Faron Pharmaceuticals raises GBP 5 million
Finnish clinical stage biopharmaceutical company, Faron Pharmaceuticals, has raised five million pounds (approx. 5.8 million euros) in funding, which will go towards the development of its immuno-oncology drug, Clevegen.
Faron Pharmaceuticals announced on Tuesday 28 February that they were looking to raise approximately five million pounds in funding by placement of 1 362 340 Placing shares and 60 000 Subscription shares at 350 pence per share, which have been subscribed in full now.
Admission of the 1 422 340 Placing and Subscription shares is expected to take place at 8 am on Friday 3 March, at the London Stock Exchange.
“This funding will be invaluable as we continue the advancement of our programmes during what is set to be a pivotal year for the Company,” says Markku Jalkanen, CEO of Faron, in a release.
Some of the funding will help to strengthen Faron’s balance sheet, but most of it will go towards expanding the pre-clinical and planned clinical development of its immuno-oncology drug, Clevegen.
“We believe that Clevegen’s ability to remove immune suppression around tumours will be the next important step in the fight against tumour growth and spread, and could lead to complete cancer remission as well as providing long term vaccination against future tumours from the patient’s own immune system,” Jalkanen explains.
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