Faron raises over €10mln to support key drug candidates

pharmafile | October 1, 2021 | News story | Medical Communications  

Clinical stage biopharmaceutical company, Faron, has raised €10.5mln through a placing of new shares backed by the European Innovation Council (EIC), according to an official press release from the Company. This is approximately €2.5mln more than the minimum threshold for the share placing.

The Bookbuild Placing is now closed, but was supported by existing shareholders as well as new investors in the Company. The European Investment Council (EIC) Fund, which had given a pre-commitment, was among the largest investors.

“We are extremely pleased with the results of this Placing and the interest we received from investors, including a second significant investment from the European Investment Council Fund,” said Toni Hänninen, Chief Financial Officer of Faron. “These funds raised strengthen our balance sheet and will allow us to continue accelerating our bexmarilimab and Traumakine development programs.”

The funds will support the ongoing development of the Company’s putative cancer treatment, bexmarilimab, and Traumakine, for acute respiratory distress. It will also be put to work manufacturing the two drugs.

José Fernando Figueiredo, member of the EIC Fund Investment Committee, added: “We are extremely pleased to continue supporting Faron with this second share subscription in Faron Pharmaceuticals. This follow-on investment witnesses the EIC Fund commitment in accelerating the clinical development of the treatments for medical conditions.”

Serial investor Timo Syrjälä also acquired 1.3mln placing shares at €3.80 a share. He now has a 16.7% stake in Faron.

Lina Adams

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