Faron Pharmaceuticals Oy joins London stock exchange

Faron Pharmaceuticals Oy (Faron), the clinical stage biopharmaceutical company, has started dealing its Ordinary Shares on the AIM market of the London Stock Exchange with effect from 8.00 a.m. Tuesday after placing and subscription for 3,846,154 new Ordinary Shares, raising £10.0 million at a price of 260p per ordinary.

The company will be recognized under the ticker FARN and the ISIN number FI4000153309.

Dr Markku Jalkanen, CEO of Faron, said that the company’s fundraising and admission to AIM is an important landmark for the company.

The CEO said: “We believe that the support shown by both new and existing shareholders demonstrates a strong understanding of the value of our late stage product Traumakine, in development for the treatment of acute respiratory distress syndrome (ARDS). Currently there are no approved pharmacological treatments for this life threatening medical condition.”

Jalkanen pointed out that the admission to AIM provides a great opportunity to strengthen the company’s business and support its  objective of progressing our lead programme through a pan-European Phase III trial, and the development of the company’s pre-clinical cancer immunotherapy candidate, Clevegen.

“We look forward to reporting on the Company’s continuing progress as an AIM-quoted company and would like to welcome and thank our investors for their involvement,” Janken said.

According to Faron’s announcement from Tuesday, Cairn Financial Advisers LLP is acting as Nominated Adviser to the company, and Whitman Howard Limited as broker and bookrunner. Rx Securities Limited has been chosen as equity adviser to Faron.