TIDMFARN
RNS Number : 3156A
Faron Pharmaceuticals Oy
19 January 2024
Faron Pharmaceuticals Ltd.
("Faron")
Exercise of options
Issue of equity
Company announcement, January 19, 2024, at 1:00 p.m. GMT / 3:00
p.m. EET
TURKU, FINLAND / BOSTON, MA - Faron Pharmaceuticals Ltd. (AIM:
FARN, First North: FARON), a clinical- stage biopharmaceutical
company focused on tackling cancers via novel immunotherapies ,
announces that it has received notifications from option holders to
exercise 2015B options over 5,000 shares in the Company at an
exercise price of EUR 2.90 (approx. GBP 2.48) per share, 2015D
options over 8,000 shares in the Company at an exercise price of
EUR 1.09 (approx. GBP 0.94) per share under the Company's 2015
Option Plan and 2019 C bis options under the US sub-plan over 7,500
shares in the Company at an exercise price of EUR 2.38 (approx. GBP
2.04) per share under to Company's 2019 Option Plan ("New Ordinary
Shares"). The terms and conditions of the 2015 Option Plan are
available on the Company's website at
https://www.faron.com/sites/default/files/Option%20Plan%202015_Terms%20and%20Conditions_20200518.pdf
, and the terms and conditions of the 2019 Option Plan are
available on the Company's website at
https://www.faron.com/sites/faron-corp/files/faron/investor/general-meeting/2023/annex-1-amended-option-plan-2019.pdf
Applications will be made to the London Stock Exchange and
Nasdaq Helsinki to admit the New Ordinary Shares to trading on AIM
and Nasdaq First North Growth Market, respectively. Admission of
the New Ordinary Shares is expected to occur on or around February
7, 2024, following issue and registration of the New Ordinary
Shares on or around February 6, 2024 ("Registration"). The New
Ordinary Shares will rank pari passu with existing ordinary
shares.
Faron's enlarged issued number of shares immediately following
Registration will be 68,807,199 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 68,807,199. 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 issued shares and votes of the
Company.
For more information please contact:
Investor Contact
LifeSci Advisors
Daniel Ferry
Managing Director
daniel@lifesciadvisors.com
+1 (617) 430-7576
Media Contact
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 BEXMAB
The BEXMAB study is an open-label Phase 1/2 clinical trial
investigating bexmarilimab in combination with standard of care
(SoC) in the aggressive hematological malignancies of acute myeloid
leukemia (AML) and myelodysplastic syndrome (MDS). The primary
objective is to determine the safety and tolerability of
bexmarilimab in combination with SoC (azacitidine) treatment.
Directly targeting Clever-1 could limit the replication capacity of
cancer cells, increase antigen presentation, ignite an immune
response, and allow current treatments to be more effective.
Clever-1 is highly expressed in both AML and MDS and associated
with therapy resistance, limited T cell activation and poor
outcomes.
About Bexmarilimab
Bexmarilimab is Faron's wholly owned, investigational
immunotherapy designed to overcome resistance to existing
treatments and optimize clinical outcomes, by targeting myeloid
cell function and igniting the immune system. Bexmarilimab binds to
Clever-1, an immunosuppressive receptor found on macrophages
leading to tumor growth and metastases (i.e. helps cancer evade the
immune system). By targeting the Clever-1 receptor on macrophages,
bexmarilimab alters the tumor microenvironment, reprogramming
macrophages from an immunosuppressive (M2) state to an
immunostimulatory (M1) one, upregulating interferon production and
priming the immune system to attack tumors and sensitizing cancer
cells to standard of care.
About Faron Pharmaceuticals Ltd.
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 reprogramming 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. Further information is
available at www.faron.com .
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", "hope", "seek", "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 addition, other factors which could cause actual
results to differ materially include the ability of the Company to
successfully license its programs within the anticipated timeframe
or at all, 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 or other sources of funding,
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.
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END
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