14th May 2019 14:16
LONDON (Alliance News) - Biopharmaceutical company Faron Pharmaceuticals Ltd said Tuesday that it has raised EUR1.3 million via share subscription.
The company has issued 1.8 million shares to existing shareholder Timo Syrjala at EUR0.75 per share. Syrjala's total holding in the company following the subscription stands at 4.5 million shares, representing 12.14% of the enlarged issued share capital.
Shares in Faron were trading 0.1% higher at 72.60 pence each.
Net proceeds of the subscription are expected to extend the company's working capital into mid-fourth quarter and will also be applied towards advancement of the company's key products
Faron said it will continue to explore further funding opportunities and in particular continue its discussions with potential licensing partners.
"The year 2019 is significant for Faron, as we seek to advance our clinical programmes for Traumakine, and especially for Clevegen. We are highly encouraged by the confidence our shareholders continue to show in the company," Faron Chief Executive Markku Jalkanen.
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Faron Pharmaceuticals