22nd Apr 2020 18:42
(Alliance News) - Faron Pharmaceuticals Oy on Wednesday said it has raised EUR14 million, or around GBP12.2 million, pursuant to a previously announced share bookbuild.
The company on Tuesday had said it expects to raise EUR10 million from the equity issue.
The clinical stage biopharmaceutical company said its share issue comprised of 2.7 million Nordic placing shares at EUR4.00 per share, a discount of 7.6% to EUR4.33 closing price on Tuesday.
It also included the issue of up to 780,998 UK placing shares at GBP3.48 per share. London-listed shares closed 8.9% lower on Thursday at 360.00 pence each.
CEO Markku Jalkanen said: "We are extremely happy with the support we have received from existing and new shareholders on this oversubscribed fundraising. With these additional resources we can expand MATINS cancer cohorts into all nine cancer areas as advised by the trial data monitoring committee recently. With initial clinical benefit already observed among the Part I patients, we are very excited to move to Part II patient recruitment".
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Faron Pharmaceuticals