Faron Pharmaceuticals Ltd - Turku, Finland-based clinical stage biopharmaceutical company - Conducts private placing to raise €5 million in 2.0 million newly issued treasury shares at €2.49 each. Once the funds are received, Faron expects to have sufficient working capital to last until the first quarter of 2023. Net proceeds will be largely used for the acceleration of the clinical development program and manufacturing of bexmarilimab, its immunotherapy asset.

Notes existing shareholder Timo Syrjala subscribed for €3.4 million, or 1.4 million shares, via Acme Investments SPF Sarl, and now holds a 19% stake in the company. Syrjala’s total holding is 10.5 million shares.

Director Markku Jalkanen buys a total of 28,132 shares at €2.49 each, for a total of €69,998, on Monday, as part of the placing, on Nasdaq First North Growth Market.

Current stock price: 206.00 pence, down 5.3% on Tuesday

12-month change: down 46%

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