Recently, Faron Pharmaceuticals, a Finnish company offering drug discovery and development services and focusing on the treatment of acute organ traumas, cancer immunotherapy, and metabolic syndrome vasculopathies, raised EUR14 million in line with a share bookbuild that it had announced previously.
The company further claimed that it expected to raise another EUR10 million through equity issue. Faron Pharmaceuticals revealed that its share issue consisted of 2.7 million Nordic placing shares, with the value of the shares being EUR4.00 per share, an approximately 8% discount on the earlier closing price.
The fundraise also included the issuance of 780,998 UK placing shares, at GBP 3.48 per share. Meanwhile, London-listed shares witnessed a drop of 8.9%, closing at 360.00 pence each.
This is what Markku Jalkanen, Faron Pharmaceuticals CEO, had to say about this recent development: “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.”
Faron Pharmaceuticals managed to raise funds worth millions with the assistance of Clear Capital Markets Limited (authorised and regulated by the Financial Conduct Authority FRN 706689). If you wish to strengthen the financial position of your entity through similar means, please contact us.
Risk Warning: The value of investments can fall as well as rise; you may not get back the amount invested.
This blog post is written by Bob Roberts, Director at Clear Capital Markets, Fully RDR Compliant (Level 6 / Valid SPS), FSA CF30 Registered, CISI Level 6 Certificate in Private Client Investment Advice & Management (PCIAM), CISI Level 4 Investment, Risk and Taxation (Part of the IAD), CISI Level 3 Certificate in Investments (Derivatives), Unit 1: FSA Financial Regulation (2010),Unit 3 Derivatives (2011)
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