Date: 2017-03-01
Type of information: Private placement
Company: Faron Pharmaceuticals (Finland)
Investors:
Amount: £5.0 million
Funding type: private placement
Planned used:
- The net proceeds of the proposed Placing and Subscription (of approximately £4.7 million if fully subscribed) would be used to fund:
- - The expansion of the pre-clinical and planned early-stage clinical development of Clevegen, the company's novel cancer immune switch antibody, to other Clever-1 positive solid tumours (ovarian, pancreas, melanoma)
- - Further strengthen the Company's balance sheet as it explores strategic partnering negotiations
·
Others:
- • On March 1,2017, Faron Pharmaceuticals announced that, following the announcement on 28 February 2017, the proposed Placing and Subscription has been subscribed in full, in fulfilment of the Placee Condition, and all subscription monies have now been received by the Company. Pursuant to the Placing and Subscription, the Company is raising approximately £5.0 million before expenses by way of the Placing of 1,362,340 Placing Shares and the Subscription of 60,000 Subscription Shares at the Issue Price of 350 pence per share. The Placing and Subscription have been supported by the participation of existing and new institutional shareholders. Application has been made to the London Stock Exchange for admission to trading on AIM of the 1,422,340 Placing Shares and Subscription Shares (in aggregate) ("Admission"), and it is expected that Admission will take place at 8:00 a.m. on Friday 3 March 2017. The Placing Shares and Subscription Shares will, when registered, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of registration of the Placing Shares and Subscription Shares with the Finnish Trade Register.
Therapeutic area: Cancer - Oncology
Is general: Yes
