Faron
Pharmaceuticals Oy
("Faron
or the "Company")
Appointment of Chief Executive Officer
Company announcement, April 8, 2024
at 9:00 (EEST) / 7:00 AM (BST) / 2:00 AM (EDT)
TURKU, FINLAND / BOSTON,
MA - Faron Pharmaceuticals Ltd. (AIM: FARN,
First North: FARON), a clinical-stage biopharmaceutical company
pursuing a CLEVER approach to reprogramming myeloid cells to
activate anti-tumor immunity in hematological and solid tumor
microenvironments, today announces that its Chief Executive Officer (CEO) Dr. Markku Jalkanen, who turns
70 later in 2024, has informed the Board of Directors of his wish
to retire from his position as the Company's CEO during the course
of Q2 2024, while continuing in his role as Board
Member.
As a part of its ordinary tasks and
noting the age of the current CEO, the Nomination Committee of the
Board has maintained preparedness for CEO succession with the help
of a third-party recruitment specialist firm, and considered
several options for a potential new CEO for the Company among
external and internal candidates. Supported by the preparatory work
conducted, the Nomination Committee has concluded that the
Company's current Chief Operating Officer, Dr. Juho
Jalkanen, MD, PhD, MSc (economics),
would be the best candidate to succeed Dr. Markku
Jalkanen as CEO of the Company. Following information from Dr.
Markku Jalkanen and the Nomination Committee's recommendation, the
Board has resolved to appoint Dr. Juho Jalkanen as CEO of the
Company, effective May 1, 2024, subject to regulatory approval. Dr.
Markku Jalkanen will continue as a Board Member and support in the
transition of the CEO role throughout 2024.
"I am very happy that the AGM
approved the proposals by the Board of Directors, creating an
opportunity for the Company to continue efforts on fundraising for
a longer-term solution. I have worked for the Company since its
inception in 2006 and feel that now is the right time for me to
retire as CEO of the Company and leave the operative helm," said
Dr. Markku Jalkanen, Chief Executive Officer of the Company. "The
Board and I have a plan for a seamless CEO transition and now is
the time to make that move. I will continue to give my support to
the Company and the new CEO in my continuing role as Board Member.
I also strongly believe in the promise of bexmarilimab to provide a new safe and
effective cancer treatment option for a vast patient group, either
as a stand-alone or combination therapy."
"I am extremely honored that the
Board has expressed its confidence in me as I assume the new
challenge of CEO. I have enjoyed leading the development of
bexmarilimab as COO and
look forward to the exciting future ahead of us as I continue to
work relentlessly with the Faron team to deliver results for
patients and shareholders. I want to thank Markku for his
leadership and mentorship as CEO," said Dr. Juho Jalkanen, the
incoming CEO.
For
more information please contact:
Faron Pharmaceuticals
Investor Contact
LifeSci Advisors
Daniel Ferry
Managing Director
daniel@lifesciadvisors.com
+1 (617) 430-7576
ICR Consilium
Mary-Jane Elliott, David Daley,
Lindsey Neville
Phone: +44 (0)20 3709
5700
E-mail: faron@consilium-comms.com
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
About Faron Pharmaceuticals
Oy
Faron (AIM: FARN, First North:
FARON) is a global, clinical-stage biopharmaceutical company,
focused on tackling cancers via novel immunotherapies. Its mission
is to bring the promise of immunotherapy to a broader population by
uncovering novel ways to control and harness the power of the
immune system. The Company's lead asset is bexmarilimab, a novel anti-Clever-1
humanized antibody, with the potential to remove immunosuppression
of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in
Phase I/II clinical trials as a potential therapy for patients with
hematological cancers in combination with other standard treatments
and as a monotherapy in last line solid cancers. Further
information is available at www.faron.com.