TIDMFARN
RNS Number : 6666R
Faron Pharmaceuticals Oy
07 July 2022
Faron Pharmaceuticals Ltd
("Faron" or the "Company")
Results of
the Extraordinary General Meeting
Company Announcement, July 7, 2022 at 11:45 AM (EEST) / 9:45 AM
(BST) / 04:45 AM (EDT)
TURKU - FINLAND / BOSTON, MA, 7 July 2022 - Faron
Pharmaceuticals Ltd (AIM: FARN, First North: FARON), a clinical
stage biopharmaceutical company focused on building the future of
immunotherapy by harnessing the power of the immune system to
tackle cancer and inflammation, announces that the extraordinary
general meeting (the "EGM") of the Company took place today, July
7, 2022 in Turku, Finland. The EGM approved the proposal of the
board of directors ("Board") to authorise the Board to decide on
the issuance of shares, options or other special rights entitling
to shares, as set out in the notice of the EGM published on June
16, 2022.
Decisions of the EGM - Authorisation of the Board to decide on
the issuance of shares, options or other special rights entitling
to shares
The Board was authorised to resolve by one or several decisions
on issuances of shares, options or other special rights entitling
to shares referred to in Chapter 10, Section 1 of the Finnish
Limited Liability Companies Act (the "Companies Act"), which
authorisation contains the right to issue new shares or dispose of
the Company's own shares in the possession of the Company. The
authorisation consists of up to eleven million (11,000,000) new
shares in the aggregate (including shares to be received based on
options or other special rights), as well as the conveyance of up
to the same maximum number (eleven million (11,000,000)) of
treasury shares in the possession of the Company (the
"Authorisation").
The Authorisation includes the Board's right to decide on the
issuance of shares, options or other special rights entitling to
shares in deviation from the shareholders' pre-emptive rights. The
Authorisation shall be used for material arrangements from the
Company's point of view, such as financing (including, without
limitation, issuance of warrants under the funding agreement with
IPF Partners announced on February 28, 2022) or implementing
business arrangements, investments or for other such purposes
determined by the Board where a weighty financial reason for
issuing shares, options or other special rights entitling to
shares, and possibly deviating from the shareholders' pre-emptive
rights, exists.
The Board was authorised to resolve on all other terms and
conditions of the issuance of shares, options or other special
rights entitling to shares.
The authorisation is effective until June 30, 2023.
Minutes of the EGM
The minutes of the EGM will be available on the Company's
website from July 21, 2022 at the latest.
For more information please contact:
Investor Contact
Faron Pharmaceuticals
Julia Balanova
VP, Investor Relations
julia.balanova@faron.com
investor.relations@faron.com
Phone: +1 (917) 306-6096
Media Contact
Faron Pharmaceuticals
Eric Van Zanten
VP, Communications
eric.vanzanten@faron.com
Phone: +1 (610) 529-6219
Cairn Financial Advisers LLP, Nomad
Sandy Jamieson, Jo Turner
Phone: +44 (0) 207 213 0880
Peel Hunt LLP, Broker
Christopher Golden, James Steel
Phone: +44 (0) 20 7418 8900
Sisu Partners Oy, Certified Adviser on Nasdaq First North
Juha Karttunen
Phone: +358 (0)40 555 4727
Jukka Järvelä
Phone: +358 (0)50 553 8990
Consilium Strategic Communications
Mary-Jane Elliott, David Daley, Lindsey Neville
faron@consilium-comms.com
Phone: +44 (0)20 3709 5700
About Faron Pharmaceuticals Ltd.
Faron (AIM: FARN, First North: FARON) is a clinical stage
biopharmaceutical company developing novel treatments for medical
conditions with significant unmet needs caused by dysfunction of
our immune system. The Company currently has a pipeline based on
the receptors involved in regulation of immune response in
oncology, organ damage and bone marrow regeneration. Bexmarilimab,
a novel anti-Clever-1 humanized antibody, is its investigative
precision immunotherapy with the potential to provide permanent
immune stimulation for difficult-to-treat cancers through targeting
myeloid function. Currently in Phase I/II clinical development as a
potential therapy for patients with solid tumors and hematologic
malignancies, bexmarilimab has potential as a single-agent therapy
or in combination with other standard treatments including immune
checkpoint molecules. Traumakine is an investigational intravenous
(IV) interferon beta-1a therapy for the treatment of acute
respiratory distress syndrome (ARDS) and other ischemic or
hyperinflammatory conditions. Traumakine is currently being
evaluated by the 59th Medical Wing of the US Air Force and the US
Department of Defense for the prevention of multiple organ
dysfunction syndrome (MODS) after ischemia-reperfusion injury
caused by a major trauma. Faron is based in Turku, Finland. Further
information is available at www.faron.com.
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identified by their use of terms and phrases such as "believe",
"could", "should", "expect", "hope", "seek", "envisage",
"estimate", "intend", "may", "plan", "potentially", "will" or the
negative of those, variations or comparable expressions, including
references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current
expectations and assumptions regarding the Company's future growth,
results of operations, performance, future capital and other
expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, business prospects and
opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on
information currently available to the Directors.
A number of factors could cause actual results to differ
materially from the results and expectations discussed in the
forward-looking statements, many of which are beyond the control of
the Company. In particular, the early data from initial patients in
the MATINS trial may not be replicated in larger patient numbers
and the outcome of clinical trials may not be favourable or
clinical trials over and above those currently planned may be
required before the Company is able to apply for marketing approval
for a product. In addition, other factors which could cause actual
results to differ materially include the ability of the Company to
successfully licence its programmes within the anticipated
timeframe or at all, risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets or other sources of funding,
reliance on key personnel, uninsured and underinsured losses and
other factors. Although any forward-looking statements contained in
this announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with such forward looking
statements. Accordingly, readers are cautioned not to place undue
reliance on forward looking statements. Subject to any continuing
obligations under applicable law or any relevant AIM Rule
requirements, in providing this information the Company does not
undertake any obligation to publicly update or revise any of the
forward-looking statements or to advise of any change in events,
conditions or circumstances on which any such statement is
based.
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END
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