation, we are in the process of recruiting a
clinical/regulatory head for our Boston office to coordinate US
Traumakine development. The US will be a key market for Faron, as
demonstrated by the FDA's Office of Orphan Products Development
(OOPD), which has estimated that US annual diagnoses for ALI/ARDS
totals 300,000 cases, based on information in the national
inpatient sample (NIS) and national hospital discharge survey
(NHDS) databases. This is a larger market than previously
estimated, which makes Traumakine ineligible for Orphan Drug
Designation in the US.
Our partner Maruishi continues to progress its pivotal Phase III
trial in Japan and two IDMC recommendations to continue the trial
as planned have been received. Maruishi expects to complete
recruitment in the first half of 2018. The Company believes that in
Korea and Greater China, where commercial partnerships have already
been established, further clinical studies may not be needed to
secure approval in the event of a positive outcome from the
INTEREST trial.
While the Company's primary focus is on gaining approval for
Traumakine in the treatment of ARDS, we also believe that the
product has the potential for application in additional disease
areas. In February, the first patient was enrolled in the Phase II
INFORAAA clinical trial of Traumakine, for the treatment of
Multi-Organ Failure (MOF) and mortality prevention of surgically
operated Ruptured Abdominal Aorta Aneurysm (RAAA).
Ruptured Abdominal Aortic Aneurysm (RAAA) is a surgical
emergency with an overall mortality of 70 to 80% and requires
immediate surgery and aortic repair. The main cause of death for
these patients is multiple organ failure following a post-operative
reperfusion injury of ischemic organs including kidneys, liver,
brain and intestines. We believe that Traumakine has the potential
to offer significantly improved outcomes for patients following
surgery for RAAA. Furthermore, there is the possibility that a
positive INFORAAA outcome could be supported by data from the
INTEREST trial towards regulatory filings. We also believe that the
clinical data from the INFORAAA trial could also provide us with
valuable information on the recovery of ischemic single organ
injuries and are planning further trials to treat these injuries.
The INFORAAA program now has six sites open in Finland with three
to four more expected to open in Estonia and Lithuania in the near
future. Applications to open three to four sites in the UK are also
in progress.
Clevegen - novel cancer immunotherapy approaching start of first
Phase I/II trials
Faron's second product, its pre-clinical immunotherapy
candidate, Clevegen, causes conversion of the immune environment
around a tumour from immune suppressive to immune stimulating by
reducing the number and function of tumour-associated macrophages
(TAMs). Recent developments in the exciting field of cancer
immunotherapy have been well documented with a number of important
indications of clinical success. We believe that Clevegen is
differentiated from other immunotherapies through its specific
targeting of M2 TAMs which facilitate tumour growth, while leaving
intact the M1 TAMs that support immune activation against
tumours.
Preclinical toxicity studies of Clevegen have commenced as
planned, following successful production of technical batches by
our manufacturing partner Abzena. In April the Company signed an
agreement with the University of Birmingham Medical School, UK, to
initiate a liver cancer clinical trial program, focused on the
protocol design for a Phase I/II trial, TIETALC, (Tumour Immunity
Enabling Technology Against Liver Cancer). We expect to receive
regulatory feedback for the Phase I/II liver cancer protocol from
the UK regulatory authority (MHRA) during the second half of 2017.
In addition, feedback on the protocol for other solid tumours
(melanoma, ovarian and pancreas cancers) from the Finnish
regulatory authority (FIMEA) is also expected during the second
half of 2017.
Faron also continues a close collaboration with the MediCity
unit of Turku University Medical School, where Faron has sponsored
a set of Clevegen related preclinical experiments. Data reported at
the international Juselius Symposium (June 2017, Helsinki, Finland)
demonstrated how genetic depletion of macrophage Clever-1 resulted
in tumour growth resistance and prevented the spread of Lewis lung
cancer in preclinical models. Furthermore, signs of strong immune
activation were observed, as evidenced by CD8 positive T-cells at
the tumour site, in line with the expected effect of Clevegen.
Financial Review
During the period, Faron continued to maintain its focused and
cost-conscious financial strategy, without compromising the
intensity of the development work. The Company raised approximately
GBP5.0 million before expenses through the Placing of 1,422,340
Ordinary Shares at a premium to the Company's share price, which
indicates the level of confidence our investors, both new and
established, have in our products, our strategy and the ability of
our management team to deliver. The R&D expenses increased
significantly but less than anticipated resulting to an operating
loss of EUR7.2 million. The loss combined with the placing during
the period, resulted in a fairly modest cash outflow. Thus the cash
balances at the end of the period stood at EUR10.3 million and were
stronger than anticipated. No operating income from the EU FP7
grant was recorded during the period as the report for the period
ended in May 2017 has not yet been approved by EU. After the EU FP7
grant has been fully utilised, the Company will continue its proven
active and successful strategy to utilise various forms of public
funding - both grants and loans.
