TIDMFARN
RNS Number : 1138T
Faron Pharmaceuticals Oy
09 October 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 the Placing and Subscription
and
Issue of Equity
Successful over-subscribed fundraising of GBP10.0 million
through Placing and Subscription
TURKU - FINLAND, 4.30 P.M. BST, 9 October 2017 - Faron
Pharmaceuticals Oy ("Faron" or "Company") (LON: FARN), the clinical
stage biopharmaceutical company, is pleased to announce that,
following the announcement on 5 October 2017, the proposed Placing
and Subscription has been subscribed for in full, in satisfaction
of the Placee Condition. Pursuant to the Placing and Subscription,
the Company is raising approximately GBP10.0 million before
expenses by way of the Placing of 1,123,750 Placing Shares and the
Subscription of 126,250 Subscription Shares at the Issue Price of
800 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 existing authorisation granted by shareholders at the
Company's Annual General Meeting held on 16 May 2017 and approved
the subscriptions.
The First Issue Shares, being 537,713 Placing Shares, including
those to be issued to the VCT Investors and the EIS Investors, and
59,885 Subscription Shares, are expected to be registered with the
Finnish Trade Register on or about 10 October 2017. The First Issue
Shares will, when registered, be credited as fully paid and will
rank pari passu with the existing Ordinary Shares in issue in all
respects, including the right to receive all dividends or other
distributions declared, made or paid by the Company by reference to
record dates falling after the date of registration of the First
Issue Shares with the Finnish Trade Register.
Application has been made to the London Stock Exchange for
admission to trading on AIM of the 597,598 First Issue Shares
("Admission"), and it is expected that Admission of the First Issue
Shares will become effective and that dealings in the First Issue
Shares will commence on or around 8:00 a.m. (BST) on 11 October
2017.
Faron's enlarged issued number of shares immediately following
registration and Admission of the First Issue Shares will be
28,512,142 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
28,512,142 (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.
A further announcement will be made regarding the issuance, and
application for Admission, of the Second Issue Shares (being the
remaining Placing Shares and Subscription Shares to be issued
pursuant to the Placing and Subscription) and the new total number
of voting rights in Faron following such Admission in due course.
It is expected that Admission of the Second Issue Shares will take
place on or around 13 October 2017. The issue and allotment of the
Second Issue Shares remains conditional upon, inter alia, Admission
of the First Issue Shares taking place, the Issue Condition
relating to the Second Issue Shares being satisfied and the Placing
Agreement otherwise remaining in full force and no material breach
of its terms having occurred.
Commenting on the successful Placing and Subscription, Dr Markku
Jalkanen, CEO of Faron, said:
"With recent positive advice from the FDA, Faron is now rapidly
preparing to become a commercialisation-stage company focused on
moving Traumakine towards the market. This funding round not only
helps us to make those commercialisation preparations but also
expedites our clinical development activities for Clevegen(R). We
thank current investors for their continued support and welcome our
new institutional investors to Faron."
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. (BST) on 5 October
2017.
ENDS
For more information please contact:
Faron Pharmaceuticals Oy
Dr Markku Jalkanen, Chief Executive Officer
E-mail: investor.relations@faron.com
Consilium Strategic Communications
Mary-Jane Elliott, Chris Welsh, Philippa Gardner, Lindsey
Neville
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
Phone: +44 207 213 0880
Panmure Gordon (UK) Limited, Sole 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 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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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