Business
Update on Traumakine drug substance manufacturing
Update on Traumakine drug substance manufacturing.
About this update from Faron Pharmaceuticals Oy
[{"type":"text","content":"\n \nRNS Number : 2424Y Faron Pharmaceuticals Oy 30 December 2019 \n\n Faron Pharmaceuticals Oy\n \nUpdate on Traumakine drug substance manufacturing\n \n- Faron contests termination of the agreement and files for arbitration\n \n- Proceedings funded by a third party on a non-recourse basis\n \nCompany announcement, 30 December 2019 at 11.30 am (EET)\nInside information\n \nTURKU - FINLAND - Faron Pharmaceuticals Oy (AIM: FARN, First North: FARON) (\"Faron\" or the \"Company\"), the clinical stage biopharmaceutical company, announces that, further to the update on Traumakine® drug substance (\"API\") manufacturing announced on 2 October 2019, the Company has carried out a detailed investigation into the circumstances around manufacturing arrangements and concluded that it considers the letter in which Rentschler Biopharma SE (\"Rentschler\") states that it terminates the agreement concerning the API manufacturing process for Traumakine® to be without merit and in breach of the underlying agreement between the parties. Faron also considers Rentschler to have otherwise breached the agreement. \n \nAs a remedy, the Company has filed a request for arbitration with the Arbitration Institute of the Stockholm Chamber of Commerce seeking damages. To fund the proceedings, the Company has entered into a litigation funding agreement with a third-party recovery services provider offering non-recourse financing which, subject to final quantum, is expected to cover both the Company's legal expenses and the adverse party costs. The funder would receive a typical portion of any damages awarded in the event of success.\n \nFurther updates will be provided in due course as and when appropriate. \n \n \nThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (\"MAR\").\n \n \nFor more information please contact:\n \nFaron Pharmaceuticals Oy\nDr Markku Jalkanen, Chief Executive Officer\[email protected] \n \n \nPanmure Gordon (UK) Limited, Nomad and Broker\nEmma Earl, Freddy Crossley (Corporate Finance)\nJames Stearns (Corporate Broking)\nPhone: +44 207 886 2500\n \nSisu Partners Oy, Certified Adviser on Nasdaq First North\nJuha ...