Summary & Outlook
Faron is on track to complete recruitment in the pivotal Phase
III INTEREST trial in the fourth quarter of 2017. If the data are
favourable this will represent a significant milestone for the
Company and will pave the way for the launch of our first
commercial product Traumakine, for the treatment ARDS, an area of
genuine unmet medical need with poor patient prognosis. We are
preparing for potential commercialisation in Europe and plan to
make Traumakine available to patients on a compassionate use basis
ahead of potential approval. We continue to explore additional
opportunities for Traumakine to protect organs beyond the lung in
order to maximise the opportunity for our lead asset. We also look
forward to making significant progress with our exciting
immuno-oncology candidate, Clevegen, now in primate toxicological
studies. The Board is confident that both Traumakine and Clevegen
position Faron well for the future and looks forward to the coming
period with great confidence.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identified by their use of terms and phrases such as "believe",
"could", "should", "expect", "envisage", "estimate", "intend",
"may", "plan", "potentially", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
A number of factors could cause actual results to differ
materially from the results and expectations discussed in the
forward looking statements, many of which are beyond the control of
the Company. In particular, the outcome of clinical trials
(including, but not limited to the Company's INTEREST trial) may
not be favourable or clinical trials over and above those currently
planned may be required before the Company is able to apply for
marketing approval for a product. In addition, other factors which
could cause actual results to differ materially include risks
associated with vulnerability to general economic and business
conditions, competition, environmental and other regulatory
changes, actions by governmental authorities, the availability of
capital markets, reliance on key personnel, uninsured and
underinsured losses and other factors. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward looking statements. Subject to
any continuing obligations under applicable law or any relevant AIM
Rule requirements, in providing this information the Company does
not undertake any obligation to publicly update or revise any of
the forward looking statements or to
advise of any change in events, conditions or circumstances on
which any such statement is based.
Statement of comprehensive Note Unaudited Unaudited Year
income (Stated in 1,000 six months six months ended
euros) ended ended 31 Dec
30 Jun 30 Jun 2016
2017 2016
(1)
Revenue 2 7 419 1 153
Cost of sales - - -
Gross profit 7 419 1 153
Other operating income 3, 4 103 968 1 742
Administrative expenses (1 320) (974) (2 161)
Research and development
expenses (5 709) (3 795) (9 592)
Operating result (6 919) (3 382) (8 858)
Financial income 6 0
Financial expenses (299) (305) (361)
Net financial costs (293) (305) (361)
Loss before income taxes (7 212) (3 686) (9 219)
Income tax expense (1) - (75)
Total comprehensive income
for the period (7 213) (3 686) (9 294)
Total comprehensive income,
attributable to:
Equity holders of the Company (7 213) (3 686) (9 294)
Loss per share attributable
to equity holders of the
Company
Basic and diluted loss
per share, euro 5 (0,26) (0,16) (0,39)
Unaudited Unaudited
30 Jun
Balance sheet (Stated 30 Jun 2016 31 Dec
in 1,000 euros) Note 2017 (1) 2016
Assets
Non-current assets
Propertly, plant and
equipment 18 24 21
Intangible assets 897 926 933
915 950 954
Current assets
Inventories 1503 1 021 1 451
Trade and other receivables 3 333 3 161 3 404
Cash and cash equivalents 10 333 8 862 11 478
15 169 13 044 16 333
Total assets 16 084 13 994 17 287
Equity and liabilities
Capital and reserves
attributable to equity
holders of the Company
Share capital 2 691 2 691 2 691
Reserve for invested
non-restricted equity 39 815 25 244 34 006
Retained earnings (33 027) (20 206) (25 814)
Total equity 9 480 7 729 10 884
Non-current liabilities
Interest-bearing financial
liabilities 4 2 434 2 057 2 033
2 434 2 057 2 033
Current liabilities
Interest-bearing financial
liabilities 65 93 93
Non-interest-bearing
financial liabilities 2 011 1 009 1 874
Other current liabilities 2 094 3 105 2 403
4 170 4 207 4 371
Total liabilities 6 604 6 265 6 404
Total equity and liabilities 16 084 13 994 17 287
(1) Restated to reflect that EUR0.75m of revenue
(relating to the signing fee paid by PharmBio)
was reclassified from revenue to a current liability
in the balance sheet in the year ended 31 December
2016. Accordingly, to provide comparability with
the prior period, the same reclassification has
been applied for the 6 months ended 30 June 2016
above. The impact of this on associated taxes has
also been restated.
