TIDMFARN
RNS Number : 4463K
Faron Pharmaceuticals Oy
21 September 2016
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
Faron Pharmaceuticals Oy
("Faron" or the "Company")
Results of Placing and Subscription,
Issue of Equity
and
Director/PDMR Shareholding
Faron successfully raises GBP8.0 million through a Placing and
Subscription
TURKU - FINLAND, 21 September 2016 - Faron Pharmaceuticals Oy
("Faron" or "Company") (LON: FARN), the clinical stage
biopharmaceutical company, is pleased to announce that following
the announcement on 20 September 2016, the proposed Placing and
Subscription has now been subscribed in full. Pursuant to the
Placing and Subscription, the Company is raising approximately
GBP8.0 million before expenses by way of the Placing of 2,868,000
Placing Shares and the Subscription of 332,000 Subscription Shares
at the Issue Price of 250 pence per share. The Placing and
Subscription have been supported by the participation of existing
and new shareholders and certain Directors of the Company. The
Board of Directors of Faron has resolved on the issuance of the
Placing Shares and the Subscription Shares pursuant to the
authorisation granted by the Annual General Meeting of Shareholders
granted in May 2016 and approved the subscriptions. The Placing
Shares and the Subscription Shares are expected to be registered
with the Finnish Trade Register on or about 21 September 2016.
Application has been made to the London Stock Exchange for
admission to AIM of the 3,200,000 Placing Shares and Subscription
Shares (in aggregate) ("Admission"), and it is expected that
Admission will take place at 8:00 a.m. on 23 September 2016 and
that dealings in the Placing Shares and Subscription Shares on AIM
will commence at the same time.
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.
Faron's enlarged issued number of shares immediately following
registration and Admission will be 26,311,704 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 26,311,704 (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 issued shares and votes of the Company.
Director/PDMR Shareholding
Certain of the Company's directors have subscribed for, in
aggregate, 6,866 Placing Shares and 12,000 Subscription Shares at
the Issue Price. The beneficial interests of the participating
directors in the issued shares and votes of the Company are set out
below:
Before Placing After Placing and
and Subscription Subscription
Holding Holding
as a % Number as a %
of the of Subscription of the
Company's Shares Company's
No. existing / Placing No. of Enlarged
of Ordinary issued Shares Ordinary Number
Shares shares subscribed Shares of Shares
Director/PDMR held and votes for held and Votes
Dr Frank
Armstrong 3,846 0.02% 4,000 7,846 0.03%
Matti Manner 480,900 2.08% 4,000 484,900 1.84%
Dr Jonathan
Knowles 3,846 0.02% 6,866 10,712 0.04%
Dr Huaizheng
Peng - - 4,000 4,000 0.02%
The participation by Dr Frank Armstrong, Matti Manner, Dr
Jonathan Knowles and Dr Huaizheng Peng (by way of the participation
by Vantage Link Limited, a company majority-owned by Dr Huaizheng
Peng's wife Sally Yinghui Mao) in the Placing and Subscription
constitutes a related party transaction for the purposes of the AIM
Rules. The independent directors for the purposes of the
Subcription, being Dr Markku Jalkanen, Yrjö Wichmann, Leopoldo
Zambeletti and Dr Juho Jalkanen, having consulted with the
Company's nominated adviser, Cairn, consider that the terms of the
related party transaction are fair and reasonable insofar as the
Shareholders are concerned.
Commenting on the Placing and Subscription, Dr Markku Jalkanen,
CEO of Faron, said:
"We are delighted to welcome numerous new institutional
investors and would like to thank our existing shareholders for
their continued support. We are pleased to have seen strong demand
during pre-marketing of the Placing and Subscription, an
encouraging sign of trust in our performance. We look forward to
progressing the Company on multiple fronts and continuing to build
shareholder value."
The information contained within this announcement constitutes
inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014.
All capitalised terms in this announcement are with reference to
the announcement made by Faron at 7.00 a.m. on 20 September
2016.
ENDS
For more information please contact:
Faron Pharmaceuticals Oy
Katja Wallenlind
Phone +358 (50) 577 4807
E-mail: katja.wallenlind@faronpharmaceuticals.com
Hume Brophy, PR
Mary Clark, Eva Haas, Hollie Vile
Phone: +44 207 862 6390
E-mail: faron@humebrophy.com
Cairn Financial Advisers LLP, Nominated Adviser
Emma Earl, Tony Rawlinson, Rebecca Anderson
Phone: +44 207 148 7900
Panmure Gordon (UK) Limited, Joint Broker
Freddy Crossley, Duncan Monteith (Corporate Finance)
Tom Salvesen (Corporate Broking)
Phone: +44 207 886 2500
Whitman Howard Limited, Nominated Broker
Ranald McGregor-Smith, Francis North
Phone: +44 207 659 1234
About Faron Pharmaceuticals Oy
Faron is a clinical stage biopharmaceutical company developing
novel treatments for medical conditions with significant unmet
needs. The Company currently has a pipeline focusing on acute organ
traumas, cancer immunotherapy and vascular damage. The pipeline is
built on Faron's scientific knowledge and control of the
endothelial barrier, the membrane of cells lining blood and
lymphatic vessels to separate blood content from tissues. The
Company's lead candidate Traumakine(R) is in development for the
treatment of Acute Respiratory Distress Syndrome ("ARDS"), a rare,
severe, life-threatening medical condition characterised by
widespread inflammation in the lungs. Traumakine is currently in a
pan-European pivotal Phase III study (INTEREST). Additionally,
Faron is developing Clevegen(R) a ground breaking pre-clinical
anti-Clever-1 antibody. Clevegen has the ability to convert the
immune environment around a tumour from being immune suppressive to
immune stimulating. This novel macrophage-directed immuno-oncology
approach is called Tumour Immunity Enabling Technology ("TIET") and
can be used alone or in combination with other immune checkpoint
molecules for the treatment of cancer patients. New application
opportunities related to TIET cover chronic infections and
inefficient vaccination. Based in Turku, Finland, Faron
Pharmaceuticals is listed on AIM under the ticker 'FARN'. Further
information is available at www.faronpharmaceuticals.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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