Business
Faron awarded EUR 3.8 Million in Arbitration Case
Faron awarded EUR 3.8 Million in Arbitration Case.
About this update from Faron Pharmaceuticals Oy
[{"type":"text","content":"\n \n \n \n RNS Number : 7245R\n Faron Pharmaceuticals Oy\n 09 November 2021\n \n \n \n \n Faron Pharmaceuticals Ltd.\n \n \n (\"Faron\")\n \n \n \n \n \n Faron Announces EUR 3.8 Million Award in Arbitration Case Against Rentschler Biopharma SE\n \n \n \n \n \n \n \n \n Company announcement, November 9, 2021 at 02:00 AM (EDT) / 07:00 AM (BST) / 09:00 AM (EEST)\n \n \n Inside information\n \n \n \n \n \n \n TURKU, FINLAND / BOSTON, MA\n \n \n \n \n - Faron Pharmaceuticals Ltd. (\n AIM: FARN, First North: FARON\n ), a clinical stage biopharmaceutical company focused on building the future of immunotherapy by harnessing the power of the immune system to tackle cancer and inflammation, today announces that the arbitration tribunal appointed by the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) ruled in \n favor\n of Faron in its case against Rentschler Biopharma SE (\"Rentschler\"). As previously announced, Faron was seeking damages from Rentschler for unfounded termination of an agreement concerning the manufacturing process for Traumakine®. \n \n \n \n \n \n As a result of the \n favorable\n \n arbitration award, Rentschler was ordered to pay Faron EUR 3.8 million in damages. The parties are jointly and severally liable towards the arbitral tribunal and the SCC for the fees and expenses of the arbitral tribunal and the fees of the SCC, which shall be paid in equal shares. In addition, each party shall carry its own legal costs. As previously communicated, a third-party recovery services provider funded the proceedings for Faron. The funder will receive compensation from Faron in accordance with the litigation funding agreement. \n \n \n \n This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (\"MAR\").\n \n \n \n \n \n For more information please contact:\n \n \n \n \n \n Media Contact\n \n \n Faron Pharmaceuticals Ltd.\n \n \n Eric Van Zanten\n \n \n Head of Communications\n \n \n \n \n [email protected]\n \n \n \n \n [email protected]\n \n \n Phone: +1 (610) 529-6219\n \n \n \n \n \n Investor Contact\n \n \n Stern Investor Relations \n \n \n Julie Seidel\n \n \n \n \n [email protected]\n \n \n \n \n Phone: +1 (212) 362-1200\n \n \n \n \n \n Cairn Fina...