Faron Pharmaceuticals
Ltd.
("Faron"
or "the Company")
Grant of
options
Company announcement, August 7, 2024 at 10.00 a.m. BST / 12:00
p.m. EEST
TURKU, FINLAND - Faron
Pharmaceuticals Ltd. (AIM: FARN, First North: FARON),
a clinical-stage biopharmaceutical company focused
on tackling cancers via novel
immunotherapies,
today announces that the Company's board has confirmed the grant of
a total of 645,000 options over new ordinary shares in the Company
("Options") under the Company's Share Option Plan 2019 (including
its UK and US sub plans). The Options have been allocated under the
Share Option Plan 2019 and are exercisable between June 25, 2025
and June 25, 2029, vesting 25% per annum over four years. The
exercise price for Options allocated under the Share Option plan
and the UK sub plan corresponds to the subscription price of €1.00
per share, being the same subscription price in the Company's
public offering that was closed and announced on 20 June 2024. The
exercise price for the 90,000 Options allocated under the US sub
plan is €1.35 per share, which is calculated based on the 30-day
average price of the Shares prior to the Grant Date. The terms of
the Share Option Plan 2019 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.
The granted 645,000 Options entitle the option
holders to subscribe for a total of 645,000 new ordinary shares in the
Company, if exercised in full, and represent 0.61 % of the fully diluted ordinary
share capital of the Company.
Included in the number of Options
granted are the following Options which were issued to directors,
other persons discharging managerial responsibilities ("PDMRs"),
scientific advisory board ("SAB") members and Company
personnel:
|
Director
|
Options
granted
|
|
|
|
|
Marie-Louise Fjällskog
|
30,000
|
|
Markku Jalkanen
|
30,000
|
|
John Poulos
|
30,000
|
|
Tuomo Pätsi
|
100,000
|
|
Christine Roth
|
30,000
|
|
Total directors
|
220,000
|
|
|
|
|
Other PDMR
|
|
|
Juho Jalkanen
|
200,000
|
|
Maija Hollmén
|
6,000
|
|
Vesa Karvonen
|
30,000
|
|
Yrjö Wichmann
|
60,000
|
|
Kaisa Kyttä
|
11,000
|
|
|
|
|
Total other PDMRs
|
307,000
|
|
|
|
|
|
|
|
|
|
|
Total Company personnel
|
118,000
|
For the purposes of MAR and UK MAR,
the person responsible for arranging for the release of this
announcement on behalf of Faron is Juho Jalkanen, Chief Executive
Officer.
For
more information please 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 I/II 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.
|
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a.
|
Name
|
a) Marie-Louise Fjällskog
b) Markku
Jalkanen
c) John
Poulos
d) Tuomo
Pätsi
e) Christine
Roth
f) Juho
Jalkanen
g) Maija
Hollmén
h) Vesa
Karvonen
i) Yrjö
Wichmann
j) Kaisa Kyttä
|
|
2
|
Reason for notification
|
|
|
a.
|
Position/Status
|
Person discharging managerial
responsibilities/person closely associated
|
|
b.
|
Initial notification/
Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a.
|
Name
|
Faron Pharmaceuticals Oy
|
|
b.
|
LEI
|
7437009H31TO1DC0EB42
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a.
|
Description of the financial
instrument, type of instrument
Identification Code
|
Options over new ordinary shares
ISIN: FI4000153309
|
|
b.
|
Nature of the transaction
|
Grant of options made under the
Faron Share Option Plan 2019 - under the UK and US sub plans the
options are exercisable at €1.00 per ordinary share, and at €1.35
per ordinary share respectively.
|
|
c.
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
a)
€1.35
b)
€1.00
c)
€1.35
d)
€1.00
e)
€1.35
f)
€1.00
g)
€1.00
h)
€1.00
i)
€1.00
j)
€1.00
|
a)
30,000
b)
30,000
c)
30,000
d)
100,000
e)
30,000
f)
200,000
g)
6,000
h)
30,000
i)
60,000
j)
11,000
|
|
|
|
|
d.
|
Aggregated information
- Aggregated Volume
- Price
|
Nil
|
|
e.
|
Date of the transaction
|
7 August 2024
|
|
f.
|
Place of the transaction
|
Turku
|
|
|
|
|
|
|
|
|
| |