Statement of changes in Share Reserve Retained Total
equity capital for invested earnings equity
(Stated in 1,000 euros) non-restricted
equity
============================== --------- ---------------- ---------- --------
Balance at 31 December 11
2015 2 691 24 533 (16 046) 178
========= ================ ========== ========
Total comprehensive income
for the first six months
2016 (2 580) (2 580)
-
Transactions with equity
holders of
the Company -
Share base payment 237 237
Increase of share capital - - -
Transaction costs on share
capital issued -
Conversion of convertible
notes - -
========= ================ ========== ========
- - (2 342) (2 342)
Balance at 30 June 2016 2 691 24 533 (18 389) 8 836
========= ================ ========== ========
Total comprehensive income
for the last six months
2016 (6 714) (6 714)
-
Transactions with equity
holders of
the Company -
Share base payment 243 243
Increase of share capital 9 330 - 9 330
Transaction costs on share
capital issued (811) (811)
Conversion of convertible
notes - -
========= ================ ========== ========
- 8 519 (6 471) 2 048
Balance at 31 December 10
2016 2 691 33 052 (24 860) 884
========= ================ ========== ========
Total comprehensive income
for the first six months
2017 (7 213) (7 213)
Transactions with equity
holders of
the Company -
Share base payment -
Increase of share capital 6 197 - 6 197
=========
Transaction costs on share
capital issued (388) (388)
Conversion of convertible
notes - -
================ ========== ========
- 5 809 (7 213) (1 404)
Balance at 30 June 2017 2 691 38 861 (32 073) 9 480
========= ================ ========== ========
Statements of cash flows Unaudited Unaudited 1 Jan
(Stated in 1,000 euros) 1 Jan 1 Jan - 31
- 30 Jun - 30 Dec
2017 Jun 2016
2016
Cash flow from operating activities
Loss(-) / profit(+) attributable (9
to equity holders of the Company (7 213) (3 686) 294)
Adjustments for
Depreciation and amortization 80 79 168
Financial items 293 305 361
Income taxes 1 - 75
Expensed R&D - - -
Non-cash items (options granted) - 237 480
Change in net working capital:
(1
Trade and other receivables 71 (1 086) 330)
Inventories (52) (728) (802)
(173) 2 162 2 325
Interest and other financial costs
paid (299) (305) (361)
Interest and other financial income
received 6 0 0
Income taxes paid (1) - (75)
---------- ---------- ------
Net cash used in / from operating (8
activities (A) (7 287) (2 666) 452)
Cash flow from investment activities
Investments in machinery and equipment
and intangible assets (41) - (92)
---------- ---------- ------
Net cash from/used in investing
activities (B) (41) - (92)
Cash flow from financing activities -
Proceeds from issue of share capital
issue, net 5 809 - 8 519
Proceeds from issue of convertible
notes - -
Proceeds from current borrowings - - (151)
Proceeds from non-current borrowings 401 611 587
Repayment of current borrowings (28) (151) -
---------- ---------- ------
Net cash used in financing activities
(C) 6 182 460 8 955
Net increase(+) / decrease (-) in
cash and cash equivalents (A+B+C) (1 145) (2 206) 410
11 11
Cash and cash equivalents at 1 January 11 478 068 068
---------- ---------- ------
Cash and cash equivalents at end 11
of period 10 333 8 862 478
Note 1 Basis of Preparation
Corporate information
Faron Pharmaceuticals Ltd. (hereafter "Faron" or "Company") is a
Finnish private limited liability company organized under the laws
of Finland and domiciled in Turku, Finland. The Company's
registered address is Joukahaisenkatu 6 B, 20520 Turku, Finland.
Faron Pharmaceuticals Ltd. is a clinical stage drug discovery and
development company. Currently Faron has three major drug
development projects focusing on: acute trauma, inflammatory
diseases; and cancer growth and spread.
Basis of accounting
The unaudited interim financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union (and as published by the
International Accounting Standards Board (IASB) and in force as at
30 June 2017. In the EU IFRS are standards and their
interpretations adopted in accordance with the procedure laid down
in regulation (EC) No 1606/2002 of the European Parliament and of
the Council. These policies are consistent with those used in the
financial statements for the year ended 31 December 2016 and with
those that the Company expects to apply in its financial statements
for the year ending 31 December 2017.
The interim financial statements do not include all of the
information required for full annual financial statements and do
not comply with all the disclosures in IAS 34 "Interim Financial
Reporting". Additionally though the interim financial statements
have been prepared in accordance with IFRS, they are not in full
compliance with IFRS.
Going Concern
The Company has prepared forecasts to estimate the Company's
cash requirements over the next twelve months. In order to make
these forecasts the Company has made a number of assumptions
regarding the quantity and timing of future expenditure and income
as well as other key factors. Though these estimates have been made
with caution and care, they continue to contain a significant
amount of uncertainty. Based on the forecast the Company believes
that it has adequate financial resources to continue its operations
for the foreseeable future (at least twelve months from the date of
this report) and therefore these interim financial statements have
been prepared on a going concern basis.
In its meeting on 5 September 2017 the Board of Directors of
Faron Pharmaceuticals Ltd. approved the publishing of interim
financial statements.
Note 2 Revenue
The revenue for the first six months in 2017 EUR 7,463 euro.
This consisted of payment of INF-beta production.
Note 3 Other operating income
Other operating income of EUR 103 097 consists of the grant
component of government subsidized loan. In accordance with IFRS 39
below-market level government loans must be divided into Fair-value
-component and Grant component. Thus, the Tekes -loan drawn down
during 2016 and 2017 have been decomposed and the grant component
is recorded in Other operating income.
Note 4 Tekes loans
During H1 2017 Faron drew down a fourth instalment of EUR
452,908 of the Tekes loan for the Clevegen development work,
bringing the total amount of the third Tekes loan to EUR 1,228,080
and the total amount of all Tekes loans drawn down to EUR
2,890,660. The third loan has also a maturity of 10 years from the
first instalment, of which the first five years are free of
repayment. The interest rate for all Tekes loans is currently one
per cent. Loans are unsecured and if the projects fall short of
their goals and results cannot be commercialised, part of the loans
may be converted into a grant.
Note 5 Loss per share H1 2017 H1 2016 2016
EUR '000 EUR '000 EUR '000
Basic
Basic loss per share
is calculated by dividing
the loss attributable
to equity holders of
the Company by the weighted
average number of ordinary
shares in issue during
the year.
Loss attributable to
equity holders of the
Company
(EUR 1,000) (7 213) (3 686) (9 294)
Weighted average number
of ordinary shares in 23 111 23 979
issue 27 290 736 704 650
Basic (and dilutive)
loss per share, EUR (0,26) (0,16) (0,39)
Issued ordinary shares 23 111 23 111
at 1 January 23 111 704 704 704
Effect of shares issued 4 179 032 - 867 946
Weighted-average number
of ordinary shares at 23 111 23 979
end of period 27 290 736 704 650
Diluted
Diluted loss per share
is calculated by adjusting
the weighted average
number of ordinary shares
outstanding to assume
conversion of all dilutive
potential ordinary shares.
Loss attributable to
equity holders of the
Company
(EUR 1,000) (7 213) (3 686) (9 294)
Interest adjustment -
Diluted weighted average
number of ordinary shares 23 164 23 979
in issue 27 593 783 610 650
Basic loss per share,
EUR (0,26) (0,16) (0,39)
Weighted-average number
of ordinary shares
Issued ordinary shares 23 111
at 1 January 23 111 704 23 111 704 704
Effect of shares issued 4 179 032 0 867 946
Weighted-average number
of ordinary shares at 23 111 23 979
end of period 27 290 736 704 650
Dilution effect of convertible
loans -
Dilution effect of outstanding
options 303 047 52 906 -
Diluted weighted-average
number of ord. shares 23 979
at end of period 27 593 783 23 164 610 650
FURTHER INFORMATION TO SHAREHOLDERS
AIM: FARN
Company number: (ISIN) FI4000153309
Investor website: http://www.faron.com/investor-relations
Registered office: Joukahaisenkatu 6, 20900 Turku, FINLAND
Directors: Frank Armstrong (Non-Executive Chairman)
Matti Manner (Non-Executive Vice-Chairman)
Gregory B. Brown (Non-Executive Director)
Markku Jalkanen (CEO)
Jonathan Knowles (Non-Executive Director)
Huaizheng Peng (Non-Executive Director)
John Poulos (Non-Executive Director)
Leopoldo Zambeletti (Non-Executive Director)
Yrjö Wichmann (CFO)
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UVVKRBAAKRAR
(END) Dow Jones Newswires
September 06, 2017 02:00 ET (06:00 GMT)
Faron Pharmaceuticals Oy (LSE:FARN)
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