21st Apr 2020 18:21
(Alliance News) - Faron Pharmaceuticals Oy said Tuesday it is proposing a placing to raise at least EUR10 million.
Faron is proposing a private placement of new shares to a limited number of institutional investors in the Nordic region and a concurrent proposed private placement of new shares to UK institutional investors.
Carnegie Investment Bank is acting as sole bookrunner and financial adviser for the Nordic placing and Panmure Gordon is acting as sole bookrunner and corporate broker for the UK placing.
The placing will closed Wednesday at 0700 BST.
The subscription price will be determined on the basis of the bids received in the bookbuild process, Faron said.
The company has also authorised Panmure Gordon to raise up to a further GBP2 million.
The net proceeds of the fundraise will be used to commence expansion of the company's precision immunotherapy candidate, Clevegen, into planned additional cancer targets in the company's phase I/II Matins trial and expansion of Clevegen manufacturing.
The funds will also be used to "significantly" strengthen its balance sheet.
Chief Executive Markku Jalkanen said: "We have made significant clinical progress with both our Clevegen and Traumakine projects during the last 12 months and expect both of them to bring significant value for shareholders during the next 8-12 months.
"Clevegen has shown very promising clinical response in Matins part I stage, which we believe will transform into significant opportunity when the study moves to part II-III expansion stages. Traumakine, on the other hand, has a new corticosteroid-free setting through the global Remap-CAP study, which we believe is one of the most important intensive care study of the current pandemic environment."
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Faron Pharmaceuticals