Date: 2017-10-09
Type of information: Private placement
Company: Faron Pharmaceuticals (Finland)
Investors:
Amount: £10.0 million
Funding type: private placement
Planned used:
- The net proceeds of the proposed Placing and Subscription (of approximately £9.4 million if fully subscribed) would be used to fund:
- - Traumakine® commercialisation preparations and support the launch of an expanded access program for Traumakine on the successful conclusion of the INTEREST trial
- - the expedited expansion of the Clevegen® clinical development program and manufacturing of Clevegen GMP material.
Others:
- • On October 9, 2017, Faron Pharmaceuticals announced that, following the announcement on 5 October 2017, the proposed Placing and Subscription has been subscribed for in full, in satisfaction of the Placee Condition. Pursuant to the Placing and Subscription, the company is raising approximately £10.0 million before expenses by way of the Placing of 1,123,750 Placing Shares and the Subscription of 126,250 Subscription Shares at the Issue Price of 800 pence per share. The Placing and Subscription have been supported by the participation of existing and new institutional shareholders.
- The First Issue Shares, being 537,713 Placing Shares, including those to be issued to the VCT Investors and the EIS Investors, and 59,885 Subscription Shares, are expected to be registered with the Finnish Trade Register on or about 10 October 2017. The First Issue Shares will, when registered, be credited as fully paid and will rank pari passu with the existing Ordinary Shares in issue in all respects, including the right to receive all dividends or other distributions declared, made or paid by the Company by reference to record dates falling after the date of registration of the First Issue Shares with the Finnish Trade Register.
- Application has been made to the London Stock Exchange for admission to trading on AIM of the 597,598 First Issue Shares, and it is expected that Admission of the First Issue Shares will become effective and that dealings in the First Issue Shares will commence on or around 8:00 a.m. (BST) on 11 October 2017.
- Faron's enlarged issued number of shares immediately following registration and Admission of the First Issue Shares will be 28,512,142 Ordinary Shares with voting rights attached. The Company has no shares in Treasury; therefore upon, and subject to, registration, the total number of voting rights in Faron will be 28,512,142 (the "Enlarged Number of Shares and Votes"). This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify an interest in, or a change to their interest in, the Enlarged Number of Shares and Votes of the Company.
Therapeutic area: Cardiovascular diseases
Is general: Yes
