Business
Proposed Issue and Placing of Shares
Proposed Issue and Placing of Shares.
About this update from Faron Pharmaceuticals Oy
[{"type":"text","content":"\n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, SINGAPORE, HONG KONG OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE EU REGULATION 596/2014 (\"MAR\") AND ARTICLE 7 OF MAR AS INCORPORATED INTO UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK MAR\").\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Faron Pharmaceuticals Ltd\n \n \n \n \n \n \n \n \n (\"Faron\" or the \"Company\")\n \n \n \n Proposed Issue and Placing of Shares to raise approximately EUR 8 million\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Company announcement, 13 October 2022 at 17:30 p.m. BST / 19:30 p.m. EEST\n \n \n \n \n Inside information\n \n \n \n \n \n \n \n \n \n KEY HIGHLIGHTS\n \n \n \n ·\n A proposed private placement to raise approximately EUR 8 million conducted by way of an accelerated book-building, directed to a limited number of institutional and other investors.\n \n \n ·\n The Company has substantial anchor demand in place for the Placing.\n \n \n ·\n Significant majority of the net proceeds of the Placing would be used for the acceleration of the bexmarilimab clinical development program and manufacturing.\n \n \n ·\n As disclosed in the Company's half year report on 25 August 2022 total cash and cash equivalents held by the Company as of 30 June 2022 was ca. EUR 9.9 million.\n \n \n ·\n Gross proceeds of the Placing, if subscribed, together with other currently confirmed funding, are expected to provide the Company with working capital further into Q1 2023.\n \n \n \n \n \n \n \n \n TURKU, FINLAND / BOSTON, MA\n \n - Faron Pharmaceuticals Ltd (First North: FARON, AIM: FARN), 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 a proposed private placement of approximately 4,200,000 treasury shares (the \"Placing Shares\") to raise approximately EUR 8 million